The Tier 1 Entrepreneur Visa route under the Points Based System (PBS) demonstrates the UK Government’s desire to attract high net worth individuals from outside the EEA, who wish to invest in the UK by setting up or taking over, and being actively involved in the running of a business or businesses in the UK. The government encourages wealthy individuals to invest in the UK as it believes that they are essential for renewed economic growth in the UK. The UKTI describe the UK as one of the leading business locations in the world and the number one destination for inward investment (FDI) in Europe. In 2013 973 Entrepreneur visas granted and a further 1,323 dependents. John Vine, the Chief Inspector, noted recently that there had been a 1,520% increase in applications for Tier 1 Entrepreneur between February and December 2012 which the Home Office claimed was a result of the closure of the Post Study Work route.
Requirements for switching to a Tier 1 Entrepreneur visa
Tier 1 PSW migrants scheme officially ended on 5 April 2012, but migrants who were on the scheme can switch into the Tier 1 Entrepreneur route by making an initial application in the UK. An applicant must demonstrate that he/she has access to £50,000 which is held in one or more regulated financial institutions and the money is disposable in the UK. In addition, the applicant will need to meet the English language, the maintenance and other requirements.
Individuals who are switching categories, will be granted leave for 3 years, thereafter a successful extension application will grant leave to remain for a further 2 years.
Centre for Entrepreneurs Report: Migrants Behind 1 in 7 UK Companies
Earlier this year a report published by Centre for Entrepreneurs and business information experts DueDil, showed that migrant entrepreneurs have set up one in seven UK companies, with people born abroad almost twice as likely to start a business in the UK. It seems that companies founded by migrants are responsible for 14% of all jobs. This has led to analysts stating that the report highlights the positive impact migrants have made on the UK’s economy. According to the report, nearly half a million migrants from 155 countries have settled in the UK and launched businesses. There is significant representations from Ireland, India, the US, Germany and China, as well as African countries. There are 464,527 active UK companies with migrants as founders or co-founders; with a total of 3,194,981 active UK companies (not including sole traders), migrant entrepreneurs are behind 1 in 7 of all UK companies.
Some of the reasons the UK has become a desirable destination for entrepreneurs is due to:
- The country having one of the lowest corporation tax rates in the G20;
- A company can be registered withing 48 hours;
- The UK is the home to 4 of the world’s top 10 universities;
- The Labour force in the UK is the second largest in Europe; and
- The UK government offers support to start-ups and entrpreneurs.
Successful Tier 1 Entrepreneur Visa Applications & Appeals
Our team of experienced and professionally qualified solicitors and barristers will be able to guide you through the process of making a Tier 1 Entrepreneur visa application step by step and limit the possibility of failure by complying with the strict letter of the law.
We also undertake a great deal of appeal work before the Immigration and Asylum Tribunal and have a successful track record of successful results for our clients. We have the experience and the knowledge required to take your case forward successfully. If you have had a student visa refused, contact us to discuss your case so that we can provide you with a case assessment.
Please contact us so that we can review your case and provide you with an assessment of your case.