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.
Eligibility
You are able to apply for a Tier 1 (Entrepreneur) visa if you meet the following requirements provided by the Home Office; Would like to run a business in the UK and live outside the European Economic area (EEA) including Switzerland. You must also meet the additional requirements requested by the Home Office. This includes having funds of at least £50,000 for investment. The funds must also be held in one or more regulated financial institutions. Also, the funds must be free to spend on business in the UK, disposable. The Home Office also requires the applicant to meet the English Language requirement, which could be met through various ways. These include passing an approved test on the English language and having a qualification kin academics taught in the English language. Note that members of certain countries are exempt from a language test and will not have to prove their knowledge of the English language. These countries include Canada, the Bahamas and the States of America. The full list of countries exempt is on the Government website.
The documents needed
A valid passport or any other travel identification must be provided. A business plan is also needed to be shown to the Home Office which you would wish to act out upon entering the UK. This should include a measurement of the progress your business should make as your time in the UK progresses. Also, a certificate displaying proof of a good understanding of English language if necessary and also the test results for the disease, tuberculosis. Note this is the test is only mandatory for countries highlighted by the Home Office (Kenya, Somalia, and Eritrea). A criminal record certificate must also be shown from the country you have resided in for over 12 months in the past 10 years.
Investment funds
Evidence for investment funds must also be provided. This may either be a personal bank statement or a building society statement. selections. The funds must also not be used for personal uses while staying in the UK. You must also provide evidence that you are able to support yourself when in the UK. The cost of such an application providing this information is determined where you are applying from, outside the UK is £3,310 and in the UK is £945. Your personal savings must also be in your bank account for a minimum of 90 consecutive days to ensure the financial stability of the applicant when 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.
