The UK Government in its immigration policy always encourages entrepreneurs to come to the UK and contribute in the economy of it. In return the potential entrepreneurs will be able to settle in the UK as early as 2 years depending on the money they wish to contribute. The settlement gives multifaceted benefits to an individual which include highest standard of living in terms of education, health, transportation, amenities etc. Here is a brief outline of this route which in official language is described as Tier 1 visa to particularise it further for the entrepreneurs and the investors. Here is an overview of it:
You will be eligible for Tier 1 (Entrepreneur) visa :
- You want to set up or run a business in the UK
- you’re from outside the European Economic Area ( EEA) and Switzerland
- you meet the other eligibility requirement
You must have access to required amount of fund for investment.
There are primarily two types of funds available for investment for a potential entrepreneur which are £50,000 and £200,000.
Applying under £50,000 investment funds:
Following can apply for the route requiring £50,000:
- Former Tier 1 (Graduate Entrepreneur)
- Former Tier 1 (Post Study Work)
- Former Tier 1 (General)
- Former student
You can apply if you have access to £50,000 in investment funds from one or more of the following:
- a UK entrepreneurial seed funding competition endorsed by UK Trade and Investment (UKTI)
- a UK government department making funds available for the purpose of setting up or expanding a UK business
- a venture capital firm registered with the Financial Conduct Authority (FCA)
You can also apply if you’ve already invested £50,000 in a UK business. You must have invested the funds less than 12 months before you apply.
The funding rules are different if you’re changing (switching) from another visa, or if you’ve already had a UK visa.
In Immigration 2 UK Limited we provide specialist service to anyone desiring to apply under the above route and guide him throughout the application process. Our assistance includes advising on how to secure loan or prepare a business plan and thereby make it as simple as anyone can think of.
Applying under £200,000 investment funds:
If you have access to £200,000 in investment funds and can prove that the money is either:
- your own
- made available to you by any other persons (‘third parties’), which may include a husband, wife, partner or investor
- in a joint account with your spouse or partner but only provided they aren’t applying for a Tier 1 (Entrepreneur) visa
The funds must be held in the UK if you’re applying for leave to remain which means when you apply for the extension of your leave after you have come to this country under this route or any other route.
How much you pay for a Tier 1 (Entrepreneur) visa depends on your situation, where you are and how you apply.
|Who you’re applying for||Apply online or by post||
|You (if you’re from Turkey or Macedonia)||£1,149||£908|
|All dependants||£1,204 each person||£963 each person|
You’ll also have to pay the healthcare surcharge as part of your application. Check how much you’ll have to pay before you apply.
Time required to get Indefinite Leave to Remain
When you come to the UK under a Tier 1 (Entrepreneur) you will be granted visa for a maximum of 3 years and 4 months.
On completion of your first leave you can apply for extension for another 2 years if you’re already in this category and 3 years if you’re switching to it from another category.
After you have completed your stay in the UK for 5 years you will be able to apply for settlement which known as ‘indefinite leave to remain’ (ILR).
Forming Entrepreneur Team
You can also form an entrepreneur team which means to make the investment amount of £200,000 you can form a team with another person and both of you will be given the same rights and privileges under this route.
Your Family Members
When you or the entrepreneur team is granted visa, you and your entrepreneur team member will be able to bring all of your dependent family members which include your spouse and children. When they complete as duration of 5 years like you, they will also be entitled to Indefinite Leave to Remain.
After you have stayed in the UK only 1 year on Indefinite Leave Remain visa, you will be entitled to British Citizenship.
The Tier 1 (Entrepreneur) migrants will be allowed to remain outside the UK for maximum 180 days in any calendar year without losing their right to apply for permanent settlement after 3 (if they create 10 full time jobs for 1 year or generate a turnover of £5 million) or 5 years.
Applicants having leave to remain or leave to enter under the Tier 1 (Entrepreneur) category will be allowed to work only for the business in which they have invested money. They will not be allowed to take supplementary employment. However their dependants will be allowed to seek work or engage in self-employment activities for the duration of their visas. The only restriction for them is that they cannot work as trainee doctors or dentists or professional sportspersons or sports coaches in the UK.
What Services Can We Offer?
- We can advise on the procedure, legal and evidential requirements and merits of making an application to the Home Office or entry clearance post.
- We can advise and represent our clients in making representations in support of their immigration matters.
- We can advise and represent our clients’ dependants in order to seek dependant visas in line with the visa of the main applicant.
- We can lodge an appeal (in-country only) or make a request for an administrative review if the applicant`s entry clearance application is refused.
- We can advise in making applications for indefinite leave to remain (ILR) for those who have already completed their relevant residence period in the UK.
- We can assist in searching and purchasing an existing business, advise on franchise opportunities.
- We can provide an incorporation of a UK company and annual support service, assistance with company assets management by means of registration of trusts and offshore companies, accounting and legal services for UK companies.
- We can assist in opening a bank account.
- We can advise on current tax legislation, prepare and submit annual tax returns.
- We can offer a personal and business insurance.
- We can offer a concierge service for your move to the UK.
- We can provide you with a property search and school enrolment for your children in the UK.
- Whatever the case, we are here to help, assist, advise and represent our clients in relation to any aspect of their immigration matters.
Contact us for further details