Tier 1 Entrepreneur
Tier 1 Entrepreneur category is suitable for High Net Worth individuals who have a genuine and credible business idea and wish to invest their money (£200,000 or more), skills and knowledge in the UK through setting up their own business or taking over the running of one or more businesses.
Successful Entrepreneur can work for own business as a self-employed individual, and can also bring family members and dependants to the UK.
Requirements for Tier 1 Entrepreneur
You are eligible to apply for a Tier 1 Entrepreneur visa if you satisfy the following criteria:
1. You are at least 16 years old.
2. You have access to at least £200,000 investment funds, which are held in one or more regulated financial institutions and free to spend ('disposable') on business in the UK.
3. You meet the English language requirement by either passing an approved English language test with at least CEFR level B1 or having an academic qualification that was taught in English and is recognised by UK NARIC as being equivalent to a UK bachelors degree, masters degree or PhD or being a national of majority of English speaking countries.
4. You are able to demonstrate that you are a 'genuine' entrepreneur and satisfy the 'genuineness test'.
5. You can support yourself during your stay.
6. You are able to score 95 points for attributes.
If you wish to run business together with your business partner, you can form an 'entrepreneurial team' with one other Tier 1 (Entrepreneur) applicant and share the same investment funds. You and your team member must meet all the application requirements above.
Once your visa application is granted, you will need to ensure the conditions of this type of visa are met:
• £200,000 are invested in a new or existing business in the UK within three years.
• Entrepreneur has registered himself as a director or self-employed individual within 6 months and at the end of the three years, still be acting as a director or self-employed individual.
• Applicants must have hired two new members of staff for at least 12 months within the 3 years.
Extension and Settlement
The Tier 1 Entrepreneur visa is temporary, permitting you to enter the UK for a maximum of three years and four months. However, you can apply to extend this visa for another two years, or you can apply to settle permanently in the UK:
a. after spending five years in the UK in this category;
b. after spending three years in the UK in this category and:
- you have created 10 new full time jobs for 12 months in the first 3 years; or
- your business has a turnover of at least £5 million in the first 3 years.