A Comparative Analysis with the Existing Innovator Visa

The UK Government is introducing the Innovator Founder visa route on 13th April 2023, which will replace the existing Innovator route and mark the end of the Start-Up visa scheme. This article will provide an in-depth comparison between the new Innovator Founder route and the previous Innovator visa, highlighting the key changes and improvements.

Endorsing Bodies: A Shift in Structure
Under the new Innovator Founder route, there will be only three Home Office approved Endorsing Bodies, compared to the numerous Legacy Endorsing Bodies under the previous scheme. These Legacy Endorsing Bodies will continue to support applicants who entered the Innovator visa scheme before 13th April 2023 but can only endorse applicants for the same business idea used in a previous application.

Business Proposal Requirements: Consistency with a Twist
The requirement for the business proposal to be innovative, viable, and scalable remains a key feature of the Innovator Founder route. However, applicants can now either present a new business concept or apply under the same business category, provided they have previously obtained permission as an Innovator Founder, Innovator, Start-up, or Tier 1 (Graduate Entrepreneur) and were assessed using the same business concept.

Investment Requirement: Greater Flexibility for Entrepreneurs
The Innovator Founder route eliminates the previous £50,000 GBP minimum investment requirement, providing more flexibility for entrepreneurs and benefiting businesses that do not require significant capital. However, if a business idea demands a considerable cash injection, the new Endorsing Bodies may still request proof of sufficient funds for at least the next 12 months.

Contact Points: Reduced Pressure on Entrepreneurs
The new rules only require a minimum of two contact points between the applicant and the Endorsing Body, compared to the rigid 6, 12, and 24-month checkpoints under the previous scheme. This change eases the pressure on entrepreneurs and allows for more tailored timelines for business development.

Secondary Employment: Reflecting Realities of Entrepreneurship
Innovator Founders can now take up secondary employment, provided the role is at a skill level not less than RQF level 3 (equivalent to A-levels or high school leavers). This change acknowledges the realities of genuine entrepreneurs who often juggle multiple roles and enables them to maintain their livelihood in the UK until their business reaches a self-sustaining stage.

Endorsement Letters: Utilizing Legacy Endorsing Bodies
Under the new scheme, applicants with endorsement letters from Legacy Endorsing Bodies (dated before 13th April 2023) can still use them for new businesses. Furthermore, if the Legacy Endorsing Body endorsed the applicant as a Start-up, they can endorse the applicant for the Innovator Founder route.

In conclusion, the Innovator Founder route offers significant improvements and increased flexibility compared to the previous Innovator visa, making it an attractive option for entrepreneurs looking to establish their businesses in the UK.

Key Considerations in the New Innovator Founder Route
The Innovator Founder visa route introduces several notable changes and improvements, which are designed to benefit entrepreneurs and their businesses. Here, we highlight the main points of interest in a distinct manner:

1. Elimination of the £50,000 GBP Minimum Investment Requirement
   The new Innovator Founder route removes the previously required £50,000 GBP minimum investment, providing entrepreneurs with greater financial flexibility. This change is particularly advantageous for businesses that do not necessitate substantial capital to start.
   
2. Reduced Mandatory Contact Points
   In contrast to the previous Innovator visa, the Innovator Founder route mandates only a minimum of two contact points between the applicant and their Endorsing Body. This shift allows for more tailored timelines for business development and reduces the pressure on entrepreneurs to adhere to rigid checkpoints.
   
3. Permission for Secondary Employment
   Under the new Innovator Founder route, applicants are allowed to take up secondary employment, as long as the role is at a skill level not lower than RQF level 3 (equivalent to A-levels or high school leavers). This change acknowledges the multifaceted nature of genuine entrepreneurs and enables them to maintain their livelihood in the UK while developing their businesses.
   
4. Utilizing Endorsement Letters from Legacy Endorsing Bodies
   The Innovator Founder route allows applicants to use endorsement letters issued by Legacy Endorsing Bodies under specific circumstances. If the letter is dated before 13th April 2023 and pertains to a new business or the same business category, it can still be utilized for the new scheme.
   
   These key changes and improvements in the Innovator Founder route make it an attractive option for entrepreneurs looking to establish and grow their businesses in the UK.

Swift Settlement in the New Innovator Founder Route
In addition to the key changes and improvements mentioned earlier, the Innovator Founder route also provides a significant advantage in terms of settlement:

5. Rapid Settlement after 36 Months
   
   The Innovator Founder route offers applicants the opportunity to settle in the UK after just 36 months. This accelerated path to settlement is the fastest currently available, making it an attractive choice for entrepreneurs looking to establish a long-term presence in the UK.
   This feature, combined with the other enhancements in the Innovator Founder route, creates a more entrepreneur-friendly environment and encourages talented individuals to bring their innovative ideas and businesses to the UK.
   At Farani Taylor Solicitors a Legal 500 firm, we have extensive experience in Business Immigration and are happy to address any questions regarding the new Innovator Founder visa route.