The new Innovator Founder route came into force on 13th April 2023. It replaces the previous innovator route and start-up route.
The route is for those that wish to set up and run an innovative business in the United Kingdom. The business must be new, and an original business idea that is different from anything else on the market.
What is different about the Innovator Founder Route?
The two biggest changes in the new Innovator Founder Route are:
- Removal of the £50,000 investment requirement – Previously businesses were required to show that they were going to invest a minimum of £50,000 in their new business.
- Removal of the restriction from undertaking additional employment
The removal of the £50k requirement in particular gives more flexibility to innovators while retaining the requirement for an innovative business idea with sufficient funds to deliver on it. Furthermore, this removal also means that the there is no longer any need for the Start-up route as neither route will require access to £50k of funds.
Who is eligible for the Innovator Founder Route?
To be eligible for the visa, your business or business idea must be endorsed by an endorsing body. The previous endorsing bodies have now been replaced by four endorsing bodies, which are:
1. Geminus Innovation
2. Envestors
3. UK Endorsement Services (UKES)
4. The Global Entrepreneurs Programme (GEP)
You are also required to show that you meet the English language requirement and have enough personal savings to support yourself whilst you are in the UK.
Should you wish to find out more information about this route, then contact us and we will be happy to answer any questions.
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