The Tier 1 Entrepreneur Visa intends to diversify the UK entrepreneurial scene, making it more inclusive and thriving. Applicants who aren’t part of the European Economic Area and Switzerland can get such a visa and set up their companies in the UK.
Introducing the Tier 1 Entrepreneur Visa
A Tier 1 Entrepreneur Visa enables you to establish one or two businesses. You can either work as a self-employed individual, with the condition that you meet the specifications for being self-employed in the UK. Optionally, you could consider bringing other dependents or family members with you.
The earliest you can consider applying for the UK Tier 1 Entrepreneur visa is at least three months before your traveling date. After applying, you should be given a response in approximately three weeks or so.
Am I eligible for the Tier 1 Entrepreneur Visa?
The following criteria will influence your eligibility:
- You must be at least 16-years-old.
- You must be outside the EEA and Switzerland.
- You want to run or establish a business in the UK.
Now moving on to the application process, you are expected to demonstrate the following:
- You have access to at least £200,000 worth investment funds.
- You have the financial means to cover the initial expenses associated with the business’ relocation in the UK.
- You have the experience, skills, and qualifications to set up a successful company in the UK.
- You have an appropriate command of the English language. You should present an official English test at level C1.
- You aren’t permitted to carry out other work outside of your business or be employed at another company. Additionally, you aren’t entitled to claim UK public funds.
Presenting a Solid Business Plan
Beginning the 6th of April 2015, the original visa application ought to be accompanied by a comprehensive business plan. This specification is mandatory, and the secretary of the state attentively assesses various aspects in determining the entrepreneurship skills of the applicant.
That also implies investigating the credibility and viability of the applicant’s business plan and market research in the specific business sector.
Presenting a Viable Source of Funds
Evidently, applicants are expected to facilitate evidence that proves how and where they obtained their capital. In the event in which one is unable to provide enough proof in this respect, the visa application is prone to be rejected, as the finances sources could be suspected to have derived from illegitimate sources.
Don’t Confuse Investment and Maintenance Funds
The Home Office requires legit evidence pointing that applicants have the means to support themselves (and dependents) in the UK as they set up or invest in a new business.
It’s fundamental to note that the investment funds ought to be used exclusively for the business – that sum cannot be used as maintenance. This is a widespread mistake many applicants make. So, make sure you distinguish between these two aspects to maximize your visa approval odds.
How long does the Visa Last?
Originally, the Tier 1 Entrepreneur Visa is applicable for three years and four months. With the condition that you meet the implied criteria, you have the option of extending your stay for another two years. After living five years in the UK, you are likely to apply for Permanent Residence status.
What if I have a Business Partner?
In the event in which you have a business partner, you can combine your applications and send out a one team entrepreneur application.
On a final note, preparation is the key to obtaining a Tier 1 Entrepreneur Visa. You are expected to know your business inside-out and to abide by the rules associated with entering the UK. Visit https://www.wmimmigration.com/tier-1-entrepreneur-visa/ to expand your knowledge of the subject and be as prepared as possible before the date of your application.