The UK Home Office has created the Tier 1 (Entrepreneur) category for those who wish to invest in the United Kingdom by setting up or taking over and being actively involved in the running of one or more businesses in the United Kingdom.
How to qualify?
You must show that you have required level of funds by showing
You have access to £200,000 which can be transferred to the United Kingdom
You have access to £50,000 from a UK venture capital firm, a seed funding competition or a UK Government Department.
· You need to prove your knowledge of the English language when you apply.
You can prove your knowledge of English by either:
o passing an approved English language test with at least CEFR level B1 in reading, writing, speaking and listening
o having an academic qualification that was taught in English and is recognised by UK NARIC as being equivalent to a UK bachelors degree
You may be able to meet the English language requirement in other ways as specified in the Rules and Guidance.
You won’t need to prove your knowledge of English if you’re a national of one of the following countries:
· Antigua and Barbuda
· the Bahamas
· New Zealand
· St Kitts and Nevis
· St Lucia
· St Vincent and the Grenadines
· Trinidad and Tobag
You have the required funds for the maintainance of you and your family
Applying with another person
You may apply with one other person using the same funds. The funds must be available to both of you.
Third party support for funding?
You may rely on money made available by one or more other people. They will
need to confirm that the money is available for you to invest in a United Kingdom
Duration of visa
If the application is successful you will be awarded a visa for 3 years and 4 months.
After granted a visa
You will be expected to:
Invest your funds in business in the United Kingdom. The investment will not include the value of any residential accommodation, property development or property management.
You must either register as a director of a UK company or register as self employed with the UK tax authorities within six months of arriving in the UK.
At the end of three years and four months you must either be acting as a director, or be self-employed.
You must have created the equivalent of two year-long, full-time jobs for people who are settled in the United Kingdom.
Settlement and British citizenship
You may apply to settle in the UK after 3 years if EITHER:
You create 10 new full time jobs
You establish a new business that has an income of £5 million over a 3 year period or you have increased the income of an established business by £5 million over a 3 year period.
In all other cases you may apply to settle in the UK after 5 years.
Depending on how quickly you settle in the UK, you may apply for British Citizenship after 2 or 3 more years living in the UK.
Time to spend in the UK if you want to settle in United Kingdom or apply for British citizenship
If you wish to settle in the UK you must spend at least 185 days in the UK each year.
If you would like to apply for British citizenship may spend on average no more than 90 days outside the UK each year, and no more than 90 days outside the UK in the 12 months before you apply for citizenship.
Your spouse, minor children and, in certain circumstances, other dependent members of your family may apply for UK visas as your dependents.
You or your family’s employment
You must not take employment in the United Kingdom other than working for the business that you have established, joined or taken over.
Your dependents can take employment during their stay in the United Kingdom.
All entrepreneurs are required to obtain prior entry clearance at a British Embassy abroad before being allowed entry to the UK.
There are situation when a person can apply within the UK i.e., switching into the Tier One (Entrepreneur) from some other category.
‘Genuine entrepreneur’ test
The ‘genuine entrepreneur’ test will be conducted by the Home Office taking into consideration the factors set out below in deciding whether or not he or she is satisfied the applicant is a genuine one:-
·the evidence the applicant has submitted;
·the viability and credibility of the source of the money referred to in Table 4 of Appendix A;
·the viability and credibility of the applicant’s business plans and market research into their chosen business sector;
· the applicant’s previous educational and business experience (or lack thereof);
·where the applicant has already registered in the UK as self-employed or as the director of a business, and the nature of the business requires mandatory accreditation, registration and/or insurance, whether that accreditation, registration and/or insurance has been obtained;
· the applicant’s immigration history and previous activity in the UK; and
· any other relevant information.
To apply, please contact us.