The distinctive characteristics of the Tier 1 Entrepreneur visa is that applicants must have access a minimum of £200,000 (£50,000 for PSW or Tier 1 Graduate entrepreneur switching into the Tier 1 Entrepreneur category). Applicants must be aware that the funds need to be either under the direct control of the applicant or accessible to the applicant. Where the money is not owned by the applicant, 3rd party declarations should be provided explaining the funds ownership and that the fund will be readily accessible to the applicant and that it wont be available to someone else
Generally, the monies would need to be held in a bank in the United Kingdom that is regulated by the FCA.
An advantage (relatively) of the Tier 1 Entrepreneur visa route is that it is a point based system. This reduces the level of subjectivity in the determination of the outcome of such applications. Here, applicants needs to score a total of 95 points to be able to obtain a successful application. However, recently, the Home Office have now introduced an element of subjectivity to the entire Tier 1 entrepreneur visa process. Prospective entrepreneurs will now need to pass a genuine entrepreneur test to determine the credibility of the entrepreneur.
Applicants must score a total of 95 points in order to meet the eligibility criteria of the Tier 1 entrepreneur Initial application.
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Entry clearance application as a Tier 1 Entrepreneur migrant would be normally submitted to the British Embassy / High Commission in the country of origin or residence of the prospective entrepreneur. Applications may be submitted online or by post. It is important to be aware of the fact that online applications are not available in all countries. Applicants must check for the right method of application as well as if online applications are available in their countries.
Importantly, the processing times are decided in accordance with the waiting or processing times as fixed by the British Embassy or High commission
Tier 1 Entrepreneur migrants are able to apply with their dependants for entry clearance along with their own application. Otherwise, they may choose to apply on their own and later apply for their dependants to join them in the UK as a Point Based Dependent of a Tier 1 Entrepreneur migrant.
The usual length of time granted to a successful Tier 1 Entrepreneur Visa application is 3 years and 4 months. When approaching completion of the Initial application as a Tier 1 Entrepreneur migrant period, the entrepreneur should begin to consider an extension application as a Tier 1 Entrepreneur migrant.
If you have had a refusal of your entry clearance application as a Tier 1 entrepreneur migrant, you can apply for an Administrative Review. Please note that the application for an admin review must be lodged within 28 days from the date of receipt of the refusal letter. The Entry Clearance Manager (ECM) makes a decision on the Administrative Review application within 28 days from the date of the receipt of the review request.
|Entry Clearance as a Tier 1 Entrepreneur migrant|
|Switching into the Tier 1 Entrepreeur route|
|Dependant of a Tier 1 Entrepreneur|
|Tier 1 Entrepreneur Visa Extension|
|ILR - Tier 1 Entrepreneur|