Tier 1 Entrepreneur
Who may apply for a Tier 1 Entrepreneur visa?
The Tier 1 (Entrepreneur) Visa is aimed at non-EU nationals who want to set up or invest in a business in the UK and have access to at least £50,000.
What are the requirements for a Tier 1 Entrepreneur visa?
- Adequate knowledge of the English language – at least CEFR Level B1 (equivalent to IELTS 4.0 in reading, writing, listening and speaking);
- Able to prove a active involvement and genuine intention to run a UK business through a viable and credible business plan;
- You must show that you have £200,000 belonging to you; or
- £50,000 funding by a UK entrepreneurial seed funding competition, UK government department or a venture capital firm; or
- £50,000 if you are currently holding a Tier 1 Graduate Entrepreneur visa or a Tier 1 Post Study Work Migrant;
- Your funds must be held in a regulated financial institution;
- Your funds must be disposable in the UK;
- Sufficient money to support yourself throughout your stay in the UK – should not rely on public funds
Alternatively, the money can be held in a third parties account however they must confirm that the funds can be used by you for the set-up or investment of a business in the UK. If the funds are in a bank outside of the UK, they must be feely transferable to the UK.
Extending your Tier 1 Entrepreneur visa
If you wish to extend your Tier 1 Entrepreneur visa, you will need to demonstrate:
- You have registered as self-employed or as a business director within 6 months of arrival in to the UK as a Tier 1 Entrepreneur or during your leave to remain in the same category;
- Investment of £50,000 or £200,00 in to UK business(es);
- Established and offered a minimum of two full-time jobs for settled persons;
- The jobs have been existent for 12 months
Settlement in the UK under Tier 1 Entrepreneur visa
You may apply for permanent residence:
- After 5 years if you invested in a business in the UK which has established a minimum of two full-time jobs;
- After 3 years if your business has successfully made a profit of at least £5 million from business activities;
- Adequate knowledge of the English language and Life in the UK;
Please note, you are allowed to spend 180 days (6 months) outside the UK each year, and still be able to apply for permanent residence.
Once you have been settled in the UK for 12 months (permanent residence status), you may be entitled to apply for naturalisation as a British Citizen.