Launching a business in the UK is an exciting opportunity, as the country is a vibrant global hub. Currently, over 5 million ventures are registered here, most classified as small- to medium-sized enterprises (SMEs). The Innovator Founder Visa makes it possible for entrepreneurs to enter this dynamic landscape and turn ideas into reality.
At Remitly, we celebrate the ambition of founders from around the world and want you to have a smooth journey. This guide walks you through everything you need to know about the UK’s entrepreneur visa, from eligibility to endorsements, so you can focus on bringing your vision to life.
What is the Innovator Founder Visa?
The Innovator Founder Visa is a UK travel authorisation that allows entrepreneurs to set up and run a business. Unlike other business founder visas, it’s focused on ventures that are new, innovative, viable, and scalable.
This visa was introduced in 2023 and replaces the previous Start-Up Visa and Innovator Visa routes. It’s currently the only way foreign entrepreneurs can start a new business in the UK.
How long can you stay?
The Innovator Founder Visa allows successful recipients to stay in the UK for three years, especially if you:
- come to the UK using the authorisation, or
- switch to this visa while already in the country.
You’re required to meet with your endorsing body every 12 months to assess the growth of your business. Regular progress ensures you’ll keep your endorsement and reapply for the visa as needed.
Key benefits of the Innovator Founder Visa
With this visa, immigrant founders in the UK will enjoy a wide variety of benefits. You can:
- Stay for three years and renew as many times as you want.
- Apply for Indefinite Leave to Remain (permanent residency) after three years.
- Bring your partner and any children under the age of 18 to the UK.
- Set up as many businesses as you want.
- Work at both your primary business and a secondary, skilled (level 3 qualification or higher) job.
- Study at an educational institution while running your business.
- Travel abroad and come back to the UK.
Innovator Founder Visa requirements
If you’re looking to apply for the UK entrepreneur visa, you must meet the following minimum requirements:
- Be aged 18 or older.
- You intend to start and run an innovative business in the UK.
- You meet the English language requirement (CEFR level B2), unless you’re from an exempt country. Accepted proof includes:
- Results from an approved language exam
- GCSE, A Levels, IGCSE, or other qualifications acquired from studying in UK schools before you were 18.
- A degree-level academic qualification that was taught in English. You may have to get your overseas degree recognised in the UK.
- Proof of enough money to support yourself if you’re applying outside the UK or have been living here for less than a year. These funds must be in your account 28 days before applying. Current minimums are:
- £1,270 for you
- £285 for a dependent partner
- £315 for your first child
- £200 for any additional children
- Your business or business idea is endorsed by an approved endorsing body.
However, once you submit your application, you may be asked to comply with additional requirements, depending on your specific case.
What if you already have another visa?
If you already live in the UK on a UK Student Visa, you can switch to an Innovator Founder Visa if you’ve completed your current course or have been part of a PhD program for at least 24 months.
But if you’re in the UK on one of the following visas, you can’t directly switch to the British business visa:
- Standard Visitor Visa
- Short-Term Student Visa
- Parent of a Child Student Visa
- Seasonal Worker Visa
- Domestic Worker in a Private Household visa
Instead, you must apply from outside the country.
The endorsement process: your key to success
The endorsement process is a critical part of your Innovator Founder Visa application. You can’t submit an application until you’ve been endorsed by an appropriate authority.
Overview of endorsing bodies
Currently, the Home Office has approved four endorsing bodies to issue endorsements for hopeful founders:
- Envestors
- UK Endorsing Services (UKES)
- Innovator International
- The Global Entrepreneurs Programme (GEP)
The exact tests, meetings, and timelines vary between endorsing bodies. However, the primary difference is that GEP is a UK government programme, while the other bodies are private companies. The GEP is free but invite-only.
Criteria for endorsement
All endorsement bodies will assess your business plan using the same criteria. To pass this stage, you have to prove that your business is:
- New: You can’t join a business that’s currently operational.
- Innovative: Your idea meets new or current market needs, or creates a new competitive advantage.
- Viable: It’s also realistic based on your resources, including your knowledge, skills, experience, and market awareness.
- Scalable: You show clear evidence of structured planning, job creation potential, and growth in both national and international markets.
Endorsement bodies will also check to make sure that you either created your business plan on your own or made significant contributions to it. You must show that you’ll be working in your business day-to-day to carry out the plan. And if you’re applying as part of a team, each member has to submit a separate endorsement request.
Finally, endorsing bodies will conduct due diligence checks to confirm that you’re “fit and proper” and that you’ve obtained all your money legally.
Step-by-step endorsement guide
Follow these steps to ensure a smooth endorsement process:
- Confirm that your idea fits the endorsement criteria.
- Choose an endorsing body.
- Assemble your endorsement pack, which typically includes:
- A complete business plan
- Current CV
- Financial statements and 3-year forecasts
- ID documents, including your passport, a secondary form of ID like a driving licence, a photo of yourself holding your passport, and proof of address from the last three months
- Create an account online with your endorsing body, complete any required questionnaires, submit your endorsement pack, and pay the non-refundable application fee of £1,000 GBP.
- Schedule and attend a call with your account manager and answer any questions they may have.
- Attend your next meeting, typically a business plan pitch and Q&A session. Submit professional references.
- Wait for the decision. If approved, you’ll receive an endorsement letter.
- If denied, you’ll receive a refusal summary detailing which points you need to work on. This will be helpful when you apply for reassessment.
Typically, this process lasts three to six weeks. Once approved, you have three months from the date on your endorsement letter to submit your visa application.
If approved, you’ll attend contact points meetings with your endorsing body 12 and 24 months after endorsement. Each meeting costs £500 GBP.
How to apply for Innovator Founder Visa: step-by-step guide
Following these steps can lead to a smooth Innovator Founder Visa application process:
Step 1: Prepare your business plan
Make sure your business plan details the following:
- Your business idea
- Market analysis
- Operational strategy
- 3-year financial projections
- Growth potential
- How your business is innovative, viable, and scalable
Step 2: Endorsement
Apply for and receive endorsement from an approved endorsing body.
Step 3: Apply for the visa
Prepare your visa application package, which should include:
- Your official endorsement letter
- A valid passport and any previous UK immigration documentation
- A bank statement proving you meet financial requirements
- English language requirement documents
- If needed, tuberculosis test results
- Certified translations of all documents not originally in English or Welsh
Step 4: Submission
Submit your application online and pay the required fee, currently £1,274 GBP per person if applying from outside the UK and £1,590 GBP per person if applying to switch within the UK.
You’ll also have to pay an immigration healthcare surcharge of £1,035 GBP, or £776 GBP for children and students. You may also apply for priority service if you need faster application processing.
Step 6: Verification
Verify your identity, either by providing your biometric information at a visa application centre or uploading proof of identity to the UK Immigration: ID Check app.
Step 7: Decision
Receive your decision, which usually takes three to eight weeks. It will usually come with the next steps, for example, creating a UK Visas and Immigration (UKVI) account to set up your eVisa if approved.
Common challenges and how to overcome them
While the UK Innovator Visa is a powerful route to UK permanent residency, applicants can face hurdles. Here are some of the most common challenges, as well as potential solutions:
Innovation, viability, and scalability
Many applicants underestimate how strict both endorsing bodies and the government can be with these criteria. For example, a business that just expands on an already existing thing, like with an app, would be rejected as it isn’t considered innovative enough.
Here are a few tips to ensure your business fits the endorsing criteria:
- Innovation: Highlight what’s new, like unique processes or a disruptive model. Contrast with current UK competitors to show uniqueness.
- Viability: Prove you have the skills and experience, and include a clear, achievable financial model.
- Scalability: Even if you don’t plan on becoming a massive multinational company, your vision ideally goes beyond a single shop or service. Include specific milestones like job creation goals.
Weak or incomplete business plan
Applicants may submit underdeveloped plans that lack robust financial projections or market analysis. Your business plan needs to show proof of your abilities, not just a great idea.
A good business plan includes data-based market research and in-depth, three-year financial forecasts. This information can give critical decision-makers confidence in your business as an entity.
Due diligence and funds
Endorsing bodies run AML (anti-money laundering) and “fit and proper” checks on all your finances. If your source of funds isn’t clear, your application could be delayed or derailed.
Ensure you’ve prepared bank statements, contracts, and investment agreements to explain where all your money comes from. Be transparent about any past businesses, exits, or family backing. In short, confirm that all money trails are clean and well-documented.
Costs and timelines
The Innovator Founder Visa has significant costs beyond the visa application fee. Applicants sometimes underestimate these, or the time it takes to go through both the endorsement and visa application processes.
Delays can push back your plans, so budget properly and apply early, especially if any launch dates are tied to your visa’s approval.
Solo vs. team applications
Co-founders applying for Innovator Founder visas sometimes don’t realise that each person must apply separately, even if they’re working on the same business.
If you’re part of a team and would prefer everyone to receive their visa approval at the same time, coordinate timing and prepare consistent documents. Ensure each person’s role is distinct and complementary, as well as significant enough to be considered a founder.
What’s next after approval?
Once your visa’s been approved, congratulations! Here are some important steps to take as soon as you arrive in the UK to establish your business and settle in.
Setting up your business in the UK
Decide on the legal structure of your business—whether you want a sole trader, partnership, limited company, or limited liability partnership. Register with Companies House, obtain any necessary licenses, and open a bank account for the business.
Maintaining visa compliance
Set up your contact point meetings with your endorsing body at the 12- and 24-month marks. Establish realistic but strong goals and stick to them, then be ready to present your achievements at your meetings.
Life in the UK as an innovator founder
The Innovator Founder Visa offers a fantastic opportunity to build your business, live, and eventually settle in the UK. With the right preparation, you can approach the application process with confidence.
FAQ
What kinds of businesses get approved for the Innovator Founder Visa?
Many different kinds of businesses get approved. While tech startups, creative services, and niche businesses often best meet the criteria, even small-scale businesses can qualify if they show clear innovation and strong planning.
Can I change my business idea after my visa is approved?
Minor tweaks like expanding your service offering or changing marketing strategies are usually fine, but significant changes usually require you to let the endorsing body know. Keep your endorsing body updated to maintain compliance.
Do I need UK investors before I apply for the visa?
No. While external funding can strengthen your application, there are no minimum investment requirements from UK-based or external investors for this visa. Endorsing bodies focus more on your business meeting the criteria than on a specific amount of money invested.
What happens if my business struggles while I’m on the Innovator Founder Visa?
As long as you’re actively working on your business and complying with endorsement requirements, struggling financially doesn’t automatically affect your visa. However, failing to meet key milestones may lead your endorsing body to believe your business is no longer viable. This could impact future endorsements or visa renewal.
What happens if my endorsing body withdraws their support?
If your endorsing body withdraws their support, you have 60 days to either switch to a new endorsing body or leave the UK. Withdrawal usually only happens if your business doesn’t meet endorsement criteria anymore, or it has serious compliance issues. Proactive communication and record-keeping can help prevent withdrawals or facilitate a smoother transition.