What is an Entrepreneur's visa?
The UK has opened its borders to any foreign individual wishing to set up a new business or manage an existing one in the UK with stakes starting from £50,000. Entrepreneurs wishing to start or run a business with a £200,000 stake will be eligible for the same Tier 1 Entrepreneur Visa under different conditions.
H & S Solicitors will ensure all the paperwork is in order and go through the different steps of the application for you. Our firm’s services supporting your application will ensure a successful return. The benefits of this Entrepreneur Visa include the possibility of working in the UK as an employed or self-employed individual. Foreign Individuals working in the UK on this Tier 1 Visa may bring their spouse and children along on the same visa.
Clients must be aware that travelling on the Tier 1 Investor visa means they may not work for any other entity than that which provided the visa or claim any public funds’ benefits. For those international clients, coming from non-English speaking countries, H & S Solicitors will also provide assistance and direction for the client’s preparation of the English Language certificate, which may be requested in the application of the Tier 1 Visa.
Setting up or managing a business in the UK will likely result in a long-term visa, and can later be used to apply for settlement in the UK or British citizenship. H & S Solicitors follow through with all their clients to reach permanent residency or citizenship in the UK.
Please find below some of the basic conditions of eligibility for the Tier 1 Entrepreneur Visa, for those with a £50,000 starting stake:
- UK entrepreneurial seed funding competition endorsed by UK Trade and Investment (UKTI)
- UK government department making funds available for the purpose of setting up or expanding a UK business
- If you’re from outside the UK you can also apply if your funds are from a venture capital firm registered with the Financial Conduct Authority (FCA).
- You’ve already invested £50,000 in a UK business less than 12 months before the application
For entrepreneurs with a £200,000 starting stake, the applicant must prove that:
- The applicant has his own funds
- Those funds are made available to the applicant by other people, such as a spouse, partner or investor
- The applicant has already invested £200,000 in a UK business, less than 12 months before the application
- The funds must be held in the UK if the applicant is applying for leave to remain.
The Tier 1 (Entrepreneur) Visa be valid for a maximum of 3 years and 4 months, and will then be possible to extend. H & S Solicitors will also provide assistance to those in the UK on a different tier visa to switch to this category, extending their stay in the UK for another 3 years.
You may be able toapply for settlement(known as ‘indefinite leave to remain’) once you’ve been in the UK for 5 years.
