The things the Home Office look out for in a business plan include: -
Even though market research is a part of a business plan, it is important to look at it in isolation from the business plan because standard practice suggest that it can stand on its own (without the business plan). This can be done by way of feasibility studies. Also, the fact that your market is something you are expected to know as a genuine entrepreneur, it make sense to to mention it differently.
It is not out of place to expect that if you are planning to set up a business in another country you should not only research about the country, but also find out who your potential competitors will be. How do you plan to survive in market with its own peculiar competitive dynamism? What are your strengths and weakness in relation to the competition? What the opportunities and threats in the environment?
The Home Office will be expecting you to know your market - as a genuine entrepreneur.
It is fine to have a good business plan, but the question of what you are bringing into the business cannot be overemphasised. Your business plan must be able to answer why you need a visa to do that business in the UK. It is going to be difficult convincing the Home Office that you even though you have nothing to add to the business in terms of skill, management, experience, etc., that you should still be granted a visa to do that business in the UK.
This argument follows, when you consider the fact that the Home Office categorically mentions that they expect the applicants to be directors in the business. How can you be a director of a business you cannot add value to - you should be at least able to direct the business.
This then brings us to the next point of what the Home Office looks out for in the Genuine Entrepreneur Test, the applicant(s) CV.
Often the most overlooked aspect of the application (by the applicant of course), your CV goes a long way in amplifying the content of your business plan. It is your CV that demonstrates your skills set in relation to the value you will add to the business as a Director.
In a way, there has to be some form of reasonable correlation between your CV and your business plan.
The Home Office's assessment of your CV: -
Take this scenario, applicant A has worked for 25 years as Chef in a restaurant he co-owns. He is now applying for a Tier 1 Entrepreneur visa to set up a restaurant in the UK.
Applicant B has never worked anywhere and has just finished his university degree where he studying music. He now wants to apply for a Tier 1 Entrepreneur visa to set up a restaurant in the UK.
It is clear that applicant A is more likely to succeed that applicant B with that business idea. However if applicant B plans to set up a musical record label in the UK, he stands a better chance of succeeding.
The Home Office is therefore expecting to see a clear link between the applicant's background and the business they are planning to set up.
Please note that managerial, leadership or administrative background also counts as positive experience to show that you can manage a business.
Nature and source of funds
Generally, if the funds is in your account (the applicant), you must leave the entire sum there for 90 days priors to submitting the application.
At Reiss Edwards, our team of Tier 1 Entrepreneur lawyers have a strong background in business as well as individual immigration. We can advise you on all aspect of your application from entry clearance up until your Indefinite leave to remain application as a Tier 1 migrant. Contact us today for a free consultation on 02037442797 or drop us an email on firstname.lastname@example.org