United Kingdom or more commonly known as UK is a part of the continent of Europe and is one of the strongest and oldest economies in the world. The seat of world’s most popular monarchy is a popular choice among immigrants because of the world class education system and healthcare services. Not only UK has age old and world renowned universities and colleges, it is also a popular filming spot for Hindi movies. The capital city of London is one of the most popular holiday spots in the world and is a fashion capital where people love to shop till they drop.
United Kingdom Tier 1 Entrepreneur Visa
Individuals who are interested in migrating to UK and are having a strong monetary backing can apply for Tier 1 Entrepreneur Visa. If you have a sum of £ 200,000 and you are willing to invest that amount in a business in UK, you can apply for a Tier 1 Entrepreneur Visa which entitles you and your family to live and run a business in UK. You may set up a new business, take over an existing business and may be actively engaged in running one or more businesses in UK.
INITIAL APPLICATION PROCESS AND ELIGIBILITY
An applicant who is interested in investing £ 200,000 will need the following points in his / her favour
- You should be able to show the proof of funds required (£ 200,000).
- The funds should either belong to you or a third party who show the availability of funds for business purpose to be granted to you to invest in UK.
- The funds should be legitimate and rightfully obtained by the investor.
- The investment amount or funds shown by you should be held in a regulated institution or bank.
- The amount, if held out of UK, is available to be freely transferred to the country for investing in a business.
- A business proposal or plan should be in place which can support your application and genuine interest of investing in a business in UK.
- You should be able to prove the sustainability of the business proposal or plan financially.
- You should be competent in English as required (minimum CEFR level B1)
UNDERSTANDING THE POINT SYSTEM –
Like many other visa categories, you can only apply for Tier 1 Entrepreneur Visa for UK if, you are able to secure minimum points required. You must obtain 95 points including
- 25 points – For showing the required amount of funds to be invested (£ 200,000)
- 25 points – the funds should be held in a regulated financial Institution or bank.
- 25 points – the funds should be available ti be transferred to UK for investment
- 10 points – For showing required competency level in English language
- 10 points – For maintenance funds requirement to support yourself
HOW TO APPLY –
Before filing the application, it is advisable to read the UKVI guidance for better understanding. Indians and other nationals (except from North Korea) can apply online for Tier 1 visa.
If you are switching from another visa category to Tier 1 Entrepreneur Visa, the application can be filed while being present in UK.
You might be asked to attend an interview which will only be scheduled in your home country with a UK visa official.
APPLICATION PROCESSING TIME –
When your application is submitted in the UK Embassy, it will take approximately 2 – 4 weeks to get processed.
If you are selected for an interview for visa clearance by the embassy, then your application may take longer to process.
MANDATORY DOCUMENTS –
- A current and valid passport
- Proof of funds required for investment (£ 200,000)
- Proof of maintenance funds required to support your stay in UK
- English language competency test results
- A sustainable business plan
- If your country is on the Home Office’s TB testing list, you must clear the tuberculosis test and present the results
- A criminal record certificate from any country you have lived in for a year or more in the last ten years
GENUINE ENTREPRENEUR TEST –
An important and crucial part of the application is Genuine Entrepreneur Test. The Home Office can schedule an interview for you through the embassy during which your focus should be on presenting a sustainable business plan and your experience, skill set and qualification (if you have any) to run a business venture need to be proved through proper documentation. You also need to explain how you have obtained the required amount of funds for investment and they are genuine.
This interview is a Make or Break because if the applicant fails to provide evidence for any of the above mentioned points, the visa application is rejected.
DURATION OF YOUR STAY –
If your application is accepted, you are granted a visa valid for the duration of 3 years and 4 months initially, and up to 6 years and 4 months in total with extensions (if you apply)
You can also extend your visa. The length of the visa extension depends on the applicant’s visa status. Those applicants who are switching to the Tier 1 Entrepreneur visa from another category can extend their visa for 3 years. Rest can only extend it for 2 years.
INDEFINITE LEAVE TO REMAIN –
Also known as settled status and it is a form of “permanent residence”. In most cases, you can apply for the same twenty-eight days prior to the end of your five years stay in the UK on a Tier 1 Entrepreneur Visa, provided you have not spent longer than 180 day in a year outside the UK during this period of time. There are exceptions to the required period of stay in the UK but, only under limited circumstances.
There is a shorter three year requirement for indefinite leave to remain (minus 28 days), also known as Accelerated Settlement, only if you have created ten jobs over these three years or have created a business that has had a gross income of £5 million over the period of three years, or if you had taken over an existing business that has seen an increase in gross income of £5 million over the period of three years. You will still have to meet the other residence requirements.
HOW CAN WE HELP –
Filing for a visa application and the minute details involved can be extremely tiresome at times and even a small mistake can lead to rejection of your visa application which can hamper your growth and your future plans. At Thapar Immigration, our experienced team will take care of each and every detail involved and will assist you with the tedious task of filing the application with all the supporting documents so that you can swiftly move through the process and achieve your goal. In addition we will keep on updating you regularly about the status of your application and any important deadline that needs to be met so there are no chances of an error and the success is guaranteed.