A large number of talented Entrepreneurs across the world are welcomed by the UK government to set up or invest in a business in the UK with its “Britain is Open for Business” campaign through different categories such as UK investor visa or UK Tier 1 Entrepreneurship visa. At the same time, they are also eager to ensure that the entrepreneurs attracted from the abroad are well positioned to make a positive lasting contribution to the national economy.
The Introduction of the Tier 1 Entrepreneur Visa scheme has allowed many entrepreneurs to start or invest in a business which will actively be running in the UK. The entrepreneur visa UK requirement mandates a well- structured business plan which would showcase their capability to serve the economy with given funds and cater the needs of the society.
The entrepreneurial vigor has boosted the growth of many industries in the UK. This gives the Entrepreneurs and investors the encouragement to bring business in the UK through UK Investor visa and Tier 1 visa UK. The Scheme has been very successful both economically and culturally worldwide.
Though this sounds positive, the recent statistics show otherwise with the large number of refusals and high number of unsuccessful Tier 1 Entrepreneur visa.
Immigration Rule changes of 6th April, 2015 has further tightened up the entrepreneur visa UK requirements making it more challenging for the entrepreneurs:
- The Applicants will be required to provide a business plan (the visa officers actually read it!) which is mandatory as a part of their application which can help to establish if the applicant’s business proposal is a genuine one. Moreover, knowing your business plan and being able to answer to it is equally essential when you are invited to the Home office or embassy for an interview.
- The Applicants must show that they have access to at least GBP 200,000. Also, they are required to provide the evidence of the source of funds if the funds have been held in the applicants account for less than 90 days before the application is made.
- The Decision maker that being the ECO or the Home Office Official will usually consider the additional evidence which demonstrates that the business is genuine and that the applicant is running a credible business in the UK.
- After the successful Tier 1 Entrepreneur application, the holders of this leave to remain are only allowed to work in the business in which they have invested the money. They are not allowed to take up any other establishment or paid job.
- The major challenge and one of the toughest requirements is the introduction of the genuine entrepreneur test, which quickly cut the numbers applying in this category also currently not user-friendly. The genuineness test is both forwards looking at the entrepreneur’s future intention and also looking at what the individuals have done over the past few years.
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