The Home Office has introduced a one more step to validate the authenticity of all Tier 1 (Entrepreneur) visa applicants intending to enter the United Kingdom to engage in commercial activities. It’s called a “Genuine Entrepreneur Test” which essentially calls for submitting a thorough and well researched business plan to substantiate your visa application.
The Tier 1 (Entrepreneur) visa category permits foreign national entrepreneurs from outside the European Economic Area (EEA) and Switzerland to start and manage a new or existing business in the United Kingdom. The key eligibility requirement of the visa, among others, is access to a minimum of £200,000 capital. The funds must be held in one of the regulated financial institutions which shall be available at your disposal at the time of submitting the visa application. These funds can either be arranged by you or provided to you by a third-party investor. You must also be willing to fully consume those funds in establishing and operating a business over the first three years of receiving the visa approval. To learn more about the Tier 1 (Entrepreneur) visa and its complete requirements, please click here.
With effect from 06 April 2015, all visa applicants are required to satisfy the Home Office that they are “genuinely” interested in either establishing and heading a new company or joining and subsequently overlooking the operations of an existing business as Director. This is normally done through presenting a comprehensive business plan which shall detail your past experience, provide an overview of your business model/idea, short and medium range objectives, key offerings, market research, marketing plan, 5 years financial forecast, utilisation of £200,000 capital, as well as the company’s ability to create a minimum of 2 full-time jobs for local residents within the first three years of leave to enter.
How Can We Help?
Whether you intend to use an immigration solicitor or prepare 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 your draft and will advise you to optimise the weak areas of the business 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!