Yes. You can draw a director salary from your limited company. Most founders pay themselves up to 12,570 GBP per year (tax-free threshold) and take additional income as dividends taxed at 8.75%.
Banking in UK on a Innovator Founder Visa
As an Innovator Founder Visa holder you have full right to work and run your business. Open both a personal and business bank account immediately.
Best Banks for Innovator Founder Visa Holders
| Bank | Type | Key Benefit | Fee |
|---|---|---|---|
| Monzo Business | Digital | Invoicing and expense tracking | 5 GBP/mo |
| Starling Business | Digital | Free transfers, no monthly fee | 0 GBP |
| Tide | Business | Sole trader and Ltd company support | 0-9.99 GBP |
| Barclays Business | Traditional | Branch network, overdraft facility | 8 GBP/mo |
Taxes for Innovator Founder Visa Holders in UK
Founder Visa holders are UK tax residents. You pay income tax on salary drawn from the company and Capital Gains Tax on any share sale proceeds.
| Income Band | Tax Rate |
|---|---|
| Salary 0-12,570 GBP | 0% |
| Salary 12,571-50,270 GBP | 20% |
| Corporation Tax on profits under 50k | 19% |
| CGT on share sale (Business Asset Disposal) | 10% on first 1M GBP gain |
Sending Money Home from UK
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Send Money with Wise →
Paying overseas contractors or receiving USD or EUR from international clients? These services save significantly versus UK bank international transfers.
| Service | Rate | Fee | Speed |
|---|---|---|---|
| Wise Business | Mid-market | 0.4-1% | 1-2 days |
| Airwallex | Mid-market | 0.5-1% | 1-2 days |
| Revolut Business | Mid-market | 0.4% | Instant-1 day |
| HSBC Global | 3% markup | 0-20 GBP | 1-3 days |
Cost of Living in UK on a Innovator Founder Visa
London startup hubs vs. other UK tech cities - monthly estimates for a founder living lean:
| Expense | London | Manchester | Bristol |
|---|---|---|---|
| Rent 1-bed | 1,800-2,500 GBP | 900-1,400 GBP | 1,100-1,600 GBP |
| Co-working desk | 300-600 GBP | 150-350 GBP | 200-400 GBP |
| Living expenses | 800-1,200 GBP | 600-900 GBP | 600-900 GBP |
| Monthly total | 2,900-4,300 GBP | 1,650-2,650 GBP | 1,900-2,900 GBP |
Get the Free Finance Checklist
The exact steps to set up your bank, money transfers, and insurance before you land.
Download FreeFrequently Asked Questions
Can Innovator Founder Visa holders draw a salary?
Yes. You can draw a director salary from your limited company. Most founders pay themselves up to 12,570 GBP per year (tax-free threshold) and take additional income as dividends taxed at 8.75%.
What tax does a UK startup pay on profits?
UK companies pay Corporation Tax at 19% on profits up to 50,000 GBP and 25% on profits above 250,000 GBP. A marginal rate applies between 50k and 250k.
Can I hire employees on an Innovator Founder Visa?
Yes. With a sponsor licence you can hire overseas employees on Skilled Worker Visas. Hiring UK-resident workers has no immigration restrictions.
How do I send investor funds from abroad to my UK company?
Wire funds via Wise Business or Airwallex directly to your UK business bank account. Declare foreign investment in your annual accounts and notify Companies House if new shares are issued.