The United Kingdom remains one of the most attractive destinations for entrepreneurs and innovators seeking to establish or expand their businesses. The country boasts a strong economy and an extremely friendly environment for new ventures, hence very ideal for business-oriented people. The Innovator Founder Visa offers the creative entrepreneur a clear pathway for business set-up in the UK. If you are one of those thinking of working and setting up your business in the UK, it is worth taking a closer look at the details and requirements of this visa to make your transition smooth and successful.
What is a UK Innovator Founder Visa?
The UK Innovator Founder Visa is for the individual who has an innovative business idea and wishes to set up a business in the UK. It provides entrepreneurs with the opportunity to bring their business ideas into practice in one of the most advanced economies globally. This visa allows founders of businesses to live and work in the UK for three continuous years, though the stay could be extended if desired, or residency obtained after fulfilling certain criteria.
It is available for those with an innovative, viable, and scalable business idea endorsed by an approved UK endorsing body. It can secure an endorsement showing that the idea is unique with a new kind of disruptive proposition to existing ones in the market.
Eligibility Criteria for the UK Innovator Founder Visa
Some of the key requirements that make one eligible for the UK Innovator Founder Visa include the following.
Endorsement from an Approved Body
Most importantly, this is one of the key requirements in terms of endorsement from an approved UK endorsing body. It would review the idea to ensure the business is innovative and viable. After approval, the applicant would be allowed to proceed with the application process.
Business Idea Requirement
The business idea should be unique, scalable, and innovative. It must offer something new and unique that the market offers scope for. The applicant has to demonstrate that his venture can create at least two full-time jobs that would contribute to the economy of the UK.
English Language Proficiency
Like most visa applications to the UK, the applicant will have to meet the English language requirement through a certified English test or academic qualifications.
Genuine Entrepreneur Test
The Home Office may also verify whether the applicant is genuinely coming to establish an enterprise in the United Kingdom and that he or she has the requisite level of skills and experience to make the business a successful venture.
Benefits of UK Innovator Founder Visa
The UK Innovator Founder Visa has a number of advantages for beneficiaries. These are as follows:
Flexibility: The holder can work on the business full-time, thus giving room for growth and management of the start-up.
Path to Settlement: After three continuous years in the UK with the visa, one will be eligible to apply for ILR and later on British citizenship, thus long-term stability and opportunities are obtained.
Innovation Support: The UK is full of innovation comprising the best resources, networks, and funding opportunities for start-ups. An innovator visa holder has a chance to take advantage of several government schemes and programs of support.
Family Inclusion: Under this visa, entrepreneurs can bring along their dependents, partners, and children under 18 as part of relocation to the UK. This will be more convenient if one has to relocate as part of the family.
Application Process
Certain essential steps are taken in applying for the UK Innovator Founder Visa. The very first one relates to receiving your endorsement from an approved body. You can fill out an online application once you have obtained an endorsement by uploading all the required documents in support of the letter of endorsement, proof of maintenance funds in your account, and proof of innovation and viability of your venture.
Next, you will proceed with an appointment for your biometrics and await a decision to be made about your visa application. If an approval is derived, you therefore may begin work in the United Kingdom and advance your business concern.
Challenges that Innovator Founder Visa Holders May Incur
Whereas the United Kingdom Innovator Founder Visa promises a good number of opportunities for individuals, the same visa presents several challenges an entrepreneur may run into. Undeniably, getting an endorsement from an approved body can be very challenging. For such endorsements, there is often great competition for a few positions.
Moreover, most business ideas never meet the requirements for an endorsement. Further, meeting the financial requirements under this category can sometimes be very demanding, especially in cases when individuals do not have enough funds at their disposal for investment into a business venture.
Other possible issues could be the ongoing proof of business success. The holders of Innovator visas have to prove that their business is progressive, reaches the necessary benchmarks, and contributes to the economy. This, in other words, means that entrepreneurs need to build a well-rounded strategy and be able to make amendments to the business plan if needed.
Why Consult a Professional for Your Visa Application?
The visa system in the UK is quite complex, particularly for entrepreneurs desirous of setting up new businesses. Professional advice is highly recommended in ensuring that an application will be successful. At Miller & Carter, we have a group of immigration consultants who can help entrepreneurs and businesspeople with their applications to live and work in the UK. Our widely experienced consultants will assist you in terms of visa requirements, preparation of required documents, and every other step involved in the application procedure.
Conclusion:
The UK Innovator-Founder Visa is a very great opportunity for an entrepreneur with genuinely innovative ideas, and for a business enterprise to seek an opportunity in one of the leading business centers globally. When entrepreneurs understand all the requirements and prepare in great detail, it paves the way for their business to soar in the United Kingdom.
At Miller & Carter, we’ll turn your dreams into reality with a chance to work and own your business in the UK. Get in touch with us today to apply, and your first step to success will begin with Miller & Carter!
