The United Kingdom is a popular destination for prospective entrepreneurs. A favourable tax system, extensive business opportunities, innovation and high quality lifestyle all contribute to UK\u2019s attractiveness for start-ups.<\/p>\n
The two key factors that determine an applicant\u2019s eligibility for a Tier 1 Entrepreneur visa are the ownership of funds and a viable, solid business idea.<\/p>\n
In terms of funds, a minimum of \u00a3200,000 are required for investment in the business. A special category exist for young entrepreneurs who are already present in the UK and may establish a business with an investment of \u00a350,000 providing that they satisfy specific requirements. We will focus here on the general visa option with investment of at least \u00a3200,000.<\/p>\n
It is important to note, that the funds have to be disposable and transferable to the UK. In addition to the main investment, the applicant will need to provide evidence that he\/she is able to maintain himself\/herself and any dependants without any recourse to public funds during their stay in the UK.<\/p>\n
An entrepreneur may establish a new business or take over an existing business in the UK. It is also possible to form an entrepreneurial team (maximum 2 partners) with shared funds. The entrepreneurial team submits one single Tier 1 Entrepreneur application and has to meet all of the standard requirements.<\/p>\n
Many applicants erroneously believe that the possession of funds and an idea are enough in order to qualify for the Tier 1 Entrepreneur visa. However, the qualification and eligibility are much more complex. For the success of an application, a foreign entrepreneur must have a convincing business plan and the skills\/qualifications required by the prospective business.<\/p>\n
In addition to the classic information that has to be included in the business plan such as; a rigorous financial forecast, meticulous market research, detailed description of the business\/services, applicant\u2019s profile etc., it is necessary to demonstrate that the applicant has knowledge and\/or experience in the related industry. The authorities will make a thorough analysis as for the applicant\u2019s capacity to establish, develop and maintain the business.<\/p>\n
It is possible for the entrepreneur to establish a business within a new industry where he does not necessary have the experience. In this case, it is worth spending more time on the market research and present a clear business idea and reasons for its success that will evidence an understanding of the industry.<\/p>\n
At Migra&Co we make sure that the applicant\u2019s business venture will be successful when it comes to the qualification criteria for the Tier 1 Entrepreneur visa. We work closely with the prospective entrepreneur while building the case for the application with strict attention to detail and support throughout the entire process.<\/p>\n