Everything you need to know about the Tier 1(Entrepreneur) visa including common questions

A Tier 1 (Entrepreneur) visa is a necessary visa for anyone wishing to set up a business in the UK. Below is the necessary information for those thinking of applying for such a visa and entering the UK in such circumstances. Below are some common questions frequently asked by our clients.

How much does such an application cost?

The cost of such an application providing this information is determined where you are applying from, outside the UK is £982 and in the UK is £1,228.

Who is eligible?

  • If you would like to run a business in the UK and live outside the European Economic area (EEA) including countries like Switzerland.
  • If you have funds of at least £50,000 or £200,000 for investment depending on your route (Venture Capitalist Firm, Seed Funding Competition or UK Government Department) and also is free to spend on business in the UK.
  • Have a good understanding of the English language which should be proven via a test if you are not from a certain list of countries including the US and Barbados. See our website for the full list.

What documents are needed?

  • A valid passport is required or any other travel identification
  • A business plan is also needed. We can support you with this! See our website for more information
  • A certificate displaying good understanding of the English language if needed
  • A certificate displaying the results of the TB (Tuberculosis) test if you are from Kenya, Eritrea, and Somalia
  • A Criminal record certificate must be shown from the country you have resided in for over 12 months in the past 10 years

What do I need to know about my costs?

Evidence for the investment funds must be provided. This can be through:

  • Personal bank statement
  • Building society statement

The funds are NOT allowed to be used for PERSONAL USES. You must also show proof that you can support yourself when staying in the UK. Also, your personal savings must be in your account for at least 90 consecutive days and should not be included in your investment fund savings.

Can I extend my Visa in the future?

If you are already in the UK under the Tier 1 Entrepreneur visa, you can extend your visa by meeting the following criteria:

  • You have invested no less tan £200,000 cash directly into one or more UK businesses
  • You have become a director or self-employed in a UK business no more than 6 months after receiving your first initial visa
  • You are engaged in business activity
  • Your business has created at least 2 new jobs for people settled in the UK for a total of 1 year each
  • You meet the standard for the English language
  • You have enough money to support your stay while being in the UK

If you have any inquiries about this visa or wish to apply for a visa and require assistance please do not hesitate to contact the ICS Legal team.