UK Entrepreneur Visa

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Service: Business/Invest Visa

Country: UK

Description:
The Entrepreneur visa category (Tier 1) is for foreign national business people who want to come to the UK to start a new business or join and invest funds into an existing business. Under the Entrepreneur category, the Entrepreneur visa applicant's immediate family members are able to join them in the UK.

UK is helping people around the world make their entrepreneurship dreams a reality by allowing them to setup or run a business in the country. People who wish to start or run a business in UK can do so by applying for a Tier 1 (Entrepreneur) Visa.

Who can apply?

To apply for a UK Tier 1 (Entrepreneur) Visa, you have to be eligible for it. The requirements are as follows:

You must be at least 16 years old.

You are not from EEA and Switzerland.

You can invest at least 50,000 Pounds. The eligibility requirements change depending on the amount to funds you have access to.

You have access to 50,000 Pounds from one or the following sources:

DIT endorsed UK entrepreneurial seed funding competition.

Venture capital firm that is registered with the FCA.

UK Government Department.

You have access to 2,00,000 Pounds and can prove that the funds are:

Yours.

Given to you by 3rd parties. The 3rd party can be a partner, spouse or an investor.

Available in a joint account, of which you and your spouse/partner are the holders.

Your investment funds are free to be used on the business in the UK and are held in at least 1 financial institution that is regulated.

You should be fluent in English.

You should have enough funds to support your stay in the UK.

Your score should be at least 95 points.

You have already invested 50,000 Pounds or 2,00,000 Pounds in a business based in the UK.

If you already have a UK visa, then you can choose to switch to this visa.

Apply As:

Tier 1 (Graduate Entrepreneur) - People who have a Tier 1 (Graduate Entrepreneur) visa can switch to this visa. They can depend on investments they had received up to 24 months prior to the application without worrying about the source.

Tier 1 (Post-Study Worker) - People who have a Tier 1 (Post-Study Worker) visa can switch to this visa. They can depend on funds received from a DIT endorsed UK entrepreneurial seed funding competition or the UK Government Department. They can also use your own funds or get funds from a venture capital:

If they are involved in the working process of 1 or more businesses in the UK; or

If they were employed as per the terms and conditions of the visa.

Tier 1 (General) – People who have a Tier 1 (General) visa can switch to this visa. They can depend on funds received from a DIT endorsed UK entrepreneurial seed funding competition or the UK Government Department. They can also get funds from a venture capital:

If they are involved in the working process of 1 or more businesses in the UK; or

If you were employed as per the terms and conditions of the visa.

Tier 1 (General) visa holders can apply using their own funds worth 2,00,000 Pounds only if they have been part of running at least 1 business in the UK or employed as per the rules of this visa.

Former Student – If someone has a Tier 4 visa, then they can apply for this visa, provided they are already in the UK. They can depend on funds received from a DIT endorsed UK entrepreneurial seed funding competition or the UK Government Department.

Note – To apply for/switch to a Tier 1 (Entrepreneur) Visa, people have to meet all the terms and conditions. They can find the details of the same on the website of the UK Government.

Stay Period:

The UK Tier 1 (Entrepreneur) Visa allows people to stay in the country for a maximum of 3 years and 4 months. They have the option to extend their stay by another 2 years if they already have this visa. If they are switching to the Tier 1 (Entrepreneur) Visa from another visa, then they can avail an extension of 3 years.

After completing at least 5 years in the UK, people can apply for settlement.

Processing Time:

People are advised to apply for a Tier 1 (Entrepreneur) Visa at least 3 months before the travel date. The status (approved/rejected) will be conveyed to the applicant within a period of at least 3 weeks. The processing time is not the same for every country.

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    By Yugandhar on 12th Oct, 2019
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