UK Startup Visa is an attractive immigration pathway for entrepreneurs with innovative and creative ideas.
This route is especially suitable for those who want to establish their business in the UK and achieve permanent residency faster than Canada.
UK Innovator Founder Visa: A Fast and Affordable Route to Permanent Residency
Main Eligibility Requirements
To qualify for the Innovator Founder visa, applicants must:
- Age: At least 18 years old
- English Language: Ability to speak, read, write, and understand English.
- Business Idea: Present a new, innovative, viable business idea with growth potential.
- Endorsement from a Recognized Body: Obtain endorsement from a reputable UK organization that evaluates and approves your business idea.
- Financial Documents: Proof of sufficient funds to support yourself and your family in the UK.
Costs:
Costs related to the Innovator Founder visa include:
- Visa Application Fee: £1,274 for applications made outside the UK.
- Endorsement Fee: £1,000 (excluding VAT).
- Meeting Fee with the Endorsing Body: £500 (excluding VAT).
- Indefinite Leave to Remain (ILR) Application Fee: £2,404.
Visa Duration and Pathway to Permanent Residency
- Initial Visa Duration: 3 years.
- Visa Extension: Possible to extend the visa for additional 3-year periods without limits on the number of extensions.
- Transition to Indefinite Leave to Remain (ILR): After 3 continuous years living in the UK, applicants can apply for permanent residency.
Requirements for Permanent Residency
To receive permanent residency, the applicant must:
- Active Business: The business must be active and trading.
- Business Progress: Achieve significant progress in line with the approved business plan.
- Daily Management: Active role in the daily management and development of the business.
- Job Creation: Create at least 10 full-time jobs that have been active for at least 12 months.
- Revenue Growth: Double the number of customers or achieve an annual income of £1 million in the final year.
Dependents:
The applicant’s spouse and children under 18 years old can join the visa application as dependents.
Step-by-Step Guide
1. Assess Your Eligibility:
- Is your business idea new, innovative, and viable?
- Do you have sufficient financial means to support yourself and your family in the UK?
- Prepare Required Documents:
- Identification and educational certificates.
- Proof of financial capability.
- Comprehensive and documented business plan.
- Get Endorsement from a Recognized Body:
- Select a reputable UK organization that will evaluate and endorse your business plan.
- Apply for the Visa:
- Complete the online application form and pay the required fees.
- Submit all necessary documents and evidence.
- Start Your Business in the UK:
- Register your company in the UK.
- Begin business activities and hire employees.
- Monitor Business Progress:
- Submit periodic reports to the endorsing body.
- Evaluate business progress and make necessary adjustments.
- Apply for Permanent Residency:
- After 3 years, if conditions are met, apply for Indefinite Leave to Remain.
Key Points
- Presence in the UK: The applicant must spend at least 6 months per year physically present in the UK.
- No Restrictions: There are no restrictions on business type; any business can qualify.
- Support: If needed, you can use consulting services for business setup and immigration process.
Summary
The UK Innovator Founder visa is a fast and affordable route for entrepreneurs with innovative ideas who want to gain permanent residency in a short time.
By following the outlined requirements and steps, you can independently pursue this pathway and achieve your immigration goals.
If you need further advice or guidance, our team at ITCLand is ready to answer your questions.
