Tier 1 Visa for Entrepreneurs in UK
Updated on Thursday 09th June 2016
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Similar to the Investors Visa, The Tier 1 Visa for Entrepreneurs in UK is granted for citizens of countries outside the European Economic Area (EEA) who want to start or run a business in the UK. It is applied also for the candidate’s family.
Requirements of the Tier 1 Visa for Entrepreneurs in UK
The requirements for this kind of visa are the following:
• Candidates must have access to at least GBP 50,000 or GBP 200,000 in investment funds to start the business. Our UK immigration solicitors can give you more details on this subject;
• The applicants have to be able to start any kind of business, however they have to work full-time in running it;
• The candidates have to create full time employment positions for two EEA nationals, by starting the business;
• They have to take a share of the company’s liabilities;
• Candidates must have access to enough funds to sustain themselves until the business is starting to generate profits;
• The applicants have to own the majority of the shares of the business;
• They have to put together a conclusive and feasible business plan;
• The candidates have to meet the English language ability requirements – the ones who do not have a degree in English have to pass the International English Language Testing System (IELTS) and score minimum 6.5 on each of the four components. Citizens of certain countries do not have to pass this test though.
• The aspirants have to own enough funds as stated by the UK Government at the date of the application.
If you do not meet these requirements, our immigration lawyers in London might help you to qualify for a Tier 2 Visa for Skilled Workers in UK.
Conditions of the Tier 1 Visa for Entrepreneurs in UK
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 Remain (Permanent Residency);
• The candidate’s family, including partners and children, can join the candidate on this visa and have the right to work and go to school in UK.
What You Can and Cannot Do in UK
With this type of visa, you will be able to:
• start or take over the running of one or more businesses;
• work for your own company, as well as being self-employed, under certain circumstances;
• take your family members with you.
What you are not able to do with the Tier 1 visa for entrepreneurs in UK:
• perform any work that is not related to your business, for example be employed by another firm;
• have access to public funds.
Interested to find out more? Let us know. Please talk to one of our UK immigration lawyers.