The Tier 1 Entrepreneur Scheme, which was closed on 29 March 2019 gave overseas entrepreneurs an opportunity to reside and run a new or established business in the UK. Since its launching in 2008, there were more than 6,000 global entrepreneurs, who have successfully obtained their visas under this scheme.
Even though the Scheme is now closed to new applications, existing Tier 1 Entrepreneur or Tier 1 Graduate Entrepreneur visa holders are still able to apply for an extension or indefinite leave to remain in the UK.
Existing Tier 1 Entrepreneur holders will have until 6 April 2023 to apply for an extension and until 6 April 2025 to apply for ILR.
Tier 1 Graduate Entrepreneur Migrants can switch in country to Tier 1 Entrepreneur Scheme before 6 July 2021 or apply to switch under the same criteria as Tier 1 Entrepreneur extension application by 6 July 2025. An ILR application should be made by 6 July 2027.
According to the requirements, applicants must obtain 75 points for extension or ILR application, including:
|Points||Extension||Indefinite Leave to Remain|
|20||You must have invested at least £200,000 in cash, or in share capital, or in director’s loan (unsecured and subordinated) directly into one or more UK businesses;||You must have invested at least £200,000 in cash, or in share capital, or in director’s loan (unsecured and subordinated) directly into one or more UK businesses;|
|20||You must have created the equivalent of at least 2 new full time jobs for settled workers;||You must have created the equivalent of at least 2 new full time jobs for settled workers;|
|20||You must have registered with HMRC or Companies House within 6 months of entering the UK;||You must have registered with HMRC or Companies House within 6 months of entering the UK; |
You are registered with HMRC or Companies House within the 3 months before the date of application;
|15||You are registered with HMRC or Companies House within the 3 months before the date of application;||You have spent a continuous period of 5 years in the UK with leave as a Tier 1 Entrepreneur Migrant;|
|10||English language requirement;|
|Koll||Knowledge of English language and Life in the UK.|
The “genuine entrepreneur test” is not exclusive to initial applications but also applies to extension and indefinite leave to remain applications. The UKVI must be satisfied that:
As an added incentive, successful entrepreneurs who create 10 jobs for settled workers or have a turnover of £5 million will be able to qualify for settlement on completion of 3 years in the UK.
The current rules allow maximum absences of up to 180 days in any 12 months for those under the UK Entrepreneur visa category.
If you are concerned about applying for an extension or ILR under the Tier 1 Entrepreneur Scheme, please do not hesitate to contact us for advice. Call us on +44 20 3384 3075, email: [email protected] or use contact form below.