The Government has announced that it will be making changes to the Innovator visa category, creating a new Innovator Founder route which will open on 13 April 2023. The Start-Up route is set to close.
What is the new Innovator Founder route?
The new Innovator Founder category amends the Innovator route as follows:
1. There is no longer a requirement to show investment funds of £50,000. Applicants will still need to make an endorsement application to a registered endorsing body and show to the endorsing body that they have enough money to start their business in the UK.
2. Applicants can also undertake additional work outside their business.
Unlike the Start-up visa, time spent in the UK under the Innovator Founder route will count towards qualifying for Indefinite Leave to Remain.
What should entrepreneurs consider about the changes to the Start-up and Innovator routes?
Prospective applicants for the Start-up category must secure an endorsement by an endorsing body before 13 April 2023. The final date for applications under the Start-up route is 12 July 2023.
However, those considering the Start-up route may want to consider waiting for the new Innovator Founder category in order to benefit from the new provisions. The Innovator Founder category will open on 13 April 2023.
Those who presently hold a Start-up visa may be able to switch to the Innovator Founder category. Please contact information@manislaw.com if you would like further information.