A new option has opened up for international entrepreneurs looking to launch innovative enterprises in the UK with the introduction of the Innovator Founder route on April 13, 2023. Comparing this immigration pathway to its predecessor, the Innovator visa, considerable changes and significant contrasts are present.

What is an Innovator Founder Visa UK?

An exclusive kind of visa called the Innovator Founder Visa UK is intended for foreign businessmen who want to launch and grow innovative ventures in the UK.

The elimination of the minimum investment requirement, implying there is no longer a set amount that applicants must put in their firm, is one noteworthy change from its predecessor visa. The candidates must still show that they have the money to launch and expand their business in the UK in addition to providing for their own financial needs.

Differences Between Innovator and Innovator Founder Visa.

When compared to the old Innovator Visa pathway, the Innovator Founder Visa UK introduces a number of significant modifications. The key differences are as follows:

Minimum Required Investment: 

There is no longer a minimal investment need for the Innovator Founder Visa. The Innovator Founder Visa, in contrast to the former Innovator Visa, which required a minimum investment of GBP 50,000, allows applicants to choose the appropriate investment amount based on their company's needs. However, candidates must still show that they have the money necessary to launch and expand their business.

Work or study in a related field: 

One significant modification is the Innovator Founder Visa's allowance for secondary jobs or studies. The new visa path allows secondary employment, whereas the prior Innovator Visa prohibited its holders from participating in any other job or educational activity. A minimum skill level needed for the secondary occupation is also necessary, which is similar to the UK A-levels.

Decrease of Administrative Concerns

Previously, applicants had to maintain touch with their endorsing body at six, twelve, and twenty-four-month intervals. The Innovator Founder visa now just needs two contacts during the course of the three-year visa. This should ease administrative worries and free up applicants' time to focus on growing their businesses.

Conclusion

Comparing the Innovator Founder Visa UK to the prior Innovator Visa pathway, there are notable improvements. This new visa gives entrepreneurs wishing to launch innovative enterprises in the UK greater flexibility and opportunity by eliminating the minimum investment criterion and allowing for secondary work or study.

FAQS

Can I still submit an application via the Start-up or Innovator routes?

No, the former Innovator and Start-up pathways are now closed as a result of the introduction of the Innovator Founder route. If they meet the requirements, owners of the previous visas could be able to move to the Innovator Founder path.

Can I change to the Innovator Founder route from the Innovator route?

You may transfer to the Innovator Founder path if you currently have an Innovator visa if you meet the requirements and gain endorsement from a credible endorsing body.