Tier 1 – ENTREPRENEUR VISA
What is this Visa about?
If you are someone who wishes to set up a business or take control of an existing business in the UK, the Tier 1 Entrepreneur Visa is for you. This is an efficiently potential route to settle in the UK for people with entrepreneurial skills. Even the spouse and children of the main applicant can relocate to the UK on basis of this visa. Hence, this is an effective way of relocating to the UK for entrepreneurs and settling in the country along with the family.
Unmarried partners or any dependent children are also entitled to come to the UK and obtain healthcare, education and be employed in the country.
Main applicant of this visa type cannot take up any kind of employment while in the country and can only enter the country with this visa as a director of a business or self-employed person.
Individuals with this visa gain eligibility to switch to another category inside the UK, provided they can fulfil the requirements of that category of visa.
The Tier 1 Entrepreneur Visa is granted for a period of 3 years and 4 months for people applying from outside the country, and 3 years for people applying from within the country. The applicant is granted an extension of 2 years upon expiration of the visa.
Switching from Tier 1 Post Study Work and tier 4 to Tier 1 business entrepreneur visa is restricted form 11 July, 2014.
Different Types of Entrepreneur Visas Fund-based Eligibility
You are eligible for the Visa under following conditions:
Your have access to £200,000 – this money can be in your own account or in a third party account
You have access to £50,000 – from venture capital firms regulated by financial services authority, seed funding competitions listed as endorsed on UK trade and investment or funds made available by UK government
You have access to £50,000 if you are present in the UK on Tier 1 Post Study Worker Visa, (Switching from Tier 1 Post Study Work to Tier 1 Entrepreneur category is restricted from 11 July 2014) This has similar condition as point 2, but the category also requires the applicant to be registered as a director of the company or self-employed 3 months before they make an application
you have access to £50,000 if you are applying leave to remain in the UK and have were previously granted Tier 1 (Graduate Entrepreneur) Visa
What is third party funding?
When someone else is holding the funds on your behalf (i.e. £200000 or £50000 can still be shown) the source of this fund is called the third part and hence, it is not necessary for the applicant to hold £200,000 (or £50,000) of his own money to seek entry clearance or leave to remain in the UK under the Tier 1 (Entrepreneur) category. He or she can rely on third party funding for the required £200,000.
Thus, third parties may be one of the following:
Any corporate body (within the UK or overseas)
Any Family members (within the UK or overseas)
Any other investor (within the UK or overseas)
Please note that third party funding is only allowed to make up the £200,000 to invest in the UK business, the applicant must have their own money to score points under the maintenance section
Money for investment can be shared by a team of a maximum of two entrepreneurs. Each team member may apply to come to the UK as a Tier 1 (Entrepreneur) using the same investment funds. The applicants must have equal control over the funds and the business and be named in each other’s applications and in the specified evidence.
What are the mandatory requirements for application?
English – The applicant needs to show that he/she meets the English language requirements at level B1 of CEFR in reading, writing, speaking and listening components.
Maintenance – All applicants are required to score 10 points in this section by providing evidence confirming sufficient money for the maintenance and accommodation of themselves and any dependants applying with them. It is necessary to provide evidence that a specific amount of money has been held for at least 3 months prior to date of making the application.
The applicant must provide evidence that applicant has access to the following amounts of money:
£3310 if the applicant is making an application for entry clearance from outside the UK
£945 if the applicant is making an application in-country either to extend his existing leave or an initial application to switch into this category in the UK
£1890 for each family member where the main applicant has been in the UK for a period less than 12 months
£630 for each family member if the applicant and the family members are residing in the UK and the main applicant has been in the UK for a period more than 12 months
Please note that the applicant must hold the above mentioned funds in addition to the £200,000 or £50,000 that he intends to invest in the business.
Genuine Entrepreneur Test
The case-worker at Home Office conducts a ‘genuine entrepreneur’ test, taking into consideration the factors set out below:
the evidence the applicant has submitted
the viability and credibility of the source of the money referred to in Table 4 of Appendix A
the viability and credibility of the applicant’s business plans and market research into their chosen business sector
the applicant’s previous educational and business experience (or lack thereof)
where the applicant has already registered in the UK as self-employed or as the director of a business, and the nature of the business requires mandatory accreditation, registration and/or insurance, whether that accreditation, registration and/or insurance has been obtained
the applicant’s immigration history and previous activity in the UK
Are there allowable absences from the country?
The Tier 1 (Entrepreneur) holders will be allowed to remain outside the UK for maximum period of 180 days in any 12 calendar months with right to apply for permanent settlement after 3 (if they create 10 full time jobs for 1 year or generate a turnover of £5 million) or alternatively after a period of 5 years.
How do I get started with the processing of my application?
Start off by filling our Free Visa Assessment form which will give you an idea about how well you are prepared and what assistance you require, if any, to get the Tier 1 Entrepreneur visa. We also provide every service right form documentation assistance up to relocation assistance and guidance in the UK.
Fill in the FREE VISA ASSESSMENT form now and let’s get started!
Migrate Me is registered and regulated with Australia’s MARA and Canada ICCRC to offer the most up-to-date Immigration advice. We are not affiliated with any Government and you are free to make an application directly to the Government who will only charge you their visa fees. Please note that the Government will not assist in the preparation or building of your application before its submitted. The ways in which to do this are not always clearly set out by the immigration authorities and result in many applicants presenting their cases incorrectly, inevitably leading to a refusal. Migrate Me has the expertise to ensure that all your options are made clear to you and your application completed to the highest standards. We provide a free assessment and only charge for additional services agreed in advance and in writing with no hidden charges. Migrate Me will also provide a full relocation and employment preparation service.Click here for Australian Embassy Website
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