The Tier 1 Entrepreneur visa route is now closed to new Applicants. High net worth individuals who are looking to come to the UK to set up or take over a business in the UK should consider the Start-up or Innovator visa routes for initial applications.
Tier 1 Entrepreneur Extension and Settlement Applications
It is still possible to apply to extend the Tier 1 Entrepreneur visa until 5 April 2023. It is also possible to apply for Tier 1 Entrepreneur settlement until 6 April 2025 if the requirements for indefinite leave to remain can be met.
If you are a high net worth individual currently on the Tier 1 Entrepreneur visa and your current visa is coming to an end, then our expert business immigration team can assist you with your queries and the preparation of an extension or settlement application to the Home Office. We can guide you step by step and ensure that you submit a properly executed application with the requisite documents which confirm that you meet all the requirements of the relevant Immigration Rules.
Eligibility for Tier 1 Entrepreneur Extension Applications
Initial Tier 1 Entrepreneur visas are valid for 3 years and 4 months. It is then possible to extend the visa for another 2 years thereafter.
To be eligible for an extension to a Tier 1 Entrepreneur Visa, the following criteria must be satisfied:
- Applicants must have invested, or had invested on their behalf, a minimum of £200,000 / £50,000 in a UK business.
- Applicant must, within six months, have registered with HMRC as a self-employed person, registered a new UK business with the applicant as a director or registered as a director of an existing UK enterprise.
- At the time of the extension application, the candidate must be engaged in activity within this business.
It is also a necessary requirement when applying for a Tier 1 Entrepreneur Visa extension that the Applicant can demonstrate that they have created positions of employment for people with UK settled status (the job creation requirement). For a new business this means that an aggregate of two positions, full time or equivalent, must have been created with each lasting for at least one year.
In cases where an applicant has taken control over an established UK business, their investment and presence in the company must have created two positions similar to those outlined above.
Immigration Health Surcharge (IHS)
The Immigration Health Surcharge (IHS) was introduced by the Home Office on 6 April 2015 and applies to temporary, non-EEA migrants who are coming to the UK for more than 6 months. This includes extension applications. Payment for IHS is collected by the Home Office and goes directly to the National Health Service (NHS).
If instructed, our team of expert lawyers can consider whether you will need to pay the IHS. If you wish to consider your options, please contact our team today and arrange a meeting with a qualified immigration solicitor who can advise you of your options.
Expert Immigration Solicitors for High Net Worth Visa Applicants
If you wish to consider your options of applying for a visa in order to set up or take over a business in the UK, then please contact a member of our business immigration team who will arrange for you to meet with a qualified solicitor who can explore your options with you.
We are a UK law firm based in Middle Temple, London and our solicitors are fully authorised by the Solicitors Regulation Authority (SRA). Contact our professional business immigration team today and we can offer you a consultation in person or via telephone or Skype so we can explore your options. You can leave us a message on our Contact Form or give us a call on 02071830570.