UK Innovator Visa

Financial requirements

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.

Business plan

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.

English requirement

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.

Permanent residence requirements

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:

1. Invest at least £50,000 in the business
2. The number of customers has tripled in the last three years and is higher than the average number of customers of local companies in the UK
3. Engaged in significant research and development projects and has applied for intellectual property protection in the UK
4. Total annual revenue for the last fiscal year reached £1 million 
5. The total annual revenue in the last financial year reached £500,000 of which at least £100,000 was for export overseas business
6. Create at least 10 jobs for British Citizens or permanent residents
7. Create at least 5 jobs for British Citizens or permanent residents with an annual salary of at least £25,000.

Residence requirements

• For applying permanent residence, the applicant and spouse must not have left the UK for more than 180 days for any 12 months during the 5 year period. 
• For applying British citizenship, each applicant must not leave the UK for more than 450 days during the last five years before applying for Citizenship, and no more than 90 days away from the UK in the last 12 months.