UK remains leading destination for Chinese investment in Europe
The UK remains the leading destination for Chinese investment in Europe and is considered a ‘centre for international talent’, according to the China-Britain Business Council (CBBC).
Chinese investment in the UK accounts for 28% of the total amount invested in Europe, with a cumulative investment of over €81.4bn since 2000, totalling more than that of France, Germany and Italy combined.
The UK is considered an attractive option to Chinese businesses and investors thanks to its business-friendly institutions, transparent legal system and world-class talent and growth opportunities.
However, it is not as easy as it once was for high net-worth individuals and businesspeople to come to the UK purely for investment purposes. The UK closed its controversial Tier 1 (Investor) visa to new applicants in February 2022, due to security concerns and fears that the route was being abused by people who had acquired their wealth illegitimately.
The so-called ‘Golden Visa’ was first introduced in 2008 to encourage wealthy individuals from outside the EU to invest money in the UK. Foreign nationals could apply for an Investor visa if they had funds of at least £2m to invest in the UK.
Although the Tier 1 (Investor) route is no longer accepting new applications, individuals already in the UK on this visa may still qualify for Indefinite Leave to Remain (ILR), otherwise known as settlement.
Chinese nationals who want to come to the UK to work or start a business can seek entry under various visa options, some of which lead to settlement in the UK. We set out the most popular categories below.
UK Expansion Worker visa
The UK Expansion Worker (Global Business Mobility) visa allows you to come to the UK to set up a branch of an overseas business that has not started trading in the UK yet. This immigration category is popular among overseas businesses looking to establish a UK branch or subsidiary by sending existing employees to undertake the expansion work.
To qualify for this visa, you must usually have worked for your employer outside the UK for at least 12 months, unless you are earning over £73,900.
The maximum time you can stay in the UK on a UK Expansion Worker visa is 2 years. If you wish to stay in the UK beyond that 2-year period, you will need to apply to switch to another visa route if you meet the relevant requirements.
Innovator Founder visa
The Innovator Founder visa is for foreign nationals who wish to come to the UK to set up and run an innovative business. The business idea must be something that’s different from anything else on the market.
This is an unsponsored route, meaning you do not require a job offer from a UK employer. However, before you can apply for an Innovator Founder visa you must obtain an ‘endorsement’ from a Home Office approved endorsing body, to verify that your business idea is ‘new, innovative, viable and scalable’ and that you have enough funding to set up your new business.
You can stay in the UK for 3 years on an Innovator Founder visa. During this time, you will need to meet with your endorsing body periodically, to show you are making progress with your business.
You can apply to extend this visa as many times as you like, if you continue to meet the requirements. Once you have been in the UK for 3 years on an Innovator Founder visa, you may be able to apply for settlement.
Skilled Worker visa
The most common of the UK work visa categories, the Skilled Worker visa allows you to come to the UK do an eligible job with an approved employer, known as a ‘sponsor’.
You must have a confirmed job offer from your sponsor, usually with a salary of at least £38,700 per year, and prove that you can speak English.
A Skilled Worker visa can be granted for a maximum period of 5 years at a time. You can apply to extend this visa as many times as you like when it expires, if you still meet the eligibility requirements.
After 5 years’ continuous residency, you may be able to apply for settlement. This means you will be free to work in any job, with any employer, without requiring sponsorship.
Graduate and post-study visas
The UK is a leading destination for international students, who make a significant contribution to the UK’s higher education sector and the wider economy each year.
In the year ending March 2024, Chinese nationals were the second most common nationality granted sponsored study visas, accounting for 24% of the total.
Part of the UK’s appeal as a study destination for international students is down to its post-study work options and the potential to build a career in the UK after graduation.
The Graduate visa allows international students to stay in the UK and work, or look for work, for at least two years after completing an eligible course at a UK university. If the graduate finds suitable employment during this time, they can apply to ‘switch’ to another visa category, such as the Skilled Worker visa, without having to return to their home country.
Graduates who obtained their qualification overseas may be eligible to apply for a High Potential Individual (HPI) visa instead, if they graduated from an eligible institution listed on the Home Office’s Global Universities List within the last 5 years.
The HPI offers similar conditions to the Graduate route, allowing the visa holder to stay in the UK for at least 2 years with the ability to work in most jobs. Like the Graduate visa, a HPI visa cannot be extended but the applicant may ‘switch’ to another visa category if they find suitable employment.
UK immigration support
If you are relocating to the UK for work or study purposes and require support with the immigration process, Smith Stone Walters can help.
We work with businesses and individuals across the globe to help them reach their global mobility goals. To find out more about our immigration services or to speak to a qualified advisor about your requirements, please contact us today.
