Tier 1 Entrepreneur
The Tier 1 Entrepreneur visa is aimed at those wishing to set up, join or take over an existing UK business and in most cases making a minimum investment £200,000.
If you are switching into the Tier 1 Entrepreneur category from the Tier 1 Graduate Entrepreneur category, or if your investment funds come from an FCA-registered venture capital firm investment or UK government department, the investment threshold is reduced to £50,000. There is different eligibility requirements depending on whether you are required to demonstrate access to £50,000 or to £200,000.
What you need to know
In making your initial entry to the UK as a Tier 1 Entrepreneur, you will be granted a 3 year and 4 month visa. You shall be able to apply to extend this visa at the end of the period for a further 2 years.
- Unless you meet the criteria to qualify to meet the £50,000 investment, you must demonstrate that you have access to £200,000 that is held in a regulated financial institution. The funds can be held in either yours or your partners name or of a third party that is providing you with the funds.
- You are required to provide evidence that you are proficient in English language.
- You must meet the Maintenance criteria and provide evidence that you can support yourself and any dependants during your stay
- You must meet the Genuine Entrepreneur Test, which involves the provision of a business plan and background as to the skills, qualifications and experience necessary to establish a business in the UK.
- As a Tier 1 Entrepreneur visa holder, you are not allowed to carry out any work outside your business, or be employed by another business. Also, you cannot claim UK public funds
How GB Immigration can help
As specialists in UK immigration law, at GB Immigration we can offer a full service to clients that require advice and assistance for their Tier 1 entrepreneur needs. Our immigration team have strong experience in dealing with Tier 1 entrepreneur visas, to provide advice in submission of the originally application, to preparation for the extension and thereafter applications for permanent residency and nationality.
Our close links with UK Trade & Investment, accountants and other business professionals are invaluable to clients looking to set up or take over a business in the UK.
If you would like to know more about applying for the Tier 1 Entrepreneur visa or you wish to discuss your Immigration matter contact us today.