Replacement of Innovator Visa and end of Start-up Visa Route

The Innovator Founder route is a new and exciting way for individuals looking to establish their business in the UK based on an innovative, viable, and scalable business idea. This route replaces the Innovator visa route and is intended to make the process of establishing a business in the UK more accessible and more flexible.

Requirements for the Innovator Founder Route – Key Role and Endorsement:

An applicant under the new Innovator founder visa route must have a key role in the day-to-day management and development of the business. Additionally, the application must be supported by an endorsing body. This means that the endorsing body must confirm that the applicant’s business idea is both innovative and viable.

Removal of Financial Barriers- 50K Minimum Funds Requirement Removed

One of the most considerable changes with the Innovator Founder route is that the £50k minimum funds requirement has now been removed. This means that those with a genuine proposal for an innovative business and sufficient funds to deliver it can apply under this category, regardless of their financial situation. This change is a significant relief for many applicants who previously could not access the Innovator route due to financial limitations.

Expanded Employment Opportunities- Secondary Skilled Employment Allowed

The new Innovator Founder route also allows Innovator migrants to engage in skilled employment outside the running of their own business. This is a significant change from the previous restrictions that only allowed Innovator migrants to work within the running of their business. As long as the secondary employment is skilled to RQF Level 3 or higher, work is permitted.

The New Innovator Founder Route launching on 13 April 2023 has removed the £50,000 minimum fund requirement.

The End of the Start-up Route- Innovator Founder Route Takes Its Place

The Start-up route will no longer be accepting new applications, except where they are supported by endorsements issued by legacy endorsing bodies before April 13, 2023. The removal of the £50k minimum funds requirement for Innovator Founders means that there is no longer a need for a separate route for start-up entrepreneurs that do not have access to this amount of funds.

Innovator Founder Route Allows Partners and Dependent Children to Apply:

The Innovator Founder route is open to partners and dependent children, making it easier for families to establish a business in the UK.

Route to Settlement

This Innovator Founder Visa is a route to settlement, which means that those who apply can eventually settle in the UK permanently.

UK New Innovator Founder Route Launching April 13, 2023

The Innovator Founder route will come into effect on April 13, 2023. This new route is designed to make it easier for applicants to establish a business in the UK based on an innovative, viable, and scalable business idea. With the removal of the £50k minimum funds requirement, more people will have the opportunity to make their entrepreneurial business dreams a reality in the UK.

How Nexis Law Can Help?

Nexis Law can provide legal assistance and advice to individuals seeking to establish a business in the UK through the Innovator Founder route. Our team of experts can assist with the application process and provide guidance on the requirements for the endorsement, business planning, and help you make a successful Immigration application. With our expert legal support, you can have peace of mind and confidence in meeting the complexities of starting a business in the UK under the Innovator Founder Visa Route.