Are you thinking of moving to live in the United Kingdom, settling there and starting a business? But you are not sure where to start, and what initial capital is required for this.
One of the easiest ways to immigrate is still getting a Tier 1 Entrepreneur visa. As the official government website states “you need to have at least £ 50,000 available for investment” to apply for this visa.
Having a Tier 1 Entrepreneur Visa one can stay in the UK for 3 years and 4 months with the right to extend for 2 years, and when switching from visa of another category, 3-year extension would be possible. Once you’ve been in the UK for 5 years, you may be able to apply for settlement.
Tier 1 Entrepreneur Visa allows you to:
- set up and manage a business or several of its branches;
- work on the development of this business, including the possibility of registering on conditions of self-employment;
- bring dependent family members with you.
However, the Tier 1 Entrepreneur Visa does not allow the applicant to:
- be engaged in any type of activity outside this business;
- receive public funds.
Conventionally, this category can be subdivided into an Entrepreneur with an investment access to £50,000 or £200,000. This amount must be held in one or more financial institutions and be available for investment into the UK business.
Among the other requirements these essential should be noted: English language knowledge, ability to support oneself during the stay, including dependent relatives.
You can apply for a visa if you have access to £50,000 investment funds from one or more sources:
- a UK entrepreneurial seed funding competition endorsed by the Department for International Trade (DIT)
- 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.
You can apply for a Tier 1 Entrepreneur Visa if you have access to £200,000 investment funds and you can prove that the money is either:
- your own
- made available to you by other people (‘third parties’), such as a spouse, partner or investor
- in a joint account with your spouse or partner but only if they are not applying for a Tier 1 (Entrepreneur) visa
The funds must be held in the UK if you’re applying for leave to remain.
Any visa application must be supported by a package of accompanying documents, the list of which varies in each particular case. But if you do everything right, prepare for an interview at the Home Office, develop a competitive business plan, then very soon you, as an entrepreneur, will be developing your business in the UK.
Please, contact us if you have any questions or need any further information:
T: 020 8935 5205
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