Tier 1 Visa for Entrepreneurs in UK
Updated on Monday 06th November 2017
Rate this article 1 reviewsbased on
Citizens from countries outside EU (European Union) and EEA (European Economic Area) have the possibility of registering a company and start a business in the UK with the help of a Tier 1 visa for entrepreneurs. This kind of visa has the same characteristics with the Tier 1 visa for investors, where particular rules apply. In order to understand the requirements of such visa, our immigration solicitors in London can provide to business persons the needed information and the legal support when applying for a visa.
Conditions to obtain a Tier 1 visa for entrepreneurs in UK
A foreigner who wants to set up a business in the UK, as a citizen outside EU and EEA must understand and consider the main requirements which are related to a Tier 1 visa for entrepreneurs, and these are:
• the business person should start the business with a minimum of GBP 50,000 or should make investments of about GBP 200,000.
• the applicant can start any form of business, and work full-time in the company;
• the entrepreneur must hire at least two citizens from EU or EEA countries;
• he/she also must take a share of the company’s liabilities;
• the candidates must have enough funds to sustain themselves until the business will make profits;
• the entrepreneur must own the majority of the shares of the company;
• a feasible business plan is required when opening a business in UK;
• the candidates have to meet the English language ability requirements;
• an entrepreneur who doesn’t have a degree in English must take the International English Language Testing System (IELTS) and score minimum 6.5 on each of the four components.
Once the above-mentioned requirements are completed, a business person can apply for a Tier 1 visa for entrepreneurs in UK.
Conditions of the Tier 1 Visa for Entrepreneurs in UK
Please keep in mind that the conditions stipulated by the UK authorities for the Tier 1 visa for entrepreneurs in UK are as follows:
• generally, it is granted for two years initially;
• there can be a three years extension on it, if the business is still running, the candidate has effectuated the investment and the two job positions have been generated;
• after these initial five years, the candidates can apply for Indefinite Leave to Remain (Permanent Residency);
• the candidate’s family, including partners and children, can join the entrepreneur on his/her visa and have the right to work and go to school in UK.
What you can do in UK with a Tier 1 visa for entrepreneurs
With a Tier 1 visa for entrepreneurs in UK, an individual can start or take over the running of one or more businesses. Furthermore, he/she can work for his/her own company, as well as being self-employed, if particular conditions are considered and respected. Also, this kind of visa allows a business person to relocate with the family members in the UK, including children under 18 years of age. We remind that in matters of documents and legislation, our UK immigration solicitors can provide legal support and complete assistance.
What you cannot do in UK with a Tier 1 visa for entrepreneurs
Once you have obtained the Tier 1 visa for entrepreneurs in UK you should take into consideration that besides benefits, there are also rules to respect. For instance, you cannot work for another company if you have established your own business in the UK. Additionally, as an entrepreneur in UK, you cannot apply and solicit public funds. We remind that you must sustain yourself with your own private funds until your firm will register profits in the country.
How we can help you obtain a Tier 1 visa for entrepreneurs in UK
UK is a competitive market and an important player on an international plan, which is why many business persons decide to relocate their companies here or start new ones. Even if the immigration legislation might seem restrictive for a person outside EU and EEA, one should know that is constantly changing in order to prevent and align with all potential issues. In order to obtain the best possible result without having the fear that you might be rejected, our immigration solicitors in London are up to date in legislation matters and can help persons suitably apply for Tier 1 visas for entrepreneurs. Our team can also recommend individuals what kind of visas are suitable according to their needs and purposes for UK. A better understanding of the requirements in visa matters and complete legal support are essential when applying for such an important visa.
For a better understanding of the conditions and benefits which come with a Tier 1 visa for entrepreneurs in UK, you are invited to contact our team of immigration lawyers in UK.