Your Guide to Tier 1 Entrepreneur Visas
The UK Government is keen to attract entrepreneurs to the UK and the Tier 1 Entrepreneur visa may be the appropriate visa choice.
What is the criteria for applying for a Tier 1 Entrepreneur visa?
- Have access to a minimum of £200,000 in investment funds under their control.
- Intend to invest their money into a viable UK business and be actively involved in the same.
- Have an English Language qualification, such as SELTs level 4 across all the components.
- Prove that they are a genuine entrepreneur. This is usually conducted by way of an interview of the main applicant by an Entry Clearance Officer if the application is made overseas, or by a Home Office caseworker if the application is made within the UK. Edwin Coe can assist with preparing the applicant for the interview.
Advantages of this visa
The sum required to be invested is still currently only £200,000 which compared to the Tier 1 Investor visa which requires an investment of £2million, is still a relatively small amount.
If the visa is approved, the applicant and their dependents (wife/husband and children under 18) would initially be granted 3 years 4 months leave to enter and remain in the UK.
Applicants can apply for permanent residence/indefinite leave to remain after 5 years.
Applicants can apply for British Citizenship on completion of the 6th year in the UK after having secured the indefinite leave to remain visa provided they have resided in the UK for the requisite period, are able to pass the Knowledge and Life in the UK test, and satisfy the good conduct requirements.
Accelerated Indefinite Leave to Remain for Tier 1 Entrepreneur
If the business that you set up achieves a turnover of £5million within 2 years or employs 10 people for at least a year in the first 2 years, then applicants may be able to apply for indefinite leave prior to the expiry of the initial 3 year visa.
Business Matchmaking Service
For those applicants who have yet to decide on the type of business to set up in the UK, Edwin Coe offers a business matchmaking service.
We will also ascertain if there are wider tax issues applicants should be aware of which might arise as a result of any move to the UK. We have a highly experienced in-house Tax Services team who will be able to provide applicants with any relevant advice.
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