United Kingdom - Business & Investment - Entrepreneur Visa (Tier 1 Entrepreneur)

The Tier 1 Entrepreneur Visa UK is available to those individuals with sufficient funds and must also demonstrate that they have the necessary skills.

The main requirements of this visa are:

- Funds:
The funds portion of the visa could be divided into two aspects – the funds available for financial independence (maintenance) and the funds available in starting a business (capital). The main application should have at least £3,310. Additional funds is required if the entrepreneur wishes to enter the country with a dependent (£1,890 per dependent).

The capital for a business may not necessarily be available as maintenance but the applicants are highly encouraged to have direct access or ownership of funds for business purposes. To qualify for an entrepreneur visa, the applicant should invest no less than £200,000. This amount must be placed with a regulated financial institution.

- Skills:
Without provable skills, the applicant cannot expect approval. Those who wish to enter the UK as an entrepreneur should also show an excellent command of the English language. Additionally, the entrepreneur should have a degree that uses English as its main language and the country where the entrepreneur comes from is known for its extensive use of the English language. Examples are Canada, Australia, New Zealand and Ireland (though there are several more that are recognised). A government recognized English proficiency exam should be taken especially for those whose English is not the first language.

Business and Not Work

The government is very strict with regards to the qualification of visa. When you are issued with a Tier 1 Entrepreneur Visa, they are expect that you establish a business, join an existing business or become the new owner of an old business. You are not expected to seek any employment of any kind. If you do this, then there is a possibility that your visa will be revoked. That is why a detailed plan is highly recommended for those who wanted to enter the country with this form of visa.

Extension and Additional Requirements

Extending your stay in UK as Tier 1 Entrepreneur Visa is possible for up to two years. However, there are certain requirements that should be fulfilled to ensure the possibility of extending your stay as an entrepreneur. Although the applicant is no longer required to prove English proficiency at the first application, extension is only possible if the applicant demonstrates the following:

• The applicant must have invested at least £200,000 in a business;
• The business should have been registered business; AND
• Continuing the business during application for extension.

The entrepreneur should also show that the business plans to employ no less than 2 full time employees or part time employees that reaches the number of hours of two full time employees. As the aim of the government is increased employment, this is a must not only in extension but also on in initial application. If your business have not hired additional personnel, it’s more likely that your application for extension will be denied.