Overview Entrepreneur Visa or Tier 1 Visa
An Entrepreneur Visa or Tier 1 Visa as it’s also known as the method for joining the UK’s entrepreneurial scene if you live outside the United Kingdom or European Economic Area (EEA). There are number of reasons for wanting to join the UK’s entrepreneurial or start-up scene with a rise of 60,000 new businesses established in the UK from 2016-2017. Applications are known to be very tough with a 48% application refusal rate so it’s important to get things right. Below are the keys areas to consider to help you on your way.
Eligibility for Visa
First things first, making sure you’re eligible. This is often the biggest hurdle. The key criteria is that if yous witch into this category from another tier within the UK, you’ll have at least £50,000 to invest but, the investment funds must come from one of the following:
- A Venture Capital Firm registered and regulated by the FCA (Financial Conduct Authority)
- A UK Entrepreneurial seed funding competition endorsed by The Department for International Trade
- A UK Government department making funds available for the purpose of setting up or expanding a business in the UK
If you don’t have access, or struggle to secure funds from one or more of the above sources or are outside the UK then you must have access to at least £200,000 but, this money can also be invested with or through a partner or 3rd party and they can also apply for a Tier 1 visa as long as they’re not your spouse. To be eligible for this route you must be able to prove one of the following:
- The funds are your own
- Made available to you by other people – known as ‘3rd parties’ such as a spouse, partner or investor and have been held by a minimum of 90 days
- In a joint account with your spouse but only if they are not also applying for a Tier 1 Entrepreneurial Visa.
Fees for entrepreneur visa
|Who you’re applying for||Applying online or by post||In person applications (outside the UK)|
|You (if you’re from Turkey or Macedonia)||£1,222.00||£966.00|
|All Dependents||£1,277.00 per dependent||£1,021.00 per dependent|
You’ll also need to consider the healthcare surcharge as part of your application. You can check how much you’ll have to pay on the governments immigration website or click here to be taken straight there.
Restrictions on the visa
There are certain restrictions when applying such as; access to public funds or doing any work outside of your business such as being employed by another company while working on your business.
Something else to take into account is that you may need to prove knowledge of the English language which can be done by:
- Passing an approved English language test with at least CEFR level B1 in reading, writing, speaking and listening.
- Having an academic qualification that was taught in English and is recognised by UK NARIC as being equivalent to a UK bachelors or masters degrees or PHD.
Another thing worth mentioning is that you can’t apply any earlier that 3 months before the date you travel to the UK. You should also receive your decision within 3 weeks.
Contact JMR Solicitors for your Entrepreneur Visa
As you can see from this brief overview, there are many things to consider when applying for a Tier 1 Entrepreneur Visa. Get in touch with JMR today to help make sure you’ve got the best chance of a successful application, while you focus on everything that comes with growing a successful business or start-up.