Tier 1 Entrepreneur Visa Eligibility
For entrepreneurs looking to set up a business in the UK there are few options but by far the best and most well used one is the Tier 1 Entrepreneur Visa. The Tier 1 Entrepreneur Visa gives those who have a business idea and funding to start a business in the UK. It also allows them to move to the country to work on setting up their business and running the business once it's up and running. In this article, we look at the Tier 1 Entrepreneur Visa in more detail and look at who is eligible for the visa.
What is the funding eligibility criteria for a Tier 1 Entrepreneur Visa?
There are several different bridges that you will need to cross in order to be eligible for a Tier 1 Entrepreneur Visa, among these and probably most importantly is having seed funding for your business - this will need to be available to yourself and based in a UK financial institution.
There are two levels of funding that can be used to apply for a Tier 1 Entrepreneur Visa and you will need to fall into one of the categories in order to be eligible to apply for a Tier 1 Entrepreneur Visa. The lower value is a £50,000 seed funding level and it is required to come from very specific sources, for everybody else there is the £200,000 investment route and the rules on this particular route and its source of funding are far less stringent.
What other eligibility criteria do I need to meet?
As well as the seed funding, you will also need a solid business plan. This plan is submitted alongside your application and is used to determine the viability of your business. You will need to provide all necessary documentation that pertains to your proposed business and your business plan should be a concise overview of your business, the way it will run, the market it operates in and the profit that is expected to generate.
The lack of a clear and coherent business plan that is believable and has been well costed will, in all likelihood, prevent a successful application. There are many templates on the internet for a business plan for a Tier 1 Entrepreneur Visa but we would urge significant caution in using these as it is likely that any official will be familiar with them and be able to tell that you have used one very easily. If they suspect that you have, then in all likelihood your visa application will be turned down.
You will also need to prove that you have a high level of English skill and that you can support yourself - this is in keeping with many other visa routes and it shows that you are financially prepared and have your business in order.
How do I write the business plan for a Tier 1 Entrepreneur visa?
If you speak to us, we can help you to have the ideal business plan for your business created. We can refer you onto some of the best people around and ensure that you are in safe hands. You must not take risks with your business plan and must ensure that it has been written correctly and that it suits your business. Once you have put your application through you will not be able to change it, so you must ensure that it is done correctly first time around. Please get in contact with us if you would like us to check your application over and we can help with that.
How long does the application take to be processed for a Tier 1 Entrepreneur Visa?
Like many other UK visas, the standard wait time for processing a Tier 1 Entrepreneur Visa is around 8 weeks. Depending on how busy they are, this can be longer or shorter than this. 8 weeks is just an average time and not necessarily an accurate indication of how long your specific application will take - certainly if there are any extenuating circumstances or anything that needs to be made clear further down the line this will more than likely significantly delay the progress of your application.
How much does it cost to apply for a Tier 1 Entrepreneur Visa?
It costs at least £927 to apply for a Tier 1 Entrepreneur Visa - on top of this you would need to factor in the cost of the Immigration Health Surcharge which is applied and will also need to be paid for at the time application. You will need to make a complete payment for the total at the application phase, this will then allow you to access free at the point of use healthcare in the UK for the duration of your stay here. This includes access to general practitioners and all NHS hospitals in the UK and you will not be required to pay for treatment any of these apart from prescriptions.
How do I apply for a Tier 1 Entrepreneur Visa?
You can apply online for a Tier 1 Entrepreneur Visa and you will need to ensure that all of your documents are in order and if you need any help with this please get in touch and we can check out your application for you.
How we can help
Our immigration lawyers are highly trained in dealing with Tier 1 Entrepreneur Visa applications and can help you to create your application and also help to bring together all of the documents that are required and even submit your application on your behalf. If the worst happens and you are turned down then we can even help if you want to take it to appeal.
So for more information or to get started using our services please get in touch today and we can begin to work on your case.