The UK Innovator Founder Visa provides a great opportunity for start-up entrepreneurs or experienced businesspersons considering moving to UK to establish and develop innovative businesses in the United Kingdom, allowing themselves and their families residence within the UK. Subject to meeting specific criteria, investors and their families have the potential path to permanent residency after three years with the later possibility to obtain the travel mobility and security of a UK passport. To qualify for this visa, applicants must first secure an endorsement from an authorised endorsing body by demonstrating that their business idea is innovative, viable, and scalable with a viable business plan. This endorsement is crucial in proving the business’s potential to contribute to the UK economy.
When considering UK residency options for establishing a business, many entrepreneurs focus on the UK Innovator Founder Visa as a primary route. Another viable alternative is the Isle of Man Innovator Visa, which can also lead to permanent residency in the UK and a British Passport. While the UK Innovator Founder Visa has advantages such as access to the vast UK market, the Isle of Man Innovator Visa offers unique benefits that can indeed appeal to specific business needs, and both visas can ultimately lead to settlement or citizenship in the UK.
The UK immigration system also offers various self-sponsorship options to allow and encourage innovation and economic growth, such as the Expansion Worker Visa, the Global Talent Visa, the High Potential Individual Visa, and the option to establish a business with a sponsor license.
This article will provide an overview of each option and the UK Innovator Founder visa requirements necessary for successful applications.
UK Innovator Founder Visa Endorsement Guidance
The UK Innovator Founder Visa is designed for experienced entrepreneurs looking to set up an innovative business in the UK. This visa requires applicants to obtain an endorsement from an approved endorsing body that will assess the originality (i.e., the new and innovative element of the business), viability, and scalability of their business idea.
Although there is no specified minimum investment requirement, an investment of GBP 50,000 into the business is suggested to increase the chance of endorsement as entrepreneurs must demonstrate that they possess adequate financial resources to support the business. Successful applicants can apply for permanent residency in the UK (settlement) after three years provided their business continues to be endorsed and meets growth criteria, such as job creation and a minimum revenue. This route is particularly appealing for entrepreneurs with innovative, scalable ideas looking to set up a business in one of the world’s largest and most dynamic economies.
Below are some essential guidelines to help secure the necessary endorsement and begin the path toward obtaining the UK Innovator Founder Visa.
1. Emphasise Innovation
An innovative business idea is the primary requirement for the Innovator Founder Visa. Applicants must present a proposal that is both unique and not currently available in the UK market. The business idea may relate to any business sector as long as it is demonstrated that the business introduces new concepts or solutions. For example, through the use of advanced technology. Endorsing bodies will expect evidence of thorough research to support the originality of the idea and its potential impact.
2. Conduct in-depth Market Research
Endorsing bodies will assess the potential for the business to succeed within the UK. This requires detailed research and an understanding of the target market, competitors, and customer needs. Applicants must provide clear evidence of market demand for the business as well as a comprehensive competitor analysis. Within this research, the applicant must highlight how the proposal fills a gap or offers a distinct advantage over existing businesses to prove the innovative and viable element required.
3. Consider a ‘Co-Founder’
If your expertise does not necessarily lie within areas of the business idea, it may be necessary to onboard a ‘co-founder’ with sufficient knowledge and background in this area to increase your chances of success. Whilst this co-founder does not need to work full time, it will likely be necessary for them to become a shareholder of the company. Increasing knowledge and proving viability may help to receive a positive endorsement outcome.
4. UK Innovator visa business plan: how to approach it?
A comprehensive and carefully written business plan is essential for securing an endorsement. Once all research has been completed, a business plan should be created to include the detailed market analysis, financial forecasts, and a clear strategy for growth. The plan must illustrate the commercial viability of the proposed idea with realistic projections and measurable goals that reflect an understanding of the UK market. The plan should clearly explain, for example, the day to day role you will take on once the business has been established, the time you will spend on running the business, and why the UK is the right place for this business to run.
Attention should also be given to financial sustainability and strategy for realistic growth as well as the detail of the operation and logistics of the business.
5. Consider your Investment
Whilst there is no minimum amount required to invest into the business, the requirement to have a ‘viable’ and ‘scalable’ business idea means that applicants will need to demonstrate that they have access to a level of investment funds that is sufficient to set up and grow the business.
Applicants must also demonstrate that they have sufficient funds to support themselves and their dependents (spouse and children under 18), and access to further funding in the case that this is required. With this in mind, we recommend investing at least GBP 50,000 in the business. This investment not only increases the chances of obtaining endorsement but also meets the requirement to have invested GBP 50,000 when later applying for settlement.
Applicants can invest from their own funds, funds provided as a gift to the applicant, a UK government department making funds available, and/or funds from a UK business.
6. Demonstrate Long-Term Commitment to the UK
The Innovator Founder Visa is designed not only for business establishment but for long term growth within the UK. Applicants must demonstrate a clear commitment to developing the business and contributing to the UK economy long term. This can be in the way of job creation, introduction of new products or services, and ongoing innovation.
For example, in order to renew the Innovator Founder Visa, the business must continue to be endorsed, or in order to obtain permanent residency in the UK, the business must also prove growth such as by meeting minimum investment, revenue, or job creation requirements. Therefore, a detailed growth plan that outlines the business’s long term objectives and scalability is important in convincing the endorsing body of its sustainability.
7. Ensure Thorough Interview Preparation
The UK Innovator Founder visa endorsing bodies will require an interview and review of the business plan. It is important to be prepared to discuss the proposal in detail and address any questions or concerns raised by the endorsing body. At this stage, you should ensure you are able to articulate all aspects of your business plan clearly and confidently, such as explaining how the business is unique and innovative, scalable, and viable, as well as your day to day role and why the UK is the best location for your proposed business. The endorsing body needs to confirm that the applicant is a fit and proper person to receive endorsement.
8. Seek Professional Guidance
Obtaining the UK Innovator Founder Visa is complex and requires a comprehensive understanding of the process. Our firm specialises in immigration by investment and offers tailored advice and support to applicants seeking to obtain the Innovator Founder Visa.
Harvey Law Group can assist with the suggestion and creation of viable business ideas based on your work experience and background, create and develop a business plan inclusive of market research, and select and submit to an appropriate endorsing body. Our firm also provides a range of business services to assist the applicant with who want to relocate to UK getting their UK company incorporated and operational such as incorporation, helping with registering for VAT, obtaining a tax ID number, or obtaining business insurance.
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The UK Innovator Founder Visa vs The Isle of Man Innovator Visa
The Isle of Man Innovator Visa presents a unique option that may be more suitable for certain entrepreneurs who are considering relocating to UK. The Isle of Man, a self-governing British Crown Dependency situated between Northern Ireland and the North of England, offers a business-friendly environment with attractive tax incentives, such as a low corporate tax rate of 0% on most types of income–significantly lower than the UK’s corporate tax rate of 25%–and no capital gains tax.
To qualify for the Isle of Man Innovator visa, applicants must invest a minimum of GBP 50,000 into their business from personal or external funds. The Isle of Man does also require securing an endorsement for being ‘innovative’, but with a more simplified process than the UK Innovator Founder visa endorsement requirement. Applicants submit their business plans directly to the Isle of Man immigration authorities who will evaluate the proposal based on its economic contribution and viability. This more straightforward and quicker application process can be advantageous for entrepreneurs who may find the endorsement requirements of the UK visa to be difficult.
The Isle of Man provides access to both UK and EU markets, making it an attractive location for businesses that wish to operate internationally. While the Isle of Man is smaller in size compared to the UK with a population of 85,000, it offers a stable political and economic climate and actively promotes entrepreneurship and innovation. The visa provides easy access to the UK market while benefiting from the advantages and financial incentives of the Isle of Man.
Both visas allow the applicant’s spouse and children under 18 the right to live, work, and study without restrictions. In terms of settlement, the pathway differs between the two visas. Upon meeting certain residency and business requirements, an investor under the Isle of Man Investor visa may apply for settlement in the Isle of Man after three years, or five years before applying for indefinite leave to remain in the UK, while the UK Innovator Founder Visa allows for settlement in the UK after three years with a pathway to British citizenship.
This difference may be a significant factor for entrepreneurs seeking quicker permanent residency. Despite this, for those prioritising a more straightforward process and a favourable tax environment, the Isle of Man Innovator Visa can present a great option when moving to United Kingdom.
Other self sponsorship visa UK options
The Expansion Worker Visa
The Expansion Worker Visa is designed for Senior Managers or Specialist Employees who are sponsored by an overseas business that has been trading for a minimum of three years and looking to expand and establish a company in the UK. This visa permits skilled workers to undertake roles that are necessary for the growth of the business within the UK market.
To relocate to UK, the applicant must meet eligibility criteria such as having a confirmed and genuine position from a business that has obtained a sponsorship license, have worked for the parent company outside of the UK for at least 12 months (with some exceptions, such as an annual salary of over £73,900), and be paid the higher of the minimum eligible salary required for the job or at least £42,400. The business must also provide credible evidence that it is able to expand and develop business in the UK.
The visa is initially valid for 1 year, with the possibility of extension if the business continues to grow and the worker’s role remains essential. The visa also allows for dependents of a spouse and children under 18 to live and work in the UK, and can lead to permanent residence after three years, and later, British citizenship.
The UK Global Talent Visa
The Global Talent Visa offers a pathway for highly skilled individuals to work in the UK without a specific job offer. Applicants must be a ‘leader’ or ‘potential leader’ within a particular field, such as academia and research, arts and culture, or digital technology. Applicants must be endorsed by a recognised UK body (unless they have won an eligible award) by demonstrating exceptional talent or promise in their field.
The UK Global Talent Visa provides a flexible and attractive route for researchers, innovators, and leaders in their industries to live and work in the UK without a job offer. The visa offers a long term option to individuals by being valid for up to five years with the possibility of settlement after three years, and later, British citizenship, for those who meet specific criteria.
The High Potential Individual Visa
The High Potential Individual Visa is available to graduates from leading global universities, providing an opportunity for individuals to live and work in the UK for up to two years (or three years for those with a PhD or other doctoral qualification) without the need for sponsorship or a job offer.
To qualify, applicants must meet specific eligibility criteria such as having been awarded a qualification from an eligible university in the last 5 years. With a quick turnaround and option to set up their own business, this visa allows successful applicants to explore job or business opportunities in the UK whilst serving as a stepping stone to other visa options, including the Skilled Worker Visa or the Global Talent Visa.
Establishing a Business and Obtaining a Sponsor Licence
Another viable pathway is to establish a business and obtain a sponsor licence in order to ‘sponsor’ yourself as a Skilled Worker. This approach allows individuals to create their own ventures in the UK while facilitating the employment of overseas workers, including themselves. Applicants must set up and register a business in the UK that is active and genuine, and then register the business as a licensed sponsor with the Home Office. Once granted, the sponsor license enables the business owner to issue a Certificate of Sponsorship for themselves, allowing them to apply for a Skilled Worker Visa, initially valid for up to 5 years.
This process involves demonstrating the viability of the business, providing detailed plans for growth, and proving that the role is a genuine position that meets a minimum skill level and minimum salary. Whilst this is a complex process that requires a strong application, the benefit of this pathway is not needing to obtain an endorsement from an endorsing body, like with the UK Innovator Founder Visa.
Ready to Move to the UK? Take These Next Step
These various self-sponsorship options for gaining residency within the UK cater to a range of skill sets, and your choice of program will depend on your background and requirements.
Harvey Law Group is a leading international law firm specialised in residency and citizenship by investment programs since 1992. Operating in over 20 offices worldwide and representing over 25 countries for their respective programs, our firm mostly assists high net-worth individuals, business executives, entrepreneurs, professionals as well as their families to secure residency or citizenship abroad.
If you are interested in learning more about the UK Innovator Founder Visa, the Isle of Man Innovator Visa, or self-sponsorship options within the UK, please contact Harvey Law Group at [email protected] we will be pleased to discuss the program or any of our other citizenship by investment or residency by investment programs with you.
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