The Tier 1 Entrepreneur visa enables applicants to apply to come to, or remain in, the UK intending to start a business or buy or join an already-existing business in which they intend to invest funds and run. Any kind of business is acceptable as long as it is realistic and credible.
The amount of fund varies depending on the circumstances of the application. A team of two people can combine their financial resources under a joint application.
The applicant(s) must fully invest the required level of funds and create at least two full-time jobs in the business. Tier 1 Entrepreneurs can potentially acquire indefinite leave to remain within five years or, if the business is exceptionally successful, within three years.
There is also an English language requirement for Tier 1 Entrepreneur applicants. On 6 April 2015, a new requirement for a business plan was also added.
APPLYING FOR A TIER 1 (ENTREPRENEUR) VISA
Tier 1 Entrepreneur Visas may be applied for where funds of £50,000 or £200,000 are available. The £50,000 route is restricted to investment funds originating from a Venture Capitalist Firm, Seed Funding Competition, or a UK Government Department.
It is permissible to use £50,000 when switching from the Tier 1 (Graduate Entrepreneur) route, though these investment funds cannot include your own money or any money from 3rd parties.
The majority of Entrepreneur Visa applications make use of £200,000 investment funds. The application can be made either from inside the UK (switching) or from outside (Entry Clearance). The application may also be made on behalf of an “Entrepreneurial Team,” where two people apply together, and each invests £100,000. It is also possible to bring dependents (i.e., spouse, children under 18) with you to the UK.
Tier 1 Entrepreneur Visa rules were further tightened on 6 April 2015. Our firm has submitted numerous successful applications both inside and outside the UK.