How to conquer the UK with the Innovator Founder visa

The UK has a thriving startup ecosystem, so it’s no surprise that many non-UK residents want to move to the country to start a business.

The problem is that the UK’s immigration process is complicated and time-consuming. Among the long list of requirements, you usually need to be in full-time work or study to get approval for a visa.

But for entrepreneurs, there is a shortcut. The Innovator Founder visa is the ideal way to get your business off the ground and capitalise on the many venture capital (VC) firms and accelerator programmes we have to offer. 

Below, we’ll explain everything you need to know about the Innovator Founder visa, including its requirements, how to apply and tips to prepare for the endorsement interview.

What exactly is the Innovator Founder visa?

The Innovator Founder visa (previously called the Innovator visa) is for entrepreneurs who live overseas but want to start an innovative business in the UK. Successful applicants can reside in the UK for up to three years (with the opportunity to extend for another three years).

In order to be accepted for the visa, your business idea must be entirely new. You will not be eligible for the programme if you are joining a company that is already trading.

According to government guidelines, to be eligible for this visa, your business must be:

• Innovative: an original business idea that stands out in the market
• Viable: your business has strong potential for growth
• Scalable: you must provide a detailed business plan that shows how your new venture will create jobs and expand into national and international markets

What makes a business “innovative” is somewhat subjective. But the government website defines it only as something that is “not being done by anyone else”. That might mean you’re using new technology, or just applying it in a different way.

For example, the UK has become the focal point for the developing Artificial Intelligence (AI) sector, with many AI startups raising funding in the UK in the last year.

Given the UK government’s AI Opportunities Action Plan to invest further in the industry, overseas founders may have a good chance of obtaining the Innovator Founder visa if they can prove that their products or services will utilise AI. 

What are the fees and how long does it take?

In terms of fees, the Innovator Founder visa costs £1,191 per person if you apply outside the UK, and £1,486 if you apply to extend or switch your current visa. 

You can also apply for “priority service” for a faster decision, although this costs an additional £500 on top of your application fee.

As with other visas, you’ll be required to prove your identity via relevant documents (more on this below). Once your paperwork is submitted, you’ll usually get a response within three weeks if you’re outside the UK, and eight weeks if you’re currently residing in the country.

What you need to apply for the Innovator Founder visa

Before applying for the Innovation Founder visa, there are several important steps you’ll need to complete to demonstrate that your business is viable, well-planned and that you’re personally prepared to launch and sustain it in the UK.

1. Endorsement

Before applying for the visa, applicants must first have their business proposal assessed by an approved endorsing body (usually a government-run programme). 

The endorsing body will require evidence that sufficient funding is in place to support the venture, along with details of the source of those funds. If they decide your business is eligible, you’ll receive an endorsement letter to support your application.

After 12 and 24 months, you’ll need to check in with your endorsing body to prove your startup is making headway. Fall short, and you may need to reapply to lock in a fresh endorsement before the current one times out. 

2. A detailed business plan

Every company needs a business plan. This is a document that should clearly state your intentions and ambitions. It should include:

• Details of your business idea and the unique selling point (USP) it offers
• Information on your products/services (including your pricing strategy)
• An understanding of your target market and competitors
• A cash flow forecast, with details on your incoming and outgoing expenses
• An explanation of your day-to-day activities (e.g. how your business will operate, how you’ll sell to customers, and who your suppliers will be)

While statistics and evidence are important to endorsing bodies, don’t forget to show your passion for your business through your mission statement and core values.

3. English language requirements

You’ll also need to provide evidence of your English language knowledge, proving that you can read, write, speak and understand English to a qualified level.  

4. Sufficient funds

Endorsing bodies will need to know that you have enough money to fund your business, and where it’s from. You’ll need to have at least £1,270 in your personal or business bank account for 28 consecutive days before you either apply, extend, or switch to the Innovation Founder visa. You cannot use money generated from investment funds to support yourself.

How to apply for the Innovator Founder visa

Once you’ve been approved by an endorsing body, you’ll need to complete the online application form.

You can either use the “UK Immigration: ID Check” app to scan your documents, or have your biometrics (fingerprints and photo) taken at a visa application centre. Here’s a list of documents you’ll need to complete the process:

• Valid passport or other document that proves your identity and nationality
• Bank statements to prove you have enough personal savings 
• Proof that you meet the English language requirements
• Tuberculosis test results (if applicable)

If your supporting documents aren’t in English, you’ll need to provide a certified translation.

Can I bring my family with me?

If you have a partner and/or child, your family can also apply for the Innovator Founder visa as your ‘dependents’, as long as they can afford to look after themselves when they join (your partner will also be able to work when they arrive).

In addition to the £1,270 you must have to support yourself, you’ll need:

• £285 for your partner
• £315 for one child
• £200 for each additional child

How to prepare for your endorsement interview

You should treat the endorsement interview and application like a business pitch. And much like how you’d pitch to investors, preparation is key to ensuring you get the best possible result. Here are a few tips to help you out:

1. Understand the criteria

Remember – your business needs to be innovative, viable and scalable to be eligible for the Innovator Founder visa. For this, you’ll need to explain how your idea is original and can meet a new or existing market need, can realistically be delivered, and if there’s a potential for job creation and growth into international markets.

2. Know your business plan

Given how important this document is, you should expect questions about your business plan. Practice explaining in a clear and concise manner the problem you’re solving, your target market, your business model, and financial forecasts.

Additionally, make sure to research the endorsing body, such as the sectors they focus on and what businesses it has supported before.

3. Prepare for common interview questions

For this, you should prepare your answers beforehand so that you’re not caught off-guard. Common interview questions that you’ll likely be asked include:

• What makes your business innovative?
• How is your solution different from existing ones?
• What is your competitive advantage?
• How do you see your business progressing over the next three years?
• What’s your timeline for growth?
  

4. Bring supporting documents

They’re not explicitly required, but you may also want to bring some supporting materials along to the interview in order to strengthen your case, such as:

• Financial projections
• Product prototypes or demos (if applicable)
• Testimonials or letters of support

Ready to launch in the UK? Check out our guide to starting a business to help you set up successfully and hit the ground running.