The purpose and aim of the United Kingdom Tier 1 Entrepreneur Visa are to ensure the entrepreneurial scenario in the UK is comprehensive and diverse. For international entrepreneurs you can apply for this visa; however, how can you prevent the rejection of your application? Find out below!
Who can apply for the visa?
People from countries outside the UK, Switzerland, and EEA can apply for the visa. The EEA consists of the countries -Austria, Bulgaria, Belgium, Czech Republic, Croatia, Republic of Cyprus, Denmark, Estonia, France, Finland, Greece, Germany, Hungary, Italy, Ireland, Lithuania, Latvia, Luxembourg, Malta, Netherlands, Portugal, Poland, Romania, Spain, Slovakia, Sweden, Slovenia, and the UK. The EEA also includes Iceland, Liechtenstein, and Norway.
When can you apply for United Kingdom Tier 1 Entrepreneur Visa?
You can apply for this visa three months prior to your travel. A decision on the visa should be out in three weeks. The prices vary based on the situation of the individual, the current location of stay and how they apply. Healthcare surcharge will have to be paid as part of the application.
How long will the Tier 1 Entrepreneur Visa last?
The maximum duration on this visa is three years and four months. The status can be extended for an additional 2 years in case you are in the same category of the visa. In case you switch from a different visa to the Tier 1 Entrepreneur Visa the status can be extended for an additional 3 years. One can also apply for the settlements (indefinite leave to remain) if you have been living in the UK for years.
Post the Entrepreneur Visa, what can you do?
Once you get the visa, you can get your family with you, you can either start your venture or buy and existing one, or you can be self-employed.
Post the Entrepreneur Visa, what are the things you cannot do?
You cannot work for another business and you cannot source funds from the public.
How to know if you are Eligible?
In order to be eligible for the visa, one must have a minimum of £50,000 funds for investment funds. The eligibility requirement varies depending on the investment level.
Where should your funds Be?
The funds need to be in either one or more financial bodies. You must be able to spend the funds on a business in the UK.
What are the other Requirements?
- Basic English Language requirement
- Being able to support yourself in the duration of stay
- Minimum age –16 years
- You must team up with another applicant who is a Tier 1 entrepreneur and share the investment funds. Both will meet the requirements of the application. They must ensure that the funds are not spent on another project of a different team. The documents indicating fund evidence must be furnished with your application.
English language requirement
You must have sound knowledge of English language which can be proved by clearing an approved English Language test with a minimum CEFR level B1 or if you have an academic qualification that has been taught in English and is also recognized by the UK NARIC.
In case you are from any one of the below countries, you do not have to prove the knowledge of English:
- Antigua and Barbuda
- The Bahamas
- New Zealand
- St Kitts and Nevis
- St Lucia
- St Vincent and the Grenadines
- Trinidad and Tobago
The £50,000 Investment Fund Entrepreneur Visa
Application for this visa is possible in case you have access to £50,000 in investment funds from:
- A UK based entrepreneurial seed funding competition that is endorsed by the Department for International Trade (DIT)
- A government department that makes funds available with the aim of starting or expanding a UK business
- A venture capital firm that is registered with the Financial Conduct Authority (FCA)
Applying Outside The UK
You have to apply online for the Tier 1 Entrepreneur Visa. You will be required to take your fingerprints and photograph at a visa application center (this is for the biometric residence permit) which is part of your application. The biometric residence permit ha to be collected in 10 days of when you indicated that you would be in the UK, even if you reach a later date.
Your dependants can accompany you when you have this visa and come to the UK. In case they are from outside EEA or from Switzerland, they must have a visa. A dependant can be either your spouse/partner, your child (under 18), your child over 18 years if they are in the UK currently as a dependant. You need to show that the dependants are supported when they are in the country by showing a certain amount of money in their bank account along with the £945 for yourself.
Make sure you are well aware of the requirements of the UK Tier 1 Entrepreneur Visa prior application so that your process is easy and is hassle-free!