UK TIER-1 Visa- Entrepreneur and Investor Categories
The UK-Tier-1 Visa is designed to attract businessmen and entrepreneurs from all over the world to invest in the United Kingdom. The country seeks investors and entrepreneurs to set up or run a business in the UK, and create jobs, for the growth of the nation’s economy. The Tier-1 Visa has separate subcategories.
In the Tier-1 (Entrepreneur) visa category of the points based system, the two kinds of applicants are accepted-
• Those who have access to GBP 200,000 OR
• Those who have access to GBP 50,000
depending on the criteria set by the UK immigration authority.
It is also important for applicants (over 16 years of age) to meet English language requirements, and the scoring criteria set by the government of United Kingdom. In this category, spouse and dependents under the age of 18 can accompany. Dependents above the age of 18 are also allowed if they are already in the UK.
How long you can stay
You can come to the UK with a Tier 1 (Entrepreneur) visa for a maximum of 3 years and 4 months.
You can apply to extend this visa for another 2 years if you’re already in this category and 3 years if you’re switching to it from another category.
You may be able to apply for settlement (known as ‘indefinite leave to remain’) once you’ve been in the UK for 5 years.
What you can and can’t do
- set up or take over the running of one business or more
- work for your business, including being self-employed, but you should check your work meets the conditions of being self-employed
- bring family members with you
Tier-1 (Entrepreneur) category is a work visa, which can be granted for a maximum of three years and four months but is extendable by another two years if the investor meets certain criteria. An individual may apply for settlement if they have been in the UK since five years under this visa and meet certain criteria.
The Tier-1 (Investor) visa category suits HNI’s who are willing to invest GBP 2,000,000, which has a legal source, in the United Kingdom. The funds must be held in one or more regulated financial institutions and must be disposable in the UK.
Like the Tier-1 (Entrepreneur) category, Tier-1 (Investor) category is also a work visa, which can be granted for a maximum of three years and four months but is extendable by another two years.
What is a Tier 1 Entrepreneur Visa ?
UK offers a Points Based Systems for non-EEA nationals who are seeking to enter the UK for business purposes specifically under Tier 1 of the system, there are various categories however one of the most common categories is the Tier 1 Entrepreneur Visa.
Why should I apply for a Tier 1 Entrepreneur Visa ?
UK economy has been growing rapidly in recent years and more people are deciding to set up or take over a business in the UK due to the rising opportunities. If this is a route you are currently considering, please contact our Business Immigration team who are specialists in this field and who will be able to provide you with detailed advice.
What are the funding requirements for the Tier 1 Entrepreneur visa?
As with all Immigration applications, there are certain requirements that you will need to satisfy to obtain a grant of leave to enter via a Tier 1 Entrepreneur Visa. As this visa is under the Points-Based System, the applicant must meet a minimum of 95 points and aged at least 16 years of age or older. Please note that where the applicant is aged 18 years of age or older, the Home Office must be provided with a criminal record certificate from any country that the applicant has resided in for 12 months or more. One of the main requirements for a Tier 1 Entrepreneur Visa relates to the funds required as there are two separate categories.
Funding under the £ 200,000 route
The first category requires that you hold a minimum of £ 200,000.00 of disposable funds which can be your own funds or third party funding. The funds in this category takes into consideration any funds already invested in the UK either by the Applicant or by the third party.
Funding under the £ 50,000 route
The second category allows you to make an application for a Tier 1 Entrepreneur Visa if you have £ 50,000 however, this only applies if the investment funds are from an FCA registered UK venture capital firm, UK seed funding competition or a UK government department.
Depending on the funds available to you, the evidence required by the Home Office will differ and as such it is vital that you apply under the correct route to ensure that you satisfy the correct set of requirements. Each category has complex guidance notes instructing applicants on the specific documents required as evidence to demonstrate eligibility; failure to adhere to these guidelines will render your application as either invalid or your application refused.