The main applicant can obtain permanent residence in the third year
GBP 50,000 investment amount
The Innovator visa is for applicants who are interested in starting an innovative business in the UK. Applicants can apply individually or in a team of two. Each applicant has to invest at least £50,000, and can fast-track to apply permanent residence after three years.
Applicants need to hold a cash deposit of at least £50,000 (equivalent to approx. HKD$ 500,000) and prove that funds can be transferred to the UK freely.
Applicants can choose to apply as an individual or a team. If the application is made as a team, each main applicant needs to hold at least £50,000, which is a total of £100,000 for two applicants.
In addition, each main applicant needs to hold £945 for living expenses, and each family member needs to have £630 for living expenses. The deposit period is 90 days.
Applicants need to have an innovative, viable, and scalable business plan, with an Endorsement letter obtained through an Endorsing body to support the application.
There are over 40 authorized institutions of the UK Home Office, which are divided into three categories: Local UK banks, venture capital companies, and technology research and development companies. Some institutions have their preferred designated areas and industries.
If the applicant holds a UK degree or above (ie. Degree/Master/PHD, please note that Diploma or Associate Degree is not recognised), they only need to submit their UK degree certificate to meet the English requirement.
If the applicant holds a degree issued by a university based outside the UK, they will need to provide certificates and transcripts, along with university letters to prove that the degree is taught in English, then apply to UK NARIC to confirm that the degree is equivalent to a UK degree or above .
If applicant does not have the above academic qualifications, they will need to meet the CEFR level B2, they can apply for IELTS for UKVI (General Training) exam and score 5.5 points in each of the four exam papers for listening, speaking, reading and writing. The certificate is valid for two years.
The main applicant will be granted a three-year visa after the first application. The endorsing body will closely monitor the applicant’s business progress during the three-year period, and will conduct assessments in the 6th, 12th and 24th month to confirm whether the applicant’s progress in the business.
If the applicant meets any two of the following seven requirements within three years, they can apply for permanent residence:
Although the UK Home Office does not have any industry restrictions, the key to the entire visa application program is whether the applicant can obtain the Endorsement letter through an endorsing body, and fulfill its specific requirements.
If the applicants fail to meet two of the seven requirements within three years, they may consider applying visa extension and obtain a three-year visa until the applicants can meet the relevant requirements before applying for permanent residency.
Please see the below website for endorsing bodies:
We can assist with your Innovator visa application and our service include: