If you are an individual embarking on the journey of establishing a new business in the UK through the Innovator Founder visa, one question often arises: Can I apply for an Innovator Founder Visa by relying on funds that are not in pounds sterling? This blog delves into the intricacies of this process.
As of 13 April 2023, the Innovator Founder Visa no longer requires the £50,000 minimum investment prerequisite. However, the necessity to demonstrate a solid financial foundation remains intact.
This visa route is tailored for visionary individuals seeking to establish innovative ventures endorsed by reputable endorsement bodies in the UK. Whilst the daunting £50,000 barrier has been dismantled, applicants are still required to demonstrate personal funds of £1,270, maintained over a 28-day period. Moreover, for those initiating a new venture, demonstrating sufficient and reliable funding remains essential to the endorsing body.
For applicants with dependants, an additional financial threshold must be met: £285 for a partner, £315 for the first dependent child, and £200 for any subsequent dependent children.
In the event that your funds are denominated in foreign currencies, the process entails a conversion into pounds sterling (£).The conversion is based on the spot exchange rate on www.oanda.com at the time of application, unless dealing with Syrian Pounds or Iranian Rials.
For funds in Syrian Pounds, the conversion employs the monthly FCDO Consular Exchange Rate (“CER”) published on www.gov.uk/government/publications/fco-consular-services-abroad-exchange-rates on the application date. Similarly, Iranian Rials undergo conversion using the monthly FCDO CER rate published on www.gov.uk/government/publications/fco-consular-services-abroad-exchange-rates applicable at the time of application.
In essence, whilst the path to securing an Innovator Founder Visa may seem complex, understanding the nuances of currency conversions can clarify the process and pave the way for your entrepreneurial aspirations to thrive on UK soil.
How Gherson can assist
Gherson’s Immigration Team are highly experienced in advising on UK visa matters. If you have any questions arising from this blog, please do not hesitate to contact us for advice, send us an e-mail, or, alternatively, follow us on X, Facebook, Instagram, or LinkedIn to stay-up-to-date.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.
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