Tier 1 Entrepreneur

 

If you need a visa to work in the UK, then you may wish to consider the Tier 1 Entrepreneur, which will allow you to set up a company or join an existing one as well as to run your own business in the UK. As an entrepreneur, you will have the opportunity to reside and work in the UK on your own terms. The Home Office launched the Tier 1 Entrepreneur Scheme in 2008 and after nearly a decade, more than 6,000 global entrepreneurs have successfully obtained their visas under this Scheme.

 

According to the requirements, applicants must obtain 95 points, including:

 

  • 25 points – You must demonstrate access to cash funds of at least £200,000 to be spent in one or more UK businesses via share or loan capital;
  • 25 points – Your money is held in a regulated financial institution;
  • 25 points – Your funds are disposable in the United Kingdom;
  • 10 points – English language requirement;
  • 10 points – Maintenance requirement.

 

In addition, the Home Office has also introduced the “genuine entrepreneur test” to assess an applicant on the following basis:

 

  • The candidate genuinely intends and is able to invest in the business;
  • The viability and credibility of the business plan and market research;
  • The applicant’s previous educational and business experience.

 

As a genuine entrepreneur, the Home Office expects to see someone who has creativity, business acumen and/or track-record in start-ups. A sound business plan is key to the making of a successful application as otherwise the Home Office might doubt the profitability of the business. The applicant must be familiar with the operation of the business and have an understanding of the commercial environment in the UK.

 

This is why only we will help you to navigate the complexities of the immigration process but also assist with the preparation of the business plan and potential interview.

 

Fast Track to Settlement in the UK

 

As an added incentive, successful entrepreneurs who create 10 jobs for resident workers or have a turnover of £5 million will be able to qualify for settlement on completion of 3 years in the UK.

 

Absences

 

The UK Government recognises that business people and entrepreneurs might be discouraged by the strict residence criteria for settlement in the UK whereby migrants are expected to spend 9 out of 12 months in the UK. The rules allow maximum absences of up to 180 days per year for those under the UK Entrepreneur visa category.

 

If you are concerned about applying for a Tier 1 entrepreneur visa, please do not hesitate to contact us for advice. Call us on +44 20 3384 3075, email: info@migraco.com or use contact form below.

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