Business Plan for UK Tier 1 Entrepreneur Visa | ICS Legal Project Team
Business Plan is needed for your Tier 1 visa. “Britain is open for business” – a campaign is driven by many successive UK governments attracting talented entrepreneurs worldwide to set up or invest in an existing business in the UK. The Tier 1 (Entrepreneur) visa is the natural visa to obtain for those wishing to start or invest in a business they will actively be involved in running in the UK. To qualify under this route, you must show you have access to at least £50,000 in capital from a registered venture capital firm, seed funding competition or government department or £200,000 of personal wealth, which can include third party backing. Click here to read more information on Tier 1 visa.
Writing your business plan to meet the Tier 1 visa requirements
ICS Legal Project Team have unique business plan writers, each specialising in drafting and researching business plans for the Tier 1 (Entrepreneur) visa. Our group comprises of UK immigration lawyers, qualified accountants and experienced economists - all of whom are experts in their fields - our writers have many, many years of drafting. Our business plans have been used for a number of immigration applications since the Tier 1 visa was first introduced. E-mail us your details and the type of business you are intending to open and we will provide some initial advice to you. Click here to e-mail us on firstname.lastname@example.org. Our service guarantees a response to your enquiries within 24 hours, no matter if you have an initial enquiry or if you are an existing client - ALL our clients are important to us.
Our Project Team consists of writers that specialise in small-medium companies, as well as writers that have drafted for large corporate PLCs. These include restaurants, concierge services, spa lounges, IT consultants, car rentals, nurseries, food franchises, construction companies, import/export traders and much more!
How the business market and Tier 1 visa work together
The injection of private sector talent and entrepreneurial vigour has boosted the growth of many industries in the UK and businesses such as tech start-ups have thrived in the era of Tech City mania. While there is definitely encouragement for entrepreneurs to bring business to the UK, recent statistics show otherwise with a high number of refusal rates for Tier 1 (Entrepreneur) applicants. This is partly due to the introduction of the subjective “genuine entrepreneur test”, which is the UK government’s response to counter abuse under this immigration category. However, the test can also be a challenging one for genuine entrepreneurs and the announcement of the Immigration Rule changes of 6 April 2015 has further tightened up the requirements:
It will be a mandatory requirement for initial applicants to provide a business plan as part of their application. It was previously not compulsory, though caseworkers often requested the business plan to help establish if the applicant’s business proposal was a genuine one.
Following the theme in protecting abuse under this immigration category, applicants will be required to provide evidence of the source of funds if the funds have been held in the applicant’s account for less than 90 days before the application is made.
The “genuineness test” has now been extended to applicants applying for extensions and indefinite leave to remain (settlement) applications. It is envisaged that applicants will need to be more creative with supplying additional evidence to demonstrate their business is “genuine” and that they are running a credible business in the UK.
The above is aimed to source the genuine entrepreneurs who can demonstrate they have sound business acumen; extensive background experience; and a viable business proposition. For individuals wishing to obtain the Tier 1 (Entrepreneur) visa, the vibe seems to be “Britain is open for business”, but only if you can show a high degree of genuineness and entrepreneurialism.
So, let’s say you have ticked all the boxes with an amazing business plan and you can demonstrate you are the “genuine” entrepreneur the UK is looking for (and you even have an entrepreneur team member applying with you to jointly invest the £200,000) – you get the visa, but what next…
Have you established or invested in a business in the UK?
Before you establish or invest in a UK business, there are various matters that you will need to consider. Have you decided which structure or corporate vehicle is most appropriate for you and for your business? If you wish to set up a small, owner-managed business but want to limit your liability, for example, you might consider incorporating a company limited by shares. We can advise on the most appropriate structure and put you in touch with an accountant/tax advisor who can advise in respect of tax and associated registrations from a company perspective.
If you wish to invest in an existing UK business, you need to ensure your interests are well protected. You should consider the existing constitutional documents (the articles of association, memorandum of association and any other associated documents) of the company and any shareholders’ agreement already in place. If you are contemplating lending money to a company or making an equity investment, you should ensure that you fully understand your rights and that these are documented appropriately.
Call our Project Team on 0207 237 3388 and get some initial advice.