Thinking about establishing your business in the UK? The UK Innovator Founder Visa and Self-sponsored Visa UK offers two viable options for ambitious entrepreneurs and skilled professionals. But which visa best suits your needs and goals? In this blog, we’ll break down the details, requirements, and advantages of each visa route, helping you determine the best path to bring your ideas to life in the UK. 

What is the UK Innovator Founder Visa? 

On March 29, 2019, the Innovator visa was launched to take the place of the Tier 1 Entrepreneur visa category. This new visa category is designed to promote the growth and investment in innovative, viable, and scalable businesses in the United Kingdom, ultimately contributing to economic growth. 

The UK Innovator Founder Visa is designed for experienced entrepreneurs and innovators who want to set up an innovative business in the UK. Ideal for founders with bold ideas and strategic plans, this visa emphasizes unique and new business ventures that offer something different from what’s currently available in the UK market. 

To qualify, applicants must have an endorsement from an approved UK Innovator Founder Visa endorsing body. These organizations evaluate the originality, viability, and scalability of your proposed business, ensuring it has the potential to contribute to the UK economy. Additionally, an extensive UK Innovator Founder Visa business plan is required, detailing how your business will operate, grow, and succeed. 

Key Requirements: 

• Endorsement: The business idea or venture needs to receive approval from an endorsement body, which is an organization authorized by the Home Office to endorse applicants in this category. 

• Age: Applicants must be at least 18 years old  

• Knowledge of English language: You should be capable of speaking, reading, writing, and comprehending English. Typically, you’ll need to demonstrate your English proficiency when submitting your application. 

• Innovation: Your business idea must be new, innovative, and unique to the UK. 

• Experience: While there’s no formal experience requirement, this visa favors applicants with substantial industry experience. 

Additionally, those applying for the UK Innovator visa must have a prescribed amount of money in their bank account for a continuous period of 28 days prior to their application. This requirement also applies to individuals looking to extend their Innovator visa or switch to this visa category if they have been in the UK for less than a year. This amount is separate from any investment funds.  

Self-sponsored Visa UK 

The Self-sponsored Visa UK is an increasingly popular option for individuals who wish to work for their own UK-based business without relying on a sponsoring employer. This visa is particularly suited to skilled professionals who want to establish a foothold in the UK market, and it allows for a certain degree of flexibility. 

While not tied to a specific business idea, the Self-sponsored Skilled Worker Visa UK is ideal for those with skills that align with the UK’s economic needs and job market. This pathway lets entrepreneurs apply for their own sponsorship license, which gives them permission to set up and work in their business without a separate sponsor. 

Key Requirements  

• Be at least 18 years old 

• Have a UK company 

• Obtain a sponsor license for your company 

• Have adequate funds to satisfy Maintenace requirement   

• Have a valid Certificate of Sponsorship for your job 

• Demonstrate English language proficiency at CEFR Level B1 

• Provide a valid Tuberculosis certificate, if required 

Comparing the Costs: UK Innovator Founder Visa vs. Self-sponsored Visa UK 

Both visas have associated costs that should be considered when planning your move to the UK. 

• Self-sponsored Visa UK Cost: The total self-sponsored visa UK cost depends on factors like the application fee for the sponsor license, immigration health surcharge, and other administrative fees.  

• UK Innovator Founder Visa Investment: For the Innovator Founder Visa, there is generally no minimum investment requirement, but sufficient funds are needed to support your business. Previously, a minimum investment threshold applied, but this has been relaxed for certain business ideas in 2024. However, costs for preparing a business plan and securing endorsements may still be considerable. 

Guidance on Crafting a Winning Application 

Creating a successful application requires careful planning, especially given the specific criteria for each visa. 

• UK Innovator Founder Visa Business Plan: For Innovator Founders, a strong business plan is crucial. This document needs to detail every aspect of your proposed business, from operations to growth potential. Endorsing bodies closely scrutinize the business plan, so clarity, feasibility, and innovation are key.
• Self-sponsorship Visa UK Guidance: Applicants for the self-sponsored visa should pay special attention to the requirements for the self-sponsorship license, ensuring that their business plan meets the Skilled Worker standards. Seeking self-sponsorship visa UK guidance from professionals or consultants can be invaluable for streamlining this process. You can reach out to us at eLegal Consultants, we have qualified professionals that can provide you with the guidance you need and help you navigate the process.

Is There a “Best Choice” for 2024? 

The UK Innovator Founder Visa is still the best choice for entrepreneurs in 2024 who want to launch innovative concepts in the UK. This visa is ideal for individuals focused on starting a new venture and who can gain endorsement from authorized bodies. Conversely, the Self-sponsored Visa UK offers a more flexible option, which is especially beneficial for skilled professionals seeking the freedom to operate their own business without a sponsor. 

Conclusion  

Both visa options come with their own costs, processing times, and application requirements, but each provides a valuable opportunity to live, work, and grow a business in the UK. Whether you’re an innovator or a skilled worker, understanding each visa’s requirements and benefits will help you make the right choice. With the right visa, 2024 could be the year you build your dream business in the UK. 

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