Overview of UK's Innovator Founder program and a guide for Entrepreneurs in India

Aditya Shrivastava

20.11.23

4 minute read

The United Kingdom has long been a hub for innovation and entrepreneurship, attracting talented individuals from across the globe to pursue their business aspirations. Recognizing the potential of global entrepreneurs, the UK government introduced the Innovator Founder visa route, specifically designed to facilitate the entry and growth of promising Indian startups within the UK's dynamic ecosystem.

Table of contents
What is the UK Innovator Founder Visa? Benefits for Indian Entrepreneurs Eligibility Criteria for the UK Innovator Founder Visa How to apply for the UK Innovator Founder Visa Additional Resources for Indian Entrepreneurs Starting a Bank account in the UK Meet Wise: a convenient alternative Wise Business for UK Startups

What is the UK Innovator Founder Visa?

The UK Innovator Founder visa is a three-year visa granted to entrepreneurs who have an innovative, viable, and scalable business idea that has been endorsed by an approved endorsing body. This visa allows entrepreneurs to establish and run their startups in the UK, providing them with access to the country's rich resources, talent pool, and global market opportunities.

Benefits of the UK Innovator Founder Visa for Indian Entrepreneurs

The UK Innovator Founder visa presents an exceptional opportunity for Indian entrepreneurs to launch their ventures in the heart of a global innovation hub. With its supportive ecosystem, access to talent and expertise, and potential for growth, the UK offers a fertile ground for Indian startups to flourish and make a significant impact on the world stage.

Access to the UK's Thriving Startup Ecosystem: The UK boasts a vibrant startup ecosystem, with world-class accelerators, incubators, and funding opportunities. Indian entrepreneurs can leverage this supportive environment to nurture their ideas and transform them into successful businesses.
Opportunity to Collaborate with UK Expertise: The UK is home to a diverse range of experts, from experienced entrepreneurs to industry leaders. Indian entrepreneurs can tap into this expertise to gain valuable insights, mentorship, and partnerships for their startups.
Gateway to the European Market: The UK's strategic location provides easy access to the European market, offering Indian entrepreneurs a springboard to expand their reach and tap into a vast pool of potential customers.
Path to Permanent Residency: After three years, Innovator Founder visa holders may be eligible to apply for settlement in the UK.

Eligibility Criteria for the UK Innovator Founder Visa

To be eligible for the UK Innovator Founder visa, Indian entrepreneurs must meet the following criteria:

Have an innovative, viable, and scalable business idea
Secure endorsement from an approved endorsing body
Demonstrate sufficient funds to support themselves and their dependents during the initial visa period
Meet English language requirements

Application Process for the UK Innovator Founder Visa

The application process for the UK Innovator Founder visa involves several steps:

Obtain Endorsement from an Endorsing Body: Identify and apply for endorsement from an approved endorsing body that has evaluated your business idea and deemed it to be innovative, viable, and scalable.
Complete Online Visa Application: Once endorsed, complete the online visa application form, providing detailed information about your business plan, financial projections, and personal background.
Attend Visa Application Center: Attend the visa application center to provide biometric information (fingerprints and photograph) and submit supporting documents.
Receive Visa Decision: Upon processing the application, the UK Visas and Immigration (UKVI) will inform you of the visa decision.

Additional Resources for Indian Entrepreneurs

The UK government and various organizations provide support and resources to Indian entrepreneurs seeking to establish their startups in the UK:

UK Visas and Immigration (UKVI): Provides official information and guidance on the Innovator Founder visa application process.
Tech Nation: An organization supporting the growth of the UK's digital economy, offering resources and programs for startups.
Global Entrepreneurship Programme (GEP): A UK government initiative that connects promising international entrepreneurs with UK-based mentors and partners.
India-UK Tech Alliance: A collaborative initiative between India and the UK to foster innovation and entrepreneurship partnerships.

Banking in UK

One of the first things you'll need to take care of when you arrive in UK is starting an account - not just for your startup, but also for personal day-to-day need. Our guide to bank accounts in United Kingdom goes over how you can open one and what you need to know before you do.

UK banks offer a variety of bank accounts to suit different needs with varying fees depending on the account type and the specific bank. A convenient alternative to traditional banking, we invite you to check out Wise and start your UK journey with an account that is as global as you are.

Meet Wise: International Account for Global Entrepreneurs

Wise is a global technology company, building the best way to move and manage the world’s money.

Wise was founded on the principle that people deserve transparency, fairness and better value when it comes to their money. We're working hard to bring a fairer choice to people across the world, and to raise awareness about the hidden charges in the finance industry.

Wise Account for UK Residents

Wise offers a flexible multi-currency account that is ideal for new immigrant to UK with roots abroad. With currency conversion always at the fair mid-market rate, this is an account that lets to spend just like a local when you travel abroad with a linked debit card — and works seamless in India as well.

Get Started with Wise 🚀

Wise Business for Startups in UK

The Wise Business Account enables you to send and receive money around the world at low fees and with mid-market exchange rates. This means that you can avoid hidden fees and exchange rate markups charged by banks and other traditional money transfer providers. And to make getting payments even easier, Wise Business offers account details in multiple currencies. So clients can deposit payments in currency that is easiest for them, rather than making transfers to an overseas account.

Wise Business Account for UK

Our online process lets you open and verify your UK business account from anywhere. With our customer support available in English and our commitment to providing a seamless digital experience, Wise offers an ideal alternative to traditional banks for your UK business.

Wise for Businesses in India

If you're an India-based business or freelancer, you can open a Wise Business from India as well. Wise Business offers Indian business with local account details in 8 foreign currencies, including GBP. This convenience enables your customers abroad can pay you with a local transfer in those currencies.

Wise Business Account for India

Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

Cover photo by James Frewin on Unsplash.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

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