Innovator Founder Visa

Innovator Founder visa - legal analysis of the situation

The innovative company founder visa can be obtained by both beginners and experienced entrepreneurs who plan to start a business in Great Britain. Unlike other types of visas, applicants do not need to demonstrate the availability of funds to invest in a business.

Main requirements: the business idea must be innovative, viable and scalable, and the business plan must be approved by an authorized state body (endorsing body). We will talk about the key requirements and features of the innovative company founder visa.

Investor and Business Qualification Requirements for Visa

The main applicant must be over 18 years old.

Availability of an official letter of confirmation from an authorized body in Great Britain confirming:

• The investor is eligible for the Innovator Founder visa.
• There are no doubts about the source of the invested funds.
• The business is not a beneficiary of illegal income.

Availability of a business plan, in the development of which the investor made a significant contribution.

Intention of the investor to actively participate in the implementation of the business plan.

Willingness to maintain regular contact and hold at least two meetings with representatives of the authorized body.

The investor must be either the sole founder or an important member of the founding team.

The business idea must be innovative, viable and scalable.

The letter of approval must be issued no more than 3 months before the application.

Proficiency in English at a level not lower than B2 according to European standards.

Availability of at least £1,270 for personal expenses, plus an additional £285 for spouse, £315 for first child and £200 for each subsequent child if the investor has been in the UK for less than 12 months or lives abroad.

Submission of proof of availability of funds within 28 days prior to application submission.

Providing a medical certificate about the absence of tuberculosis.

No criminal record.

The business idea must be new, the business must not exist at the time of application, but you can join an already registered business if it has not started operations.

Necessary criteria for a business idea

Innovation

The business plan must be original, meet new or existing market needs and create a competitive advantage over other players in the sector.

Viability

The business plan must be realistic and feasible, based on the resources available to the investor. It should be developed taking into account the necessary skills, knowledge, experience and understanding of the market for successful business.

Scalability

Evidence of structured planning and capacity for job creation and development at national and international levels is required.

Approval bodies

One ​​of the key requirements for obtaining a visa is the presence of an approval letter. This document confirms that your business idea is valuable and deserves to be implemented in the UK. When assessing your business, the approval body will carry out a detailed check to ensure compliance with UK law.

Organizations that can issue an approval letter for the Innovator Founder visa include:

• UK Endorsing Services
• Innovator International
• Investors Limited
• Global Entrepreneur Program (GEP)

Usually it is sufficient to apply for a letter of approval, including detailed information about your business. However, some organizations, such as GEP, only approve participants in their programs.

How to get a visa?

The procedure for obtaining a visa includes several key stages:

• Preparation of a business plan and necessary documentation for the project
• Receiving an approval letter
• Visa application
• Getting permission and moving to Great Britain

Usually a visa decision is made within 3 weeks for applicants applying from abroad. Those already in Great Britain will have to wait at least 8 weeks.

Requirements for documents

In addition to a letter of approval and a business plan, the standard package of documents includes: an application, a candidate's passport, a certificate of English language proficiency, information about other team members (if any), as well as confirmation of financial status ( for example, a bank statement). Depending on individual circumstances, additional documents may be required, and the list may change. Therefore, it is important to check the current requirements before applying.

The cost of obtaining a visa

For foreigners who are outside the UK, the fee is £1,191.If you are applying to extend or change your visa while in the UK, it will be £1,486.< /p>

The importance of the participation of a lawyer when obtaining an Innovator Founder visa

The participation of a lawyer when obtaining an Innovator Founder visa is critical, as it ensures that all documents and the business plan are correct and comply with the requirements of British law. The lawyer conducts legal analysis, assists in the preparation and verification of documents, and ensures effective interaction with approval authorities. In addition, he prepares for interviews, solves possible problems and guarantees the relevance of information, which increases the chances of successfully obtaining a visa.