In one sense, the Innovator Founder visa is one of the UK’s most recently introduced visas as of the time of typing; it was only launched on 13th April 2023, and is aimed at entrepreneurs who are interested in establishing an innovative, viable, and scalable business in the UK.
However, in another sense, the Innovator Founder visa might be interpreted as being a mere “rebranding” of the Innovator visa (which, itself, opened on 29th March 2019, replacing the Tier 1 Entrepreneur visa route).
Adding to the scope for confusion, is the fact that even the UK Government website states of the Innovator Founder visa that it “used to be called the Innovator visa”.
There are, however, crucial distinctions between these two visa types
Although, as the similar names of these visas suggest, there is much overlap between the two categories, there are also some important differences.
Indeed, the new Innovator Founder visa category was actually launched in order to replace both the Innovator visa and the Start-up visa, which had both been criticised by some observers.
Below are the key differences that prospective applicants ought to be aware of:
- The list of Endorsing Bodies for this visa is not the same as that for the previous Innovator visa. At the time of us writing this, there were four organisations that the UK Government had approved to issue endorsements for the Innovator Founder visa: Envestors Limited, UK Endorsing Services, Innovator International, and The Global Entrepreneurs Programme (GEP).
- The Innovator Founder visa doesn’t set a specific minimum level of investment funds that applicants need to have. This differs from the situation for those who wished to establish a new business under the Innovator visa route. The previously stated specific minimum level was £50,000. However, it is still necessary for applicants for the Innovator Founder visa to prove to their Endorsing Body that they have sufficient funding. In some circumstances – for example, if the business is already established and has been endorsed for an earlier visa – no investment funds will be required.
- Holders of the Innovator Founder visa might not need to be in such frequent contact with their Endorsing Body. The arrangements under the Innovator visa category entailed Endorsing Bodies contacting holders of that visa at six-month, 12-month, and 24-month checkpoints. The equivalent system for the Innovator Founder visa is more flexible, although there is still a need for at least two contact points over the three-year period the visa is valid. The new rules state that these contact points are after 12 months and after 24 months, and that applicants will be required to show they are making progress with their business.
- Holders of the Innovator Founder visa are permitted to take up employment outside of their own business. There is, however, a caveat; this must be “skilled work”, such as a job that is on the Skilled Worker eligible occupations list, or that requires at least a level 3 qualification. Nonetheless, this is still a marked difference from the situation under the Innovator visa route, which only allowed visa holders to work for the specific business(es) they had established.
What are the disadvantages of the Innovator Founder visa in the UK?
The UK Innovator Founder visa offers a lot of potential advantages to ambitious and business-minded UAE nationals who wish to move to the UK. However, there are also some possible drawbacks to consider as you decide whether this could be the right visa route for you.
These include:
- The strict eligibility requirements that need to be met. Naturally, these criteria will be more demanding for some applicants to satisfy, than they will be for others. However, the challenges involved in the requirement to obtain endorsement from an Endorsing Body, and to demonstrate a viable business idea, also cannot be ignored.
- The need to retain the Endorsing Body’s support over the visa period. Securing the Endorsing Body’s approval is not a “once and done” process; if the Endorsing Body is not satisfied that the visa holder is making progress with their business at the two parties’ “checkpoint” meetings, there could be a risk of the endorsement being withdrawn, thereby resulting in the visa itself being cut short.
- The need to ensure sufficient investment funds are in place. As stated above, the £50,000 minimum requirement under the Innovator visa route no longer applies, and not all applicants for the Innovator Founder visa will require investment funds at all. However, there is still a general need for the Endorsing Body to be convinced that the applicant has access to enough funding for their intended business.
- The restrictions on employment outside of the endorsed business. However, as we explained above, the Innovator Founder visa at least has less strict requirements in this regard than the previous Innovator visa.
- The three-year initial visa validity may seem short for the purposes of business establishment. However, it is worth noting that visa holders – as long as they continue to enjoy endorsement from their Endorsing Body – can apply to extend their stay for a further three years when their visa is due to expire. There is also no limit to the number of times the Innovator Founder visa can be extended, and there may even be the option to apply to settle in the UK for those who have spent three years in the country on this visa.
Would you like to learn more about embarking on a new life in the UK on this visa?
Are you a UAE national who has an interest in relocating to the UK – and who, crucially, is confident of meeting the above criteria for the Innovator Founder visa? If so, you might wish to have a more in-depth conversation about the possibilities with our own UK immigration solicitors in Dubai.
Why not complete and submit our online contact form today to request your free consultation, or give us a call on +971 4272 0822?
