16 Oct How can a Tier 1 PSW holder become a business person in the UK?
Unfortunately, following the closure of the Tier 1 Post-Study Worker Scheme, young graduates are left with limited options when it comes to their right and ability to remain in the UK.
As a result, Tier 4 students are now able to switch only into two types of working visa categories, namely the Tier 2 Scheme subject to meeting the requirements of paragraph 245HD or the Tier 1 Entrepreneur scheme if they have access to £200000 and are able to meet the criteria listed under paragraph of the Immigration Rules.
However, a Tier 1 Post Study Worker who is currently in the UK might be able to remain under the Tier 1 Entrepreneur Scheme by showing access to £50000 funds in stead of £200000 to be invested in a UK business.
The applicant will need to show compliance with the following:
- Registered with HM Revenue and Customs as self-employed or registered as a director
- Must have been registered as self-employed or a director of a business within the last 3 months before submitting your application as a Tier 1 (Entrepreneur)
- Must be in an occupation skilled to graduate level
Guidance on what is a graduate level occupation (also called level 4 and above of the National Qualifications Framework) is available in the codes of practice which are available on our website: http://www.ukba.homeoffice.gov.uk/business-sponsors/points/sponsoringmigrants/ employingmigrants/codesofpractice/
Money made available by other people (known as ‘a third party or parties’) can be included but the applicant must also provide a declaration that the money is available to him/her from each contributor of funds, together with confirmation that the declarations are valid. This money can be made up from money already invested in business together with access to any balance of money needed to total £50,000 within the 12 months prior to submission.