Tier 1 Entrepreneur Visa

Overview of Tier 1 Entrepreneur Visa

Tier 1 Entrepreneur Visais one of the visa categories under the point-based system, allowing an individual to reside in the United Kingdom. This visa process will enable you to set up, take over, or stay involved in operating a company or business in the country. For such a programme, one of the essential requirements of this visa category is having access to around £50,000 or £200,000 to invest in the business you are operating in the United Kingdom.

 

Moreover, when it comes to suitable investment funds, you need to submit an organisational plan of your entrepreneurial activity. The immigration regulations would also want you to prove if you are serious about the plan and can be a successful entrepreneur. Furthermore, one can also apply for indefinite leave to remain or ILR after having resided for five years on such a programme. Speaking of which, there is another possibility to accelerate settlements for specific entrepreneurs who want to create more than ten full-time jobs and adhere to the business income figure of £5 million.

 

This comprehensive guide is for applicants applying for leave to remain or the entry clearance or under this entrepreneur category

Benefits of Tier 1 Entrepreneur Visa

For entrepreneurs applying for the Tier 1 Entrepreneur Visa, there are several benefits. Some of the benefits are mentioned below:

  • The investment you need to make under such a programme is relatively low compared to other visa types. This amount is £200,000.
  • The applicant can live in the United Kingdom with their family. Moreover, they can reside in the region for a total of three years and four months.
  • If you want to extend your Tier 1 Entrepreneur Visa for more years, know that it can be extended for an initial two years.
  • The United Kingdom has several benefits. The visa holders with their families can access education and healthcare benefits in the UK.
  • The last point is the quick and easy processing. The entire process is seamless, and you won’t face particular hassles while enrolling in the Tier 1 Entrepreneur Visa programme.

Who Obtains Tier 1 Entrepreneur Visa

  • The applicant should have a minimum age of 16 years.
  • You should not be from EEA and Switzerland.
  • The applicant may invest a minimum of 50,000 British Pounds. Such requirements can change if the funds you want to invest vary.

You should have access to the funds of 50,000 British Pounds from these sources:

  • DIT endorsed UK seed funding
  • A firm with a venture capital registered with the FCA
  • UK Government Department.

You should have access to the funds of 2,00,000 British Pounds and need to prove the following:

  • All these funds are yours.
  • Provided to you through the 3rd parties. This 3rd party can be your spouse, partner, or investor.
  • Should be available in a joint account
  • Fluent in English
  • Must have sufficient funds to support the stay
  • The entire score should be a minimum of 95 points.

Steps to Obtain Tier 1 Entrepreneur Visa

Going to the UK on a Tier 1 Entrepreneur Visa programme requires an applicant to clear a point-based exam. To break these requirements further, here are some bullets you must know:

  • The applicant must have access to funds of £200,000.
  • The entrepreneur applicant should have 2-3 sponsors.
  • One applicant can partner with various individuals and demonstrate a combined net value of a minimum of £200,000.
  • The applicant needs to have funds in a financial institution or regulated bank.
  • The applicant should be able to transfer the undersigned funds to the United Kingdom.
  • They should meet the requirements for the English language either with a UK NARIC assessment or IELTS for UKVI.
  • One must also fulfill the requirements for maintenance funds.
Tier 1 Entrepreneur Visa UK

FAQs about Tier 1 Entrepreneur Visa

This visa can be initially issued for a minimum period of three years. After a full five years stay in the United Kingdom, one may apply for the PR, provided they meet certain eligibility conditions.

Yes, under this visa, you can bring your immediate family.

Yes, both of them can combine their applications. Both of the applicants must have £100,000 to invest.

When it comes to the start-up category, it is designed for budding and new entrepreneurs intending to begin a business for the first time in the UK.

Innovator visa programmes are intended to cater to experienced business persons who wish to run and create businesses in the United Kingdom. If you fall under the Tier 1 (Graduate Entrepreneur) category or even Tier 1 (Entrepreneur) programme, you can simply switch to an Innovator programme.

If you intend to apply for an extension, there are two fees payable:

  • The Home Office application fee of £1,277
  • The biometric information fee, which includes photograph and fingerprints of £19.20.

The UK Immigration rules demonstrate that while being under such a programme, you can’t adhere to or be employed by an organisation or business other than the business you intend to set up. This simply implies that the applicant cannot take a second job while running their business.

In case you are in the United Kingdom under such a programme, your visa is valid even if the application and visa route has closed for new applicants.

To extend your visa, you should be registered as a self-employed person or company director for six months. You also have to show proof of your self-employment status and even if you are a part of a specific partnership. You will have to create a minimum of 2 full-time employment or jobs.

Experts like business immigration solicitors state that the process usually takes around two months for the Home Office to proceed with your extension application. Moreover. The essential part is to make sure that the extension has been submitted before your visa expires.

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