The Tier 1 Entrepreneur Visa is a type of visa that allows non-EEA nationals to enter and remain in the UK to start or take over a business.
Here are some of the key benefits and requirements of the Tier 1 Entrepreneur Visa:
- The Tier 1 Entrepreneur Visa allows the holder to stay in the UK for up to 3 years and 4 months and can be extended for another 2 years if certain requirements are met.
- The visa holder is allowed to bring their spouse or partner, as well as any dependent children under 18 years old, to the UK.
- The visa holder is free to work and live in the UK and is not required to work for a specific employer.
- The applicant must have access to at least £200,000 in investment funds.
- The applicant must be able to speak English at an acceptable level.
- The applicant must score a minimum number of points on a points-based system that takes into account factors such as age, education, and business experience.
- The applicant must have a credible business plan that outlines their proposed business activities and shows how they will create jobs and contribute to the UK economy.
Overall, the UK Tier 1 Entrepreneur Visa is a popular option for non-EEA nationals who want to start or invest in a business, and it offers a range of benefits for visa holder and their family.
Image Credit: https://www.istockphoto.com/photo/great-britain-flag-as-background-and-silhouettes-people-concept-business-picture-gm1207750529-348832348
What are the new UK visa categories for entrepreneurs?
If you missed applying for Tier 1 entrepreneur visa then there are three new visa categories to consider:
1. Start-up visa
This visa category is for individuals who want to start a business in the UK for the first time. To be eligible, you need to have an innovative business proposal that has been endorsed by an approved assessing department. The endorsing body must be either a UK higher education institution or a business organization with a history of supporting UK entrepreneurs.
Applicants must have enough money to support themselves and any dependents without the need for public funds. Applicants must be at least 18 years old.
It’s important to note that the startup visa category does not lead to getting citizenship in the UK. However, successful applicants can switch to the Innovator visa category if they meet the eligibility requirements.
2. Innovator visa
This visa category is for more experienced entrepreneurs who have already established a business outside the UK, or who have previously held a Start-up visa. To be eligible, you need to have an innovative business idea that has been endorsed by an approved endorsing body, and you must also show that you have at least £50,000 in investment funds available to invest in your business.
You must have enough funds to support yourself while you are in the UK. You will need to show that you have at least £1,270 in personal savings, which you have held for at least 28 days.
3. Representative of an Overseas Business Visa
It allows an overseas company to send a senior employee to the UK to establish a branch or subsidiary of the company. The visa is also known as a Sole Representative Visa. To be eligible for this visa category, the applicant must be employed by a company that is based outside of the UK and is intending to establish a branch or subsidiary in the UK.
The applicant must be a senior employee of the company, such as a director or manager, and must have the authority to make decisions on behalf of the company.
Each visa category fulfills a different purpose but all three allow the applicant to stay in the UK and operate a business. It even allows them to bring their family. If you are considering applying for an entrepreneur UK visa, it is recommended that you seek professional advice and guidance from a reputable immigration lawyer or advisor.