The United Kingdom continues to be one of the top destinations for business investment despite the recent uncertainties surrounding Brexit. Multinational companies, such as Google, still see the UK as a place with great talents and potential. If you have a credible business idea to set up in the UK or wish to take over an established UK business, you may utilising talents in the UK and maximising the success of your business. The Tier 1 Entrepreneur visa is an option to enable you to set up a thriving business in the UK, if you are a non-EEA national. To be eligible for the Tier 1 Entrepreneur visa, you must have at least £50,000 investment funds from recognised sources available to you.
Tier 1 Entrepreneur visa applications can be made by LEXVISA Immigration Solicitors in London ÂApply for Tier 1 Entrepreneur Visa to UK Home Office
You will need to satisfy the eligibility requirements for the visa and you must adequately evidence this; once you have compiled a strong application, you may make an immigration application to the UK Home Office. There are different applicable eligibility requirements depending on whether you have access to £50,000 or £200,000 of investment funds. Nonetheless, below are some essential and common criteria:
- Your funds must be held in regulated financial institutions;
- Your funds must be freely accessible to you to invest into the UK;
- You must be at least 16 years old;
- You must satisfy the English language requirement (you may be exempt from the requirement if you are a national of a majority English speaking country or if you hold a Bachelor’s or Master’s degree or PhD that is taught in English and is equivalent to UK qualifications);
- You must demonstrate that you have sufficient funds to maintain and support yourself whilst you are in the UK (personal savings of £3,310 if applying from outside of the UK and £945 if applying from inside of the UK);
- You must satisfy the ‘genuine entrepreneur test‘;
- You do not fall under the general grounds for refusal in accordance with Immigration Rules.
As part of your application, you are always expected to submit an extensive business plan with your application to demonstrate that you have a genuine and credible business idea. Furthermore, the Home Office imposes strict specified documentation rules onto applicants to demonstrate that they satisfy all relevant criteria. You must be cautious that you are submitting the correct documents that satisfy the high threshold of standard the Home Office have set.
Tier 1 Entrepreneurs with no less than £50,000 Investments Funds
This route is mostly for applicants who are formerly a holder of a Tier 1 Graduate Entrepreneur, Tier 1 Post Study Work, Tier 1 General, and Tier 4 Student visa. The essential criteria to note is that the source of your £50,000 investment funds must only be from one or more the following:
- A UK entrepreneurial seed funding competition endorsed by the Department of International Trade (DIT), formerly the UK Trade and Investment (UKTI);
- A UK government department making funds available for the purpose of setting up or expanding a UK business;
- A venture capital firm registered with the Financial Conduct Authority (FCA).
You might be eligible to apply or combine funds using money of your own instead of the sources listed above. However, this will largely depend on what type of visa you last held.
Tier 1 Entrepreneurs with no less than £200,000 Investments Funds
To apply for a Tier 1 Entrepreneur visa with no less than £200,000 investment funds, you must prove that your funds are from one or more of the following sources:
- Your own;
- Made available to you by other people (‘third parties’), e.g. a spouse, partner or investor;
- In a joint account with your spouse or partner but only if they aren’t applying for a Tier 1 Entrepreneur visa.
You may also be eligible for a Tier 1 Entrepreneur visa if you has previously invested a total of £200,000 into UK businesses.
Important Need-to-Knows for Tier 1 Entrepreneurs
You may be able to switch to a Tier 1 Entrepreneur visa in the UK, the rules that are applicable to you will depend on which type of visa you previously held or is currently holding. For instance, if you previously held a Tier 1 Post Study Work or Tier 1 General visa, you must also demonstrate you have been and continue to engage in Existing Business Activities.
You will be allowed to stay in the UK for a maximum of 3 years and 4 months once you have been granted the visa. You may then extend your Tier 1 Entrepreneur visa for another 2 years. The Tier 1 Entrepreneur visa can lead to settlement in the UK once you have been in the UK under this category for 5 years, provided that you meet all applicable requirements.
You may also be eligible for an accelerated settlement under this route if you satisfy the requirements.
Using Legal Representations to Apply for the Tier 1Â Entrepreneur Visa
In order to adequately evidence the aforementioned criteria and to ensure that your application is processed without delay, you should ensure that you compile all supporting documents meticulously in accordance with the Immigration Rules. Furthermore, as the Tier 1 Entrepreneur category imposes different rules on different people in accordance with their particular circumstances, you must be cautious that you are demonstrating that you satisfy the rules that are applicable to you.
Not being able to submit specified documents or failing to highlight them can result in your application being refused. Not only does this mean that you may have to make a fresh application and pay the Home Office fees again; it may also mean that you will have an ‘adverse immigration history’ in light of your refusal. This may significantly lengthen the time that the Home Office will take in processing any future applications that you make. Hence, it is often more beneficial to instruct experienced immigration lawyers to assist you in your Tier 1 Entrepreneur visa application.
Successful Tier 1 Entrepreneur Visa Applications
Our team of solicitors and barristers are specialist immigration lawyers who act in your best interest. We offer a client-tailored approach from the outset. From the very first meeting, we will be able to advise you in respect of your immigration status and the merit of your applications before your matter even reaches the Home Office UK Visa & Immigration department. We can assist you with the preparation of your immigration or visa application and ensure that you meet all the requirements of the relevant rules.
We are based in the legal epicentre of London, just across the road from the Royal Courts of Justice in order to ensure we get the best results for our clients. We are minutes away from the Immigration and Asylum Tribunal, the Royal Courts of Justice and other central London courts.
Preparation is the key to successful immigration applications. Our UK immigration and visa solicitors are here to guide you through the complex immigration rules and requirements. If you wish to meet one of our lawyers, please call our Immigration Team so we can assess your case and arrange your legal consultation.
Contact our London immigration solicitors on 02030110276 or complete our contact form.