As opposed to the Uk tier 2 visa, the UK Tier-1 Entrepreneur visa category is for foreign nationals who desire to come to the UK to establish a new business or join and invest in an existing company.
The Entrepreneur visa applicant’s immediate family members can join them in the UK under the Entrepreneur category.
This includes the primary applicant’s partner and any minor children. One of the advantages of this category is that the applicant’s children will be eligible to attend school in the United Kingdom.
This visa category allows you to apply for permanent residency and citizenship in the United Kingdom.
This article is aimed at educating you on everything you need to know about the UK Tier-1 Entrepreneur Visa, from requirements to the application processes. Let’s dive in!
An Overview of the UK Tier-1 Entrepreneur Visa
The Tier-1 Entrepreneur visa is a British Point Based System business visa for overseas business people who plan to invest between £50,000 and £200,000 in the UK. They can either start a new firm or join an existing one as a business partner. Tier 1 Entrepreneur Visas are granted for three years and four months.
Tier 1 Entrepreneur visa holders can do the following:
- Start or direct one or more enterprises.
- Engage in a variety of commercial activities, including self-employment.
- Bring your family and/or any dependents to the UK with you.
By forming an Entrepreneurial Team, you can share the same investment money with another Tier-1 Entrepreneur Visa holder. Such funds cannot be included in another visa application with another team.
As earlier stated, the Tier-1 Entrepreneur Visa category permits businessmen with finances available for investment of between £50,000 and £200,000 to enter the UK to start or take over a UK firm – either solely or jointly.
The money must be kept by a licensed institution, such as a bank or a venture capital firm, and must be available for spending rather than burdened by securities, shares, or other similar arrangements.
You must also generate two new roles for permanent employees. British nationals, EEA and EU citizens, their dependents, and those with indefinite permission to remain in the UK are all included. When requesting an extension, the jobs must have been in place for at least a year.
Please remember that candidates from outside the UK will almost certainly need to spend £200,000. To invest the lower sum of £50,000, you must have backing from a UK venture capital company or some UK government support. Please consult the table below for further information.
Documents Required for the UK Tier-1 Entrepreneur Visa Application
Tier-1 Entrepreneur candidates must provide the following documentation with their application:
- Passport and other travel documentation must be current.
- A supplementary passport photo demonstrates they have between £50,000 and £200,000 in investment money.
- Their business strategy.
- Bank statements, for example, prove that they can sustain themselves financially throughout their stay.
- Proof that they match the Tier 2 English Language standards, such as coming from a majority English-speaking country, having an English-taught degree, or passing an English language exam at the B1 level.
- If the applicant is from one of the countries on the Home Office’s TB testing list, clear tuberculosis (TB) test result letter may be found here (link)
- A criminal record certificate from any nation where they spent more than a year in the previous ten years.
Eligibility Criteria for the UK Tier 1 Entrepreneur Visa
The following are the eligibility criteria that must be met before qualifying for the UK Tier-1 Entrepreneurship visa:
#1. Genuine Entrepreneurship Test.
This is a crucial component of the application. In addition, a simple business plan should be included, as well as information and evidence demonstrating that the applicant possesses the requisite skills and expertise to manage a firm.
The applicant should be able to explain how and where the cash came from. It is also helpful to provide academic credentials. Unfortunately, many applications are turned down because the candidate fails the test.
#2. Ability to communicate in English.
If the candidate does not have an English-taught degree and is not from one of the majority of English-speaking nations, he or she must pass an English language exam with a B1 or higher score.
If an English language exam is required, it must be at the B1 level; it might be for academic or general skills training. All four components of reading, writing, speaking, and listening must be completed properly.
#3. Certificates of Criminal Record.
You must present a criminal record certificate for every country where you have been at least twelve months in the previous ten years. This is required for the spouse or partner, as well as any dependents who are over the age of eighteen.
The certifications should have been granted within six months of the application for a visa to the United Kingdom.
#4. Funds for upkeep.
Tier-1 Entrepreneur candidates must have sufficient finances to maintain themselves throughout their stay. The maintenance funds necessary vary depending on whether the applicant is seeking a first visa or a renewal.
Initial applicants must have a minimum of £3,310 in money, while those seeking to extend their visa must have a minimum of £945.
All candidates must have continuously had this amount for at least ninety days.
#5. Granted period of stay.
The applicant can only apply for an initial term of up to 3 years and four months, with extensions of up to 6 years and four months total.
The visa status of the applicant determines the length of the visa extension. For example, those who convert from another category to Tier-1 Entrepreneurs can renew their visas for three years. All others are limited to a two-year extension.
#6. Indefinite Leave to Remain.
This type of “permanent residency” is also known as established status. You can apply for this 28 days before the end of your five-year stay in the UK on a Tier-1 Entrepreneur Visa.
As long as you have spent at most 180 days each year outside the UK during that time. Under some conditions, the obligatory term of stay in the UK might be waived.
If you have generated ten jobs or started a firm with a gross income of £5 million in three years, or if you have taken over an existing business with a gross income of £5 million in three years, the three-year criterion for indefinite leave to remain is reduced to three years (minus 28 days). You’ll still have to fulfill the other conditions for residency listed above.
How to Apply for the UK Tier-1 Entrepreneur Visa
You must submit your Tier-1 Entrepreneur Visa application from outside the UK, especially from your home country, three months before your anticipated departure date.
In addition, you must submit your application online via the UK government’s official website, where you will be required to provide some basic information about yourself and your reason for visiting the UK.
Suppose you are visiting the UK for the first time. In that case, you must make an appointment at the nearest application center, UK embassy, or consulate in your home country, where you will be required to provide biometrics and a photograph.
When a person is already in the UK on a valid visa and wishes to perform one of the following things:
- Change your visa to a Tier-1 Entrepreneur visa if you already have one.
- Boost the number of Tier-1 Entrepreneur visas available.
Frequently Asked Questions(FAQs)
Who needs a Tier-1 Entrepreneur Visa?
To be eligible for a Tier-1 Entrepreneur visa, the applicant must be a citizen of a country that is not part of the European Economic Area (EEA) or Switzerland, as well as have the intention of investing the quantity above of money in a UK firm.
In addition, the applicant must have full access to a minimum of 50,000 pounds sterling and a maximum of 200,000 pounds sterling in investment capital allocated to a UK-based firm.
Can a Tier-1 Entrepreneur’s visa be revoked?
If the applicant fails to comply with the following, their Tier 1 Entrepreneur visa may be revoked:
- HM Revenue & Customs did not have me listed as a self-employed person in the UK;
- Has not formed a new firm or a joint venture in which they were a partner or director;
- Was neither a director nor a partner of an existing firm or joint-stock company;
- Did not spend the whole investing money wisely
How long is an Entrepreneur visa valid?
The duration of an entrepreneur visa is three years and four months. However, this can be extended for another two years if certain conditions are satisfied.
What type of work can an Entrepreneur visa holder undertake?
Entrepreneur visa holders are prohibited from seeking or accepting paid employment in the United Kingdom unless employed by the company or companies they have founded, joined, or taken over.
When a candidate is in the UK on a Tier-1 Entrepreneur visa and wishes to extend their stay, they must apply for an extension. This application must be submitted before the current visa period expires. An extension can be granted for a maximum of two years.
With all the information supplied above, we hope this article goes a long way in helping you with all you need to do and everything you need to know about the UK Tier-1 Entrepreneur Visa.