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What is the renewed Innovator Founder Route?

What is the renewed Innovator Founder Route?

Innovator Founder, started up as a project in the middle of spring this year, is a new route designed specifically for immigrants. It was launched in order to help talented entrepreneurs who decided to implement their unique business in the UK (both independent, and a business to which this person has made a great financial contribution). And one of its main advantages is the fact that it is a kind of harmonious combination of two visas at once – an Innovator Visa and a Startup Visa, and therefore is an effective replacement for them.

What is its fundamental uniqueness of the Innovator Founder Visa? Now this permission document is the only one that can be obtained by foreign businessmen who have decided to expand their business in the United Kingdom.

Advantages of the Visa

The permit document provides many advantages when compared with the two previous routes. List of Key Benefits:

  • The previous Innovator Route required candidates to have access to business investments for a minimum amount of 50 thousand A.D. However, in the case of applicants for an Innovator Founder Route, there is no mandatory requirement for a certain level of investment. Instead, it is necessary to present a business plan that demonstrates how the business can be self-sufficient and independent of the required kind of financing.
  • The holders of the Innovator Founder Visa have the opportunity to have other work, in addition to managing their business. To do this, you need to hold a position that requires qualifications at least secondary school.
  • This route gives a faster manner to obtain permanent residence in the country compared to other immigration routes. Innovator permit documents are valid for 3 years. After a continuous residence in the country for 3 years (as opposed to 5 years in other situations), a person who has previously received a visa has the right to apply for an indefinite residence permit. However, this also requires compliance with a list of requirements regarding the rapid development and steadfastness of his business, as well as his active participation in the company.

The process of obtaining an application

There are 2 stapes in the procedure of applying for an Innovator Founder Visa. In the first instance the applicant must obtain endorsement from the body authorized by the Home Office, and then apply for a visa to the Home Office itself.

Step 1. Endorsement

Currently, the Home Office has authorized three authorities giving approval: Envestors Limited, Innovator International, Endorsements Services.

Each of the approval bodies has its unique selection criteria, but all of them are aimed at analyzing the proposed business possibilities of the candidate to achieve success in the country. To determine the appropriate body for approval, candidates need to familiarize themselves with the criteria set by each of the approving bodies.

When reviewing business applications, the relevant authority must ensure that the applicant is a suitable candidate for approval. This includes checking that he has no doubts about the source of the funds used by the applicant, as well as making sure that neither the business itself nor the applicant himself are connected with illegal or other insufficiently justified enrichment.

New endorsement visa applicants may be part of a company operating in the same branch of business, but each participant must receive an individual confirmation certifying that they personally meet all the established requirements.

Step 2. Apply for a visa

Innovator Founder Route
Innovator Founder Route

After receiving approval, the applicant can proceed to apply for a visa. Let's talk about the time frame. An application for a visa is submitted by an interested person within up to 3 months from the date of receipt of confirmation. The form must contain a development plan of the applicant's enterprise, which must necessarily assume financial forecasts.

To participate in the Innovator Founder Route program, candidates collectively must score 70 points in such areas as business management, knowledge of the language of the country and financial opportunities. Of this set of 70 items, 50 of them cover for presenting the business plan directly.

How long will the permit be considered valid?

Persons participating in the program will be granted a permit for up to three years, with the possibility of its extension in the future. The applicant's partners and their dependent children can also apply via this route. It is interesting to note that settlement in the UK via this new route will be possible after 3 years of continuous stay in the country.

The Innovator Founder Route guarantees a unique offer for entrepreneurs who want to set up their business in the UK. It provides a quick way to establish a case in the country and has a high degree of flexibility that is not available in other visa categories.

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Disclaimer: This post is for public knowledge.

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