The UK government is launching a new migration visa for entrepreneurs—the Innovator Founder Visa. It is suitable for business start-ups as well as experienced players. Plus, now it will be easier for them to relocate to the country.

Applications for the Innovator Founder Visa will be accepted beginning April 13, 2023. This new type of migration visa in the UK will replace the two existing visas—the Innovator Visa and the Start-up Visa.

The main conditions for obtaining the Innovator Founder Visa

  • You must have a business plan that will be appealing to the UK's governing bodies. When applying for a visa, you will have to go through an interview and get approval for the plan presented.
  • Proof of savings of GBP 1,270 (approximately €1,445), which have been in an account for at least 28 days. You will need a higher amount for a family move: £285 for a partner; £315 for one child; and £200 for each additional child.
  • Proof of English proficiency of at least B2.

How is the Innovator Founder Visa different from its previous counterparts?

Firstly, there is no requirement for investment capital—previously it had to be at least £50,000. However, please note that if you are planning to launch a business that requires a large capital investment, the approving body will be entitled to require proof of funds for this purpose within the next 12 months.

Another change is the elimination of the “milestone” system. Previously the approval authorities had to communicate with applicants for three “milestones” (after 6, 12, and 24 months).

And thirdly, the new visa allows you to work even outside your business (previously this was not allowed). The main condition is that one must occupy a position that relates to highly qualified personnel.

What are the other benefits of the Innovator Founder Visa?

  • You can move your family (partner and minor children). The main thing is to prove kinship.
  • It is also possible to bring your employees with you. You can do this with a Sponsor License, and then hire them with a Skilled Worker Visa.
  • The Innovator Founder visa allows you to study in the UK.
  • You can apply for permanent residency after 3 years, and after another year you can apply for citizenship.

How long will the Innovator Founder Visa be issued for?

Initially, entrepreneurs are issued a visa for 3 years, which can be extended if all requirements are met. The applicant's family members can work and study in the UK without restrictions.