International students in the United Kingdom will be eligible for an Innovator Founder visa without having to leave the country after meeting certain requirements.
The idea was floated in a bulky 82-page immigration White
Paper released in May and was approved last month.
The pathway replaces a similar provision that previously
applied to those switching into the start-up route, which is now closed to new
applications.
Foreign students can apply for an Innovator Founder visa
they want to set up and run an innovative business in the UK, different from
anything else on the market.
The business must have a potential for growth and
demonstrate evidence of creating jobs and growing into national and
international markets.
The visa route takes effect on November 25, with a duration
of three years. There are no limits on the number of times it can be extended,
and applicants may be able to apply for settlement once they have been in the
UK for 3 years.
To apply, applicant must have their business (idea) assessed
by an endorsing body, meet an English language requirement, be at least 18
years old, and have enough personal savings of at least £1,270.
However, applicants will need to meet with their endorsing
body after 12 months and 24 months to show business progress.
The changes came the same week foreign students were handed
18 months to find employment after graduation, down from the current two years.
The Home Office said the changes which take effect from
January 1, 2027, were necessary to ensure graduates contribute effectively to
the economy.
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