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.
[minti_dropcap style=”color”]O[/minti_dropcap]ur Immigration Team were recently instructed to represent a client, who was lawfully residing in the UK as a Tier 1 Post Study Worker and wanted to switch in country into the Tier 1 Entrepreneur visa route. The client wished to set up a business in the UK and had plans to begin a proprietary trading company which would recruit and train UK individuals to trade commodities and interest rate product successfully. Our client’s visa application was submitted before Christmas and we received news a few weeks later that he had been granted leave to remain in the UK as a Tier 1 Entrepreneur.
UK Tier 1 Entrepreneur Visa: The Advantages
The UK Tier 1 Entrepreneur visa route has become an attractive route for entrepreneurs who wish to invest or set up a business in the UK. The UK has a number of features which are attractive to Tier 1 migrants. They include its location within European markets and to other key business and trading centres, language, time zone, ease of set up, business opportunities and support and supply of skills. The UK also offers a unique mixture of outstanding social and political stability with a highly attractive taxation regime for those born overseas.
If an applicant is successful in making a Tier 1 Entrepreneur visa application, they can take advantage of the accelerated route to settle in the UK after 3 years residence if:
- Their business created at least 10 full time jobs for settled people;
- Their UK business has a revenue of at least £5 million in these 3 years; and
- They have taken over or invested in a UK business which has resulted in a £5 million increase in revenue over 3 years.
Requirements for switching to a Tier 1 Entrepreneur visa
Tier 1 PSW migrants 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 and maintenance 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.
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.