The opportunity to have a fresh start in the UK seems to be a dream to most people, but having the right and relevant knowledge is the first step towards actualizing this ambition. This in fact is a possibility as the Tier 1 Entrepreneur Visa gives you the chance to start, assume control of an existing business or invest time or money in a business venture in the UK.
For settlement as a Tier 1 Entrepreneur migrant, you must meet the 5 yearsqualifying period time-frame. More so, the settlement may occur quicker if your business has created full time jobs for at least 10 people for a year or have been able to generate a turnover of at least £5 million over the last 3 years.
The Tier 1 (Entrepreneur) visa is usually granted for an initial period of 3 years and four months. It can be further extended usually for another 2 years, only after the entrepreneur has submitted an extension application and have received its approval. The Tier 1 entrepreneur may be eligible for settlement having met the 5 years qualifying periodas subsequently mentioned.
It is important to note that, an extension of leave to remain under the Tier 1 entrepreneur route is not automatic as it is usually hinged on the ability of the entrepreneur to fulfill and meet the terms and obligations of the initial application. The success of this extension depends on the ability of the entrepreneur to abide by the rules.The terms for successful application are listed as follows:
- A minimum investment of £200,000; to start the proposed business; or
- Have access to £50,000 from a registered capital firm regulated by FSA or a UK entrepreneurial seed funding competition (endorsement from UK TDI) or a UK Government project for specifically establishing a business; or
- Have access to £50,000 and are applying for leave to remain and have, or were, granted leave as a Tier 1 (graduate entrepreneur) migrant, or
- Have access to £50,000, are applying for leave to remain, have or were granted leave as a Tier 1 (Post-study work) migrant, were registered with HMRC as either self-employed or a director of a new or existing business no more than 3 months before your application and finally; are engaged in business activity other than the work necessary to administer your business that conforms with the National Qualifications Framework Level 4 and above.
- The sum must be held in a regulated bank account;
- The money must be disposable in the UK;
- The applicant must intend to either establish, take over or become a director of one or more businesses in the UK within a period of six months;
- The applicant must show an intention to invest the money in a business. The money therefore must be in the applicant’s own possessions in the financial accounts of a UK incorporated business of which he is the director, or available from a third party named in the application;
- The applicant must only be working in the running of the business;
- The applicant must provide a business plan and evidence of market research into their chosen business sector;
- The applicant must provide evidence of educational and business experience ( if any), immigration history and previous activity in the UK;
- The applicant must register with HMRC as self-employed, in addition to having been registered as a director of his new or existing business;
- The money available must be spent on running the business. This does not include applicant’s own remuneration.
- The applicants must be able to demonstrate that they have sufficient funds to support themselves, and any dependents, until the business becomes profitable; and
- Applicants must meet with the English language ability requirements.
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