New Innovator Founder Route Launches

From 13 April 2023, the new Innovator Founder Visa route will start up. As this new scheme begins, the old start-up visa program will end. If you need any business plan help please contact our office.

It is essential to know what changes are taking place and how they affect you. Let’s take a look. 

What Changes Will Happen?

The old Innovator route to get a visa will be replaced with the New Innovator Founder Route. Furthermore, there will now be only three different endorsing bodies that have been approved by the Home Office.

The new rules state that new applicants will need to get an endorsement from one of the three new bodies that have been approved for the route. However, those applicants who already have an endorsement letter before this time can finish their application with no problems. 

The previous scheme will still operate for people who have already started their application until 13 April 2023. The existing endorsing parties, who are now known as “Legacy Endorsing Bodies”, will keep supporting applicants who have started the current scheme already. Furthermore, the new “Legacy Endorsing Bodies” will be able to keep endorsing any applicants that they have given a letter, but only if it is the same idea that’s been used before. 

What Will Businesses Be Expected To Do?

The new requirements mean that a business will need to show that its plan for a venture meets three criteria - it needs to be innovative, scalable and viable. These are all existing features for the Innovator Founder route that will be brought forward. 

Applicants are allowed to apply with a new concept for business, or they are allowed to apply under the same category as before. However, they can only do this if they have been given permission as an Innovator Founder, innovator, tier 1 graduate entrepreneur or start-up. Furthermore, they need to have been assessed in a previous submission for the same concept. 

£50,000 Investment Scrapped

The new submission route is a lot different to the existing scheme, but there are some changes which make applying a lot easier.

Past applicants were asked to show that they had at least £50,000 available to invest in the new business as part of the application process. However, this requirement has been removed, so now it’s more accessible to entrepreneurs who have a great idea but don’t have funding. 

It’s great news that businesses don’t need to have a lot of capital to invest in their business from day one. However, if you do have a business idea that needs a lot of cash to start with, then you may need to demonstrate to an endorsing body that you have enough money to support your new company for 12 months. 

Only Two Contact Points Needed

The old visa rules stated that an endorsing body needed to maintain contact with an applicant at different points during their time in the UK - these were 6, 12 and 24-month contact points. 

However, the new rules only need a minimum of two contact points during the time a business is operating in the UK. This makes things a lot more flexible for any business. 

It is expected that each industry will have a different timeline with regard to how they build a business, so not having to make contact at set points helps them to present their success when they’re ready. The pressure to develop the business and grow is now much less, which is good.

Entrepreneurs Can Now Have Secondary Employment

It used to be a condition for getting a visa that an entrepreneur could only work for the business that they built and started in the UK. However, the new rules say that a Founder Innovator can get secondary employment if that employment is above a skill level equal to an A-Level, or an RQF Level 3. 

This is a great change because it means that people can find new work for themselves while growing their businesses, and it’s a good reflection of how a lot of entrepreneurs are talented people who excel in multiple positions. It also means that they can maintain a lifestyle while the business grows until they reach a point where they don’t need secondary support anymore.

Using Legacy Endorsements

Any applicant who is applying for a business can use an existing letter of endorsement from a Legacy Endorsing Body if the letter is dated before 13 April 2023. 

You can also use a letter of endorsement from a Legacy body if they already endorsed you for a start-up in the past. 

If you’re applying for a business in the same category, then you can use an endorsement from a Legacy Endorsing Body if you got your first endorsement letter with the same body before 13 April 2023. 

We Help With Business Plans For Visa Applications

The changes that have been made to visa applications are great because they make it even easier for entrepreneurs to get visas for working here in the UK. However, a good business plan is vital for getting the best results which is where we can help. 

Our team is available to help you get the hang of the entire application process from start to finish and craft a winning business plan. We can either build a business plan based on what you’ve already put together or make one from scratch for you.

It’s not an exaggeration to say that a business plan makes a big difference in how successful your application is. You need to be able to show an endorsing body everything there is to know about your business and demonstrate that you’ve put time and effort into creating it. Thanks to our skills and experience with writing plans, we can support you throughout your application and ensure that you’ve got the tools and skills necessary to develop an amazing set of facts and figures to convince any endorsing body you’re worth that letter. A good business plan makes all the difference, so let us help you.