Tier 1 (Entrepreneur) Visa Extension Business Plan

Home Office had abolished the Tier 1 (Entrepreneur) visa category on 29 March 2019. No new applications under this visa category are presently accepted.

Tier 1 (Entrepreneur) Visa Extension Business Plan

Entrepreneurs who were previously granted the initial leave to enter for 3 years and 4 months under the Tier 1 (Entrepreneur) visa category maybe eligible to apply for its extension before the expiration of their visa. The criteria to obtain the visa extension (which would be for the next 2 years) is to prove full utilisation of funds (£200,000) and creation of 2 full-time jobs in a successfully trading company. The applicants shall also present tailormade Tier 1 (Entrepreneur) Visa Extension Business Plan for evaluation when seeking visa extension, demonstrating their strategies, industry analysis, expansion and growth plans, competitive landscape, promotional and marketing strategies, and financial projections.

Applicants who had previously possessed Tier 1 (Graduate Entrepreneur) visas may switch to Tier 1 (Entrepreneur) after the expiration of the Tier 1 (Graduate Entrepreneur). The application to switch their visa category shall be substantiated with their Business Plan, demonstrating their strategies, industry analysis, expansion and growth plans, competitive landscape, promotional and marketing strategies, and financial projections.

Tier 1 (Entrepreneur) for Isle of Man Visa Extension

Isle of Man is a crown dependancy, self-governing sovereign state in the United Kingdom. Its Tier 1 (Entrepreneur) visa requirements coincide with that of the United Kingdom with applications reviewed and processed by Home Office.

The Tier 1 (Entrepreneur) visa is granted to those aspiring foreign national entrepreneurs from outside the EEA and Switzerland who either wish to set-up a new company or join an existing venture in the United Kingdom. To qualify for the visa, you must have arranged an investment of no less than £200,000 by yourself or made available to you by third-party financiers such as your parents, your spouse, other relatives, or even a private investor. Alternatively, you can qualify for the visa if you have secured at least £50,000 from any one of the following sources: a UK-based entrepreneurial seed funding competition that is endorsed by the Department of International Trade, a UK government department making funds available for the purpose of setting up or expanding a business in the United Kingdom, or a venture capital firm registered with the Financial Conduct Authority.

If you are already on the Tier 1 (Entrepreneur) Isle of Man Visa and wish to apply for its extension, we can help with creating a compelling Tier 1 (Entrepreneur) Visa Extension Business Plan as well as assist with your extension visa application.

With years of experience in preparing successful Tier 1 (Entrepreneur) business plans, the team at TOP Writers is well-versed and capable of handling any project regardless of its size and complexity. Our team comprises of hand-picked Business Writers, Market Researchers, and Financial Analysts each of who have gone through rigorous training to gain adequate experience to produce results-oriented business plans.

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Engaging TOP Writers does not simply mean hiring a writing assistant or a quick typist who will just help you to draw up a general Tier 1 (Entrepreneur) Visa Extension Business Plan. Rather, it is an opportunity to collaborate with seasoned business planners and strategists possessing more than a decade of experience to further understand your company, business model, business competitiveness and the industry/market, as well as obtain the best advice and hands-on assistance in setting up your business! Our assisted business plan will not only discuss the salient aspects of your core offerings, business model, revenue streams, and financial projections but it will also focus on establishing commercial viability and emphasises the visa applicant’s role, capacity and capability to implement the planned business strategies in its entirety. Furthermore, we consider the current and most relevant market, economic and political conditions in the United Kingdom to advise the best strategies and assess severity of such events impact on start-ups and early stage businesses.

Composition of Business Plans

Our Tier 1 (Entrepreneur) business plan and financial modelling templates are time tested and generate guaranteed results, having evolved over the years by absorbing feedback from our esteemed solicitors and partners. The structure of the plan is pliable to meet the needs of your particular business case and type. Each Tier 1 (Entrepreneur) Business Plan strives to achieve the following presentation objectives:

  • A four-page overview and executive summary of the company that allows the Home Office to gauge the essentials of your business quickly. This will emphasise your business’ compliance with the core requirements of the Tier 1 (Entrepreneur) visa while also providing high-level information regarding the proposed products and services, past experience of the entrepreneur, the target market and segments, the desired business location in the United Kingdom, an external overview (industry), and the business’ vision, mission, objectives, critical success factors;
  • Providing a full-page financial snapshot summarising the projected financial performance during the forecast five-year period of the company for quick and easy consumption;
  • Defining and proving that the proposed business model and offerings are unique, viable and sustainable. This is supported by relevant market research, demand drivers and positive market sentiments and indicators sourced from an authentic research firm – IBISWorld;
  • Creating a proposed organisational structure of the company based on the forecasted personnel plan, as well as an overview of your business including its ownership structure and the management team;
  • Creating a detailed profile for the visa applicant, indicating your core experience, qualifications, and achievements since the beginning of your career;
  • Indicating your appointment as a Director in a new or an existing company along with taking on an active role and considerable operational responsibilities to manage the business;
  • Explaining implications of challenging economic conditions on your business such as pitfalls of the BREXIT or any ongoing or foreseen economic recession. Therefore, how you will proactively mitigate your risk while still finding growth opportunities for your company will be spelt out;
  • Identifying your major competitors their evaluating their behaviour in the marketplace;
  • Assessing your key strengths and opportunities and how they compare with your weaknesses and potential threats;
  • Providing solid arguments and rationales backing your decision to prefer the UK over other countries to invest your capital in, and providing a detailed evaluation of the chosen business location in choice (i.e. particular city/region within the UK);
  • Identifying your target market and laying out core marketing & advertising strategies to appeal to those prospects;
  • Proving that your business can be established with £200,000 (or more, if you are bringing in higher capital) and that you will be fully utilising £200,000 over the first three years of the forecast period in covering business expenditure;
  • Projecting financial performance of the company over the first five years, emphasising on the economic prospects and profit growth with the backing of logical and plausible assumptions;
  • Forecasting your company’s ability to generate a minimum of two full-time jobs for residents in the UK within the first three years and proving the existence of a genuine need for each member of staff within the company’s operations by presenting a customised and relevant job description.

If you are an immigration solicitor specialising in handling Tier 1 (Entrepreneur) cases, we have a special package for you! Click here to find out more.

Your Requirements

Broadly speaking, there are two types of clients who engage and collaborate with us to prepare Start-up Visa Business Plans:

  1. Clients who have already carried out ample market research and basic planning work to validate their business idea in relation to innovation, viability, and scalability;
  2. Clients who possess a basic business idea absent proper research and planning. Hence, they seek assistance and expert advice from us to validate their business idea as well as optimise its innovation, viability and scalability to make it endorsable.

Regardless of the category you classify in, our Project Manager will carry out an initial consultation with you to specifically discuss your business idea, quality, and volume of information you can deliver to aid in the business plan preparation process. The scope of work will be set out in the next stage, and the price will be quoted to you accordingly. To know about further steps and the complete Business Plan Methodology, please click here.

Ready to Get Started? Instruct Your Plan Now!