Entrepreneur visa UK
The entrepreneur category is for those applicants who wish to invest in the United Kingdom by setting up or taking over, and being actively involved in the running of one or more businesses in the United Kingdom.The Tier 1 (Entrepreneur) visa category applies to the main applicant as well as their immediate family members, including spouse and children under the age of 18. The entrepreneur visa is initially granted for 3 years and 4 months but there’s an option for it to be extended for another two years. Applicants in the first category are eligible to apply for British citizenship after they have spent a period 6 years in the country, while those who create ten jobs or achieve an annual turnover of at least £5 million a year are eligible to apply after 5 years of residence in the UK.
The UK follows a point based system, and hence for a successful entrepreneur visa application, applicants need to score sufficient points on a points-based assessment.These points are based on a number of factors like the funds that are available to the applicant for investment purposes, their English Language ability and whether they have enough money for their living costs in the UK (maintenance).
Applicants must score at least 95 points for their attributes which also vary with whether it is an initial or an extension application. Also required are 10 points for English language as well as 10 points for available maintenance (funds). If an applicant does not score a minimum of 75 points for their attributes and 10 points for English language and 10 points for available maintenance (funds), the application will be refused.
Online points based calculators are available for applicants to complete a self assessment and find out if they are likely to score enough points. Applicants can use these to ensure before applying that their applications are eligible on the basis of the points.
Applicants need to take or send their forms, fee and supporting evidence to the visa application center. Biometrics and photo is must to be taken at the visa application center. It needs to be ensured that all the supporting documents are submitted with the application as any evidence provided after a decision has been reached will not be considered. Once granted entry clearance as an entrepreneur from outside of the United Kingdom, an applicant shall be able to live and work in the United Kingdom for a period of 3 years and 4 months. As the end of these 3 years and 4 months approaches, If an applicant wishes to continue the stay, the applicant must apply for an extension before the expiry of his initial entry clearance.
While making an initial application, The applicant must meet the following requirements:
- Access to £200,000 (must be maintained for consecutive 90 days )
- Funds must be held in one or more regulated financial institutions
- Funds must be disposable (transferrable) to UK
Apart from the above:
- English Language Requirements or NARIC assessment of educational credentials if the applicant has completed graduation studies in English.
- Must be maintained for consecutive 90 days
When an applicant is applying for an extension on their entrepreneur visa, they must have:
- Invested £200,000 in to a United Kingdom business
- Business must be registered within 6 months of arrival
- The applicant must not work as an employee in any other business
- The applicant must create 2 employments for minimum 12 months
- Must meet the English Language Requirements
- Maintenance funds must be held in a regulated financial institution for 90 days