There could hardly be a part of the world more conducive for business than the United Kingdom, and the country’s entrepreneur visas help to ensure that remains the case.
If you are looking to contribute to the British economic success story as an incoming entrepreneur from abroad, you may be interested in knowing more about McGuire & Partners Law Firm’s UK entrepreneur visa service.
Introduction to the Tier 1 Entrepreneur visa
The Tier 1 Entrepreneur visa is a business visa, enabling you to relocate to the UK for the purpose of implementing a business idea.
Not only can you work while in the UK on an entrepreneur visa, but it can also lead to Indefinite Leave to Remain (ILR) and British citizenship.
Applying for a Tier 1 Entrepreneur visa
If you are a foreign national who would like to set up or take over an existing business in the UK and contribute to the country’s economy, you are able to apply for a Tier 1 Entrepreneur visa, subject to certain other requirements.
Such an application will not be necessary if you are an EU national, Commonwealth Citizen with UK ancestry or citizen of a British Overseas Territory, all of these groups being exempt from the visa requirement.
Applicant requirements
Prospective applicants will need to have access to £200,000, whether from a third party or their own funds, in addition to being able to speak, communicate and understand the English language at a certain level.
You will also be required to provide evidence that you have sufficient money for the maintenance and accommodation of yourself and any dependents.
Finally, you will need to show that you are a genuine entrepreneur who truly wishes to set up a viable business in the UK. The Home Office judges this subjectively, considering your previous experience, qualifications and other credentials.
Duration of visa and settlement
If you are applying for the Tier 1 Entrepreneur visa for the first time, you will be able to stay for three years and four months.
Those who are already on this visa, however, can have it extended by two years, enabling them to complete five years’ residence, at which point, they are able to apply for ILR. Should you not fit into either of the above categories, you will be granted an extension of stay of three years.
Once you have completed three years as a Tier 1 Entrepreneur migrant, you will be eligible for accelerated settlement, subject to meeting one of two requirements: the creation of 10 full-time positions for resident workers for at least 12 months, or the generation of a minimum turnover of £5 million over three years.
Applying for an extension
If you have completed three years’ residence as a Tier 1 Entrepreneur migrant but are not eligible for accelerated settlement due to an inability to meet either of the following requirements, you will need to obtain a two year extension to complete five years’ UK residence and thereby be able to apply for ILR.
On the basis of a points system where the minimum required score is 75, you will need to provide evidence of investment of not less than £200,000 directly into one or more UK businesses. Evidence will also need to be given that you have registered with HM Revenue & Customs as a self-employed person or registered a new business in which you are a director, or registered as a director of an existing business.
You will need to meet the latter requirement within six months of the visa being granted if you were granted your last leave to remain/entry clearance under Tier 1 Entrepreneur and wish to seek an extension of stay. Other conditions apply which, if fulfilled, can help you to reach the required 75 point threshold.
Contact us now for more information about the Tier 1 Entrepreneur visa and the associated application processes. Our capable solicitors here at McGuire & Partners Law Firm are ready and waiting to advise on and manage the process of applying for a Tier 1 Entrepreneur visa.
