UK Startup Visa: The Ultimate Guide

 

 UK Startup Visa (Innovator Founder Visa)

The UK Innovator Founder Visa grants ambitious individuals 3 years to establish and run an innovative business endorsed by an approved body. You must demonstrate English proficiency, sufficient funds, and a viable, scalable business plan. After 3 years, extensions and even permanent residency are possible. Remember, endorsement, regular progress reports, and financial stability are key to success.

 Why Choose UK

UK Strong Economy

The UK economy is showing positive signs for businesses. It remains a major exporter of goods and services, and confidence is growing among financial leaders at large UK firms. Additionally, business output is at its highest level, suggesting a strong economic future.

UK Startup Ecosystem

The UK boasts a thriving startup ecosystem, consistently ranking highly for funding raised globally. Government initiatives like the Enterprise Investment Scheme fuel business growth. Despite global challenges, the UK tech sector shows resilience, with London attracting many digital businesses. This ecosystem positions the UK as a promising hub for startups.

UK Startup Support and Facility

The UK offers a comprehensive support system for startups. A well-developed network of startup accelerators and incubators across various sectors provides unique programs, mentorship, and funding opportunities. Government initiatives like Smart Grants also offer financial support for innovative research and development projects.

UK Quality of Life

The UK offers a high quality of life, ranking among the top 30 globally. Strong social connections are a hallmark, with most residents reporting reliable support networks. While there have been economic challenges, the focus remains on building a strong future.

 UK Startup Visa eligibility

Who can apply for a UK Innovator Founder Visa

Before applying, you need to have your business or business idea assessed by an endorsing body.

They will provide you with an endorsement letter if your business is eligible.

You must also:

• meet the English language requirement (B2 Level)
• be at least 18 years old
• be able to prove that you have enough personal savings to support yourself while you’re in the UK

UK Innovator Founder Visa Process

To apply for the UK Innovator Founder Visa, you must secure an endorsement letter from an endorsed body. This involves demonstrating that your business idea is new, innovative, viable, and scalable. You then complete an online application, providing necessary documents such as proof of identity, nationality, English language proficiency, and financial stability. The process is thorough, ensuring only the most promising entrepreneurs are granted visas.

UK Innovator Founder Visa Requirements & Documents

• Endorsement letter from an endorsing body.
• Valid passport/identity document.
• Bank statements showing £1,270+ for 28 days.
• English language proficiency proof.
• Tuberculosis test results (if applicable).
• Certified translations for non-English/Welsh documents.
• Blank passport page (for some nationalities).
• Additional documents may be required.

 

 UK Step-by-step guide

Step 1: Gather Your Documents

Before you begin your online application, make sure you have all the required documents:

• Endorsement Letter: This proves that an endorsing body has assessed and approved your business idea.
• Identity Proof: Valid passport or a document showing your nationality and identity.
• Financial Proof: Bank statements showcasing a minimum of £1,270 held in your account for 28 consecutive days.
• English Language Test Results: Proof that you meet the English language requirement.
• Tuberculosis Test (if applicable): Required for citizens of specific countries.
• Document Translations (if needed): Certified translations for documents not in English or Welsh.

Step 2: Apply Online

Head to the UK Visas and Immigration website and initiate your Innovator Founder visa application. You can save your application and complete it later if needed.

Step 3: Prove Your Identity

The way you prove your identity depends on your nationality and passport type:

• Biometric Application Centers: Visit a designated center to have your fingerprints and photograph taken for a biometric residence permit. (Passport may be retained during processing.)
• UK Immigration: ID Check App: Use this app to scan your identity document and manage your UKVI account creation/login.

Step 4: Submit Your Application and Documents

Once you’ve completed the online application and verified your identity, submit everything electronically.

Step 5: Await the Decision

Typically, you’ll receive a decision within 3 weeks. However, it might take longer if:

• Your family members require separate appointments.
• Your documents need verification.
• An interview is necessary.
• Personal circumstances like criminal convictions arise.

The UKVI will contact you with updates and next steps throughout the process.

 Cost & Fees

Government Visa Application Cost

The application fee depends on where you apply:

• Apply from outside the UK: £1,191 per person
• Extend or switch your visa inside the UK: £1,486 per person

Average Program Fee

The average program fee is about £1000 to £2000, which varies based on the endorsement body that approved your application. To check for more details, please visit Launch Road UK’s programs.

Corporate TAX rate

The Corporation Tax rate in the UK depends on how much profit your company makes. From 1 April 2023, there are different rates based on company profitability. That shows blow: (Source)

Taxable profit level	CT Rate
> £250,000	25%
< £50,000	19%
between £50,000 and £250,000	marginal tax rate of 26.5% on profits above £50,000

Cost of Living in UK

• A single person’s estimated monthly costs are 809.2£ without rent.
• A family of four estimated monthly costs are 2,731.7£ without rent.

 Processing Time & Outcome

Third-Party Assessment Time

The actual time it takes to assess your business idea and issue the endorsement letter can vary. It depends on the endorsing body and the specifics of your business proposal.

Visa Processing Time

• 3 weeks if you’re outside the UK
• 8 weeks if you’re inside the UK

What happens After Apply

If you need to change something in your application after you’ve sent it, contact UK Visas and Immigration (UKVI). You can ask to cancel your application. You’ll only get your fee refunded if UKVI has not started processing your application. You’ll get an email or a letter containing the decision on your application. This will explain what you need to do next.

 UK Residency through Startup Visa

The Innovator Founder visa allows you to reside in the UK for a duration of 3 years, whether you’re entering the UK with this visa or switching from another visa while already in the country.

It’s required that you meet with your endorsing body at the 12 and 24-month marks to demonstrate your business’s progress. If your endorsement is withdrawn, your visa could be shortened.

To extend your stay beyond 3 years, you’ll need to secure a new endorsement and reapply before your current visa expires.

UK Citizenship

After 3 years of continuous residence in the UK on an Innovator Founder visa, you can apply to settle permanently in the UK, also known as “Indefinite Leave to Remain” (ILR).

Once you have ILR, you usually live in the UK for another 12 months before applying for citizenship. Please note that you cannot have spent more than 180 days outside the UK in any 12 months during these years.