Tier 1 Entrepreneur visa
The opportunity of starting a business, maintaining it or considerably expanding it is open to many citizens in other countries. Although the government pushes for more entrepreneurs in the UK to increase employment, they also seek outside assistance to ensure that more jobs will be available for its citizens. The government support, resources and purchasing power of citizens of the country could practically assure success to any entrepreneur who enters the country. As long as the applicant fulfills the requirements, the entrepreneur could rest comfortably as the business will most likely become a success or even aggressively expand.
Starting a business in the UK for those who are non-UK citizens is only possible through Tier 1 Entrepreneur Visa. As the name suggests, this form of visa will allow the individual start a legal business of their choice.
Knowing More about the Visa
This form of visa has two general requirements – skills and funds. Skills are the fundamental requirement not only for this form of visa but all Tier 1 visa categories. Without provable skills, the applicant cannot expect approval. Like most Tier 1 (except for investors) visa, those who wish to enter UK as an entrepreneur should show an excellent command of the English language. Additionally, the entrepreneur should have a degree that uses English as its main language and the country where the entrepreneur comes from is known for its extensive use of the English language. A government recognized English proficiency exam should be taken especially for those whose English is not the first language.
The funds portion of the visa could be divided into two – the funds available for financial independence (maintenance) and the funds available in starting a business (capital). Maintenance is a requirement for all (except investor) Tier 1 visa holders. The main application should have at least £2800. Additional funds is required if the entrepreneur wishes to enter the country with a dependent.
The capital for a business may not necessarily be available as maintenance but the applicants are highly encouraged to have direct access or ownership of funds for business purposes. To qualify for an entrepreneur visa, the applicant should have no less than £200,000. This amount should be placed in UK recognized bank and should only be used UK. If these three requirements are fulfilled, the entrepreneur’s chances of being approved are very likely. 75 points (25 each) is awarded when the entrepreneur fulfills the requirements.
Business and Not Work
The government is very strict with regards to the qualification of visa. When you are issued with a Tier 1 Entrepreneur Visa, they are expect that you establish a business, join an existing business or become the new owner of an old business. You are not expected to seek any employment of any kind. If you do this, then there is a possibility that your visa will be revoked. That is why a detailed plan is highly recommended for those who wanted to enter the country with this form of visa.
Extension and Additional Requirements
Extending your stay in UK as Tier 1 Entrepreneur Visa is possible for up to two years. However, there are certain requirements that should be fulfilled to ensure the possibility of extending your stay as an entrepreneur.
Although the applicant is no longer required for English proficiency and other requirements during the first application, extension is only possible if the applicant demonstrates the following:
• The applicant must have invested at least £200,000 in a business.
• The business should have been registered business and regarded as self-employed.
• Continuing the business during application for extension.
But aside from the regular requirements for this form of visa, the entrepreneur should also show that the business plans to employ no less than 2 full time employees or part time employees that reaches the number of hours of two full time employees. As the aim of the government is increased employment, this is a must not only in extension but also on in initial application. If your business have not hired additional personnel, it’s more likely that your application for extension will be denied.
Almost everyone who has the skills and funds could apply and be approved for a Tier 1 Entrepreneur Visa. But you have to do your part of the bargain by helping through employment.