Starting Up A Business In The UK As A Tier 1 Entrepreneur
Many would be business owners are interested in moving to the UK. The country has a rich history of strong commerce and is one of the major players in global business. For those who are not EU Nationals, coming to the UK in order to set up a business is not exactly straightforward. For those who are from outside of the EU, they will need to gain a type of visa that allows them to come to the UK in order to live and work. the most suitable route for this is often the Tier 1 Entrepreneur Visa. In this article, will look at the tier 1 entrepreneur visa in a little more detail, covering questions such as whether you need sponsorship and the eligibility criteria for it.
Do I need sponsorship for a Tier 1 Entrepreneur Visa?
No, you do not need a sponsor to gain a Tier 1 Entrepreneur Visa. You will though need to meet a strict set of criteria to gain the visa. the Tier 1 Entrepreneur Visa is one of the few visas that does not require any sort of sponsorship, but it does require a significant amount of information such as a detailed business plan and your current financial situation so that this can be assessed.
Therefore for those who are looking to set up a business in the UK, the Tier 1 Entrepreneur Visa offers the best option. As long as you have £200,000 available to start a business and a suitable business plan, you can apply for a visa which gives you the right to live and work on your business in the UK for an initial period of 3 years and 4 months. This can be extended, and once you reach 5 years in the UK, you will be able to apply for Indefinite Leave to Remain (ILR). You are also able to bring family members to the UK to live with you.
What type of businesses can I own on a Tier 1 Entrepreneur Visa?
There is no set criteria for businesses that are not allowed under the Tier 1 Entrepreneur Visa scheme. as long as you have the £200,000 available and a coherent business plan that has been well researched, you will stand a very good chance of success receiving a visa. This means that as long as your business is legal and likely to make money, you should be able to convince the Home Office that you are able to make a success of the business.
As part of the application, you will need to have an interview with a Home Office official. During this interview you will need to explain your business and this is where a very well structured business plan is necessary. This official will have the final say on whether you can come to the UK and you need to ensure your business plan is crafted well. We can help with this. If you need a business plan then please get in touch and we can help.
What is the eligibility criteria for a Tier 1 Entrepreneur Visa?
The eligibility criteria for a Tier 1 Entrepreneur Visa is as follows:
- At least £200,000 in seed funds that are held in an appropriate financial institution
- English language requirement
- Able to self-support during your stay
As long as you can meet this criteria then you'll be eligible to apply for a visa. You will also need to create a strong business plan that will be analysed and you will likely need to attend an interview with an official from the Home Office who will go through the plan and your finances to ensure that you are indeed eligible to apply for the visa. If they are satisfied that you are indeed a genuine applicant, they will then progress your application.
It is important that you keep all documentation related to the business safe and together as you may need to be able to prove quite a lot of information. We can help you to make sure that you have all the right documents and can also help with your application. For more information, please get in touch and we'll be happy to help you get started.
How do I apply for a Tier 1 Entrepreneur Visa?
To apply for a Tier 1 Entrepreneur Visa you must apply online. The online portal will gather all of the relevant information and then you will be required to pay the appropriate application fee. UK Visas and Immigration (UKVI) will keep you updated to the progress of your application and will inform you if you are required to provide any more information, come in for an interview or if there are any delays to your application. Applications normally take in the region of 8 weeks and this will depend heavily upon the current workload at the Home Office - clearly in the lead up to Brexit, the Home Office will be extremely busy and we suggest that it will take longer than 8 weeks for most applications to be processed. You will be informed of expected delays and it may be worth giving yourself a few months to get your application through. If you would like to know more about the application process for the Tier 1 Entrepreneur Visa then please get in touch.
Where can I get more help?
For more information on the Tier 1 Entrepreneur Visa or if you have any other immigration query then please get in touch. Our experienced team of immigration solicitors can help with your application queries and help you to create an excellent business plan that will help to support your application. We have a long history of helping would be entrepreneurs to move to the UK and we can certainly help you. So, for more information or to get started using our services, please get in touch.
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