Changes to the Innovator visa route from 13 April 2023

The Home Office has recently published its latest Statement of Changes to the Immigration Rules. The statement introduces changes to the Innovator visa route, which can affect future visa applications and their eligibility requirements.

The Home Office has made significant changes to the Innovator visa route, which will come into force from 13 April 2023. The Innovator visa route was initially launched in March 2019, allowing overseas nationals to seek entry to the UK for the purpose of establishing an innovative business. 

The latest changes will replace the current Innovator visa route with the newly named Innovator Founder route. While this is not too dissimilar from the current iteration of the visa category, new criteria aim to be more flexible to allow for more genuinely innovative entrepreneurs to enter the UK and set up their new business.

The new route removes the £50,000 minimum investment fund requirement. However, you are now required to show that you have sufficient capital to get your business idea off the ground. So where you have little or no overheads, you will need less capital, but where you require expensive machinery, for example, you may need to show significantly more than the previous £50,000.

Innovator Founder visa holders will also be able to engage in employment outside of their innovative business, provided that the secondary employment is in a skilled role of at least RQF level 3 (A-level and above).

The Innovator Founder route provides validity for 3 years with the option to apply for settlement at the end of the 3-year period.

The changes to the Innovator visa route have made the Start-up visa category obsolete and this route will close to new applications in due course.

How Gherson can assist

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