The fiscal year is about to end. With the New Year just around the corner, entrepreneurs in Mumbai will be considering their options for the future, many of whom will be planning on starting up businesses in the UK with the Tier 1 Entrepreneur Visa UK. However, it is important to be aware that immigration processes are always being updated in countries across the world, to make things more convenient for both the nationals of a country as well as the immigrants.
The UK is no different. There have been a few changes made in the immigration rules for both the Tier 1 Entrepreneur Visa as well as the UK Investor Visa in the fiscal year 2017-2018. Today we bring to you all the changes that have been made by the UK government over the last year in a singular, brief guide (as opposed to short updates). It is important for prospective entrepreneurs and UK Visa applicants to be aware of such details in order to ensure a hassle-free visa application process.
Changes to Tier 1 Entrepreneur Visa
- For evidence of Job creation, a proof will be required to relate to the period before the applicant joined the business, rather than the period before jobs were created.
- In situations where the funds are held by a business that is not the business the applicant is using to score points, the business holding the funds will be considered as a third party providing funding.
- An individual relying on a venture capital firm for investment will be required to provide a letter from them confirming the date that the funds were transferred to the individual or invested in their business and evidence that the firm was registered with the Financial Conduct Authority at the time of the transfer.
- An applicant will not be allowed to rely on funds that have been provided by another Tier 1 Entrepreneur Migrant, or a business that belongs to that migrant. These investments and funds can no longer be counted on to “prevent recycling of funds between applicants.”
- A clarification is being made to the rule which excludes buying the business from its previous owner from being considered as a qualifying investment, to clarify that this means buying any business from its previous owner.
- A change is to be made in the rule which excludes buying the business from the previous owner from being qualified as an investment, for clarification that this means buying any business from the previous owner.
- An applicant whose current leave was granted less than 12 months ago, will be able to rely on jobs which have existed for at least 12 months before the date of their application. Job creation rules currently require jobs to have existed for at least 12 months during the applicant’s most recent period of leave.
It is not easy to stay informed about all the nuances and immigration rule changes unless you are a professional immigration lawyer. So let the immigration lawyers do their job to help you with your Tier 1 Entrepreneur Visa so you can continue focusing on your own job.
The SmartMove2UK is a niche immigration law firm with attorneys specializing in UK Immigration. Book your consultancy for a hassle-free UK immigration process.
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