Points Based System – UK Tier 1 Entrepreneur
The UK’s position, both geographically and in respect of business culture, puts it at the center of a diverse collection of markets and sectors. There is increasing demand for entrepreneur visa UK. UK has options for investor visa and for entrepreneurs also known as Tier 1 visa. UK investor visa is the Tier 1 Investor which requires an investment of £ 2 M. Entrepreneur visa for UK is referred to as Tier 1 Entrepreneur visa.
Tier 1 Entrepreneur visa UK is for entrepreneurs who would like to start a new business in the UK or join an existing business in the UK. Its open market and diversified economy present opportunities for new investors to access a domestic market and to use the location as a gateway to the rest of the world. Tier 1 Entrepreneur visa is kind of UK investor visa as applicants under this visa category are not allowed to take employment.
Based on the World Bank Doing Business survey, the UK is ranked top in Europe in terms of ease of doing business and fourth in the world. It offers a number of competitive advantages as a hub for investors to conduct their business. Tier 1 visa UK is a route for businesspersons, high net worth individuals, entrepreneurs who want to obtain residence in UK and settlement in UK through investments.
Initial Entry Clearance as Tier 1 Entrepreneur
UK Tier 1 Entrepreneur visa of the points based system is for non-EEA migrants who want 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. Applications for Tier 1 visa UK require the applicants to have access to at least £ 200,000 for investment in the UK (or £ 50,000 for applicants applying as Tier 1 Graduate Entrepreneur).
The Tier 1 Entrepreneur visa is intended to bring in applicants who would be able to add value to the UK economy by bringing in capital and generating full time employment. As part of the enhanced screening process the Home Office has also introduced a ‘test of genuineness’ to ascertain if the applicant is a genuine entrepreneur.
As part of this evaluation the Home Office takes in to account various factors including (but not limited to):
- Credibility of the investment funds for UK investor visa and for UK entrepreneur visa
- Submission of entrepreneur visa business plan
- The extent of market research undertaken by the applicant
- Relevant experience in the field
- Immigration background of the applicant (both the applicants if forming an entrepreneurial team)
This visa category also allows the applicant to form an ‘entrepreneurial team’ with one other Tier 1 Entrepreneur visa applicant and share the same investment funds.
At SmartMove2UK our UK Immigration solicitors work with Entrepreneurs and Entrepreneurial teams to advise them on the feasibility of applying for a Tier 1 Entrepreneur visa to the UK.
You can contact us us if you are seeking legal help from UK visa consultants in relation to UK Tier 1 Entrepreneur visa.
Switching to Tier 1 Entrepreneur
You can switch into Tier 1 Entrepreneur category from inside the UK if you have permission to stay in the UK under any one of the following categories:
- a highly skilled migrant;
- a Tier 1 (General) migrant;
- a Tier 1 (Investor) migrant;
- a Tier 1 (Post-Study Work) migrant;
- a business person;
- an innovator;
- a student;
- a student nurse;
- a student re-sitting an examination;
- a student writing up a thesis;
- a work permit holder;
- a postgraduate doctor or dentist;
- a self-employed lawyer;
Extension of Tier 1 Entrepreneur Visa
If you are in the UK on a Tier 1 Entrepreneur visa you can apply to extend your visa if you meet the eligibility requirements:
- registered as a director or as self-employed no more than 6 months after the date you were given permission to stay in the UK under a Tier 1 Entrepreneur visa
- can prove you’ve been self-employed or working as a director of a business 3 months before you apply
- created at least 2 full time jobs that have existed for at least 12 months
To qualify for an extension, the applicant must demonstrate that they have invested into 1 or more UK businesses either:
- £200,000 in cash
- £50,000 in cash if your initial application was based on having funds from an approved funding source
Extension for Tier 1 Entrepreneur application is done by post from within the UK and takes about 8 weeks for the application to be decided. Once you’ve applied you can stay in the UK until you’ve been given a decision, if you applied before your last visa expired.
Indefinite Leave to Remain as Tier 1 Entrepreneur
Applicants can apply for Indefinite Leave to Remain in the UK as Tier 1 Entrepreneur from 6 April 2011, Tier 1 (Entrepreneur) Migrants can apply under the provisions for accelerated settlement. This means that some applicants will be eligible to apply for indefinite leave to remain after 3 years’ continuous lawful leave in the UK. For applicants who do not meet the requirements for the accelerated route for settlement, the specified period of continuous leave for settlement is 5 years.
Dependents of Tier 1 Entrepreneur
A Tier 1 (Entrepreneur) visa will allow the main applicant to bring their dependants to the UK, this visa can also be extended in country and it is possible for the main applicant and their dependants to obtain settlement based on the same. You should include any dependants who are on your current visa on your application for extension – including children who have turned 18 during your stay.
If you would like to ascertain your eligibility for entrepreneur visa UK you can book an appointment for initial consultation with our UK Immigration experts call us on +91 98191 27002 or email us at email@example.com.
We understand applying for entrepreneur visa UK can be challenging given the vast amount of information on the topic – you can take away the hassle by opting for a full representation service
It’s best to seek professional advice before you proceed to save unnecessary loss of time and expense.
At SmartMove2UK our immigration solicitors have provided expertise to applicants seeking to apply for UK Tier 1 Entrepreneur visa.
Call us on +91 98191 27002 or email us at firstname.lastname@example.org to book an initial consultation with our UK Tier 1 Entrepreneur Visa Consultants based in Mumbai | Delhi | Gurgaon | Chandigarh | Bangalore.
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