The Tier 1 (Entrepreneur) visa category is exclusively created for foreign entrepreneurs who wish to invest, set up and actively manage the operations of a new/existing company in the UK. To qualify for a Tier 1 (Entrepreneur) visa, you must be from outside the European Economic Area (EEA) and Switzerland and obtain full 95 points as well as meet other eligibility requirements and clear the mandatory assessment test as explained below:
- Points (Total: 95 points)
- Access to at least £50,000 or £200,000 funds depending upon the source (25 points)
- The funds are held in one or more regulated financial institutions (25 points)
- The funds are available at your disposal in the United Kingdom (25 points)
- Evidence that you can support yourself and any dependents for the duration of your stay in the UK (10 points)
- Proof of an effective command of the English language (10 points; exceptions may apply)
- Other Eligibility Requirements
- Your tuberculosis test results (exceptions may apply)
- A criminal record certificate
- Assessment
- A comprehensive business plan (mandatory for Entrepreneur Genuineness Test w.e.f. 6 April 2015)
The amount of capital required to qualify for a Tier 1 (Entrepreneur) visa varies depending upon the source of funds. Tier 1 (Entrepreneur) petitioners require a minimum of £50,000 investment to qualify for the visa if the funds are secured from one or more of the following sources:
- A UK entrepreneurial seed funding competition endorsed by the Department for International Trade (DIT)
- A UK government department making funds available for the purpose of setting up or expanding a UK business
- An FCA-registered venture capital firm
In the lack of the aforementioned funding sources, you, as a Tier 1 (Entrepreneur) petitioner, must have gathered disposable funds of no less than £200,000 by yourself or given to you by third-party financiers such as your spouse, partner, parents, friends, relatives, or any other private investor(s).
Further to this, you are also eligible to apply for a Tier 1 (Entrepreneur) visa if you have previously invested the required minimum capital (whether it be £50,000 or £200,000) in a UK business within the last 12-month period from the date of filing your visa application.
All applicants seeking Tier 1 (Entrepreneur) visa must be aged 16 years or above at the time of submitting their visa application. They must also prove possession of ample maintenance funds, apart from the required minimum capital for the business, to prove that they can support themselves and any dependents for the entirety of their stay in the UK without using public funds (i.e. benefits provided by the state). The maintenance requirements are outlined below:
- If you are seeking clearance from outside the UK, you must at least possess £3,310 of personal savings which have been held and maintained in one of your bank accounts for at least 90 consecutive days before the date of your application
- If you are residing in the UK and seeking further leave to remain, you must prove an access to £945 of personal savings which have been held and maintained in one of your bank accounts for at least 90 consecutive days before the date of your application
The investment funds must be held in one or more regulated financial institutions and should be available at your disposable when applying.
The Home Office may also ask for a proof of English proficiency (i.e. Home Office-approved English Language Test result) if you are from outside the majority English speaking nations and possess a degree taught in a foreign language. Other requirements includes a tuberculosis test result (required for certain countries) and a mandatory criminal record certificate from the country where you previously lived and worked in.
How Can We Help?
Whether you are seeking the services of an immigration solicitor or preparing your own case, our team of experienced business plan writers can help you create a comprehensive, convincing and coherent business plan that can maximise your chances to successfully clear the mandatory “Entrepreneur Genuineness Test” with relative ease. To understand what contents will be covered in your business plan, please click here.
If you have already started writing your business plan, our team will fact-check and proof-read the business plan draft and will advise you to optimise the weak areas of the plan accordingly. We will ensure that your business plan is realistic which complies with the Home Office’s given specifications.
Alternatively, if you are seeking an end-to-end business consultation and plan writing support, our team of dedicated business strategists, plan writers and financial analysts will take your business idea, refine it, and work closely with you to produce an impactful business plan.
Contact us today to get started!