We were lucky enough to sit down with Fyodor Goldman, the founder of Goldman Solutions, a leading immigration law firm specializing in advising clients on various visa routes, including the Innovator Founder visa.

Fyodor, thank you for joining.

Fyodor Goldman: Thank you for having me! It’s a pleasure to talk about these crucial visa routes and help clarify some of the important steps and planning involved.

Absolutely! Let’s dive right in. The Innovator Founder visa is one of the main routes for those looking to settle in the UK, particularly when it comes to obtaining Indefinite Leave to Remain (ILR). What are the key factors that applicants need to plan for when applying for ILR on the Innovator Founder visa?

Fyodor Goldman: That’s a great question. The first thing that any applicant needs to think about is the business itself. The entire process for applying for ILR is heavily dependent on whether the business has been actively operating and progressing according to the original business plan. When you apply for an Innovator Founder visa, you submit a business plan to your endorsing body, and that business plan is assessed based on the potential of the business. For ILR, you need to show that your business has made significant progress against the plan that was previously approved.

So, it’s not just about running a business — it’s about demonstrating tangible progress, correct?

Fyodor Goldman: Exactly. It’s critical to show that the business has moved forward, as outlined in the original business plan. This means showing that your product or service is actively being sold, that you’re not just in the research phase, and that the business is financially sustainable. The endorsing body, which is responsible for assessing your progress, will verify that you’ve met these benchmarks before they issue another endorsement for your ILR application.

That sounds like a lot of responsibility. Are there other factors that applicants should consider when preparing their ILR application?

Fyodor Goldman: Yes, there are a few other key considerations. For example, applicants need to show that they are still involved in the day-to-day operations of the business. This is part of the requirement to demonstrate an “active role” in the business. You need to show that you’re not just an investor but an active participant — someone who is managing and developing the business on a daily basis. This is especially important for co-founders of the business.

So, in addition to progress on the business, applicants must also demonstrate ongoing involvement and commitment. What about the financial side? What do applicants need to show in terms of investment and sustainability?

Fyodor Goldman: This is where it gets a bit more complex. To qualify for ILR, applicants must meet at least two out of specific criteria. The most common one is that you show at least £50,000 invested and spent in the business. It’s important to note that each applicant must meet this requirement individually. So, if you have two co-founders, for example, you would need to show £100,000 invested and spent during the visa period.

The second financial consideration is that your business needs to appear sustainable for the next 12 months. This means your business should have solid financial backing — assets, expected income, and a manageable cost structure. The Home Office is going to look at whether the business is likely to remain viable moving forward, based on its financial situation.

That makes sense. But I understand that applicants can also meet other criteria, such as customer growth or job creation, right?

Fyodor Goldman: Yes, that’s correct. One of the other criteria is customer growth. To meet this, applicants must show that the number of customers has at least doubled over the past three years and that this growth is higher than the average for comparable businesses. While this can be a bit tricky — because proving that your customer base is larger than that of similar businesses can be challenging — it’s certainly a possible route for businesses that have seen rapid growth.

Additionally, the Home Office looks at the creation of jobs. For example, creating the equivalent of 10 full-time jobs that have existed for at least 12 months is one of the criteria. Alternatively, applicants can show the creation of 5 full-time jobs, provided that those jobs have an average salary of £25,000 per year. The beauty of this criterion is that job creation is something that you can control — it’s not dependent on external factors like revenue or customer numbers.

Interesting. It sounds like there’s a balance between financial investment, growth metrics, and job creation. How do most applicants approach this process, and what’s the typical strategy for success?

Fyodor Goldman: The most common strategy for businesses is to focus on meeting the £50,000 investment criteria and the intellectual property protection criterion. Applying for IP protection is a solid way to demonstrate that your business is innovative and forward-thinking. If the business is in a stage where IP protection is viable, it’s a great way to tick off one of the key criteria.

However, if you’re reaching the end of your second year and you haven’t made any substantial progress in IP protection or customer growth, then focusing on job creation might be a more practical option. Job creation is something that businesses can start implementing much earlier, and it’s something that’s directly within the applicant’s control.

That makes sense. Finally, what advice would you give to applicants who are approaching the final stages of their Innovator Founder visa and want to ensure their ILR application is successful?

Fyodor Goldman: My best advice is to plan ahead and keep track of your progress from the beginning. If you wait until the third year to try to meet the necessary criteria, it’s much more difficult to show that the business is genuine and sustainable. The Home Office will be looking at the overall trajectory of the business, so it’s crucial that you’ve been actively involved and have made measurable progress throughout the entire visa period.

And of course, don’t hesitate to seek legal advice. The process is complicated, and it’s always a good idea to work with an immigration lawyer who can help you navigate the criteria and ensure your application is as strong as possible.

Great advice, Fyodor. Thank you so much for your time today and for sharing your expertise. It’s clear that planning and sustained effort are key to successfully obtaining ILR on the Innovator Founder visa.

Fyodor Goldman: It’s been my pleasure! Thank you for having me. I hope this information helps those looking to make the most of the Innovator Founder visa and secure their future in the UK.