What are the specific steps to obtain a Tier 1 Entrepreneur Visa for starting a UK business?
Becoming an entrepreneur and starting your own business in the UK can be both exciting and challenging. It requires not only a solid business plan and funds to support the investment but also the right immigration status. One of the most common methods for entrepreneurs to legally start a business in the UK is through the Tier 1 Entrepreneur Visa. This visa grants the applicant leave to remain in the UK for up to 3 years, with the opportunity to apply for an extension or even for Indefinite Leave to Remain (ILR) after certain requirements have been met.
In this article, we will guide you through the specific steps to apply for this visa, the investment requirements, and what it means to be an innovator and investor in the UK.
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Understanding the Tier 1 Entrepreneur Visa
Before you delve into the application process for a Tier 1 Entrepreneur Visa, it's crucial to understand what this visa entails. The Tier 1 Entrepreneur Visa is designed for individuals outside of the European Economic Area and Switzerland who wish to either start a new business in the UK or take over an existing one.
To qualify, you need a minimum investment of £50,000 from specific UK investment funds or £200,000 from any other legitimate source. You must also meet the English language requirements and have enough money to support yourself while in the UK.
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This visa allows you to bring your family members with you to the UK, and after five years of continuous residence, you can apply for ILR, providing a clear path towards permanent residency.
Preparing your Application
The application process for a Tier 1 Entrepreneur Visa is thorough and requires meticulous preparation. The first step is creating a credible and realistic business plan. This should illustrate your knowledge of the UK market, demonstrate innovation, and highlight your entrepreneurial skills.
Next, you need to gather supporting documents, proving your identity, the legitimacy of your funds, your English proficiency, and your ability to support yourself financially.
Once these materials are ready, you can apply for the visa online, unless you are from North Korea, in which case, a paper application is required.
Making your Application
Applications for the Tier 1 Entrepreneur Visa can be commenced up to three months before your intended travel date to the UK. You'll have to pay the visa fee (£1,021 if applying from outside the UK, £1,277 if applying from within the UK) and the healthcare surcharge as part of your application.
After applying online, you'll need to have your fingerprints and photograph taken at a visa application centre to get a biometric residence permit.
The decision on your application will usually be given within three weeks, but it can take longer if your case is complex or if you are called for an interview.
After Receiving your Visa
Once you've received your Tier 1 Entrepreneur Visa, you are expected to set up or take over the running of a business within six months. You'll also need to create at least two full-time jobs for settlement workers and meet other requirements to ensure your business is viable and beneficial to the UK economy.
This visa initially gives you leave to remain in the UK for three years, after which you can apply for an extension. After five years, you can apply for ILR, provided that you meet the requirements.
Extending your Visa or Applying for ILR
After your initial three years on the Tier 1 Entrepreneur Visa, you may apply for an extension, which will give you an additional two years in the UK, or apply for ILR if you have been in the UK for five years and meet certain criteria.
To extend your visa, you need to demonstrate that your business is ongoing, that you have created at least two full-time jobs, and that you continue to meet the necessary requirements.
Applying for ILR is more demanding. You must demonstrate that you have not been outside the UK for more than 180 days in any 12 month period, pass the Life in the UK test, and meet the English language requirements. Also, your business must have made a significant contribution to the UK economy.
Obtaining a Tier 1 Entrepreneur Visa is a complex process, but with meticulous preparation and a viable business idea, it's a practical path to starting a business and establishing a life in the UK.
Navigating the Tier 1 Entrepreneur Visa Extension and Indefinite Leave
With your entrepreneur visa tier all set and your business up and running, you might be thinking about what's next. The Tier 1 Entrepreneur Visa initially grants a leave to remain in the UK for three years, but extendable up to five years. After five years of continuous residence, the applicant can also apply for Indefinite Leave to Remain (ILR).
The extension application process is designed to ensure that the business is running successfully and contributing positively to the UK economy. You will need to demonstrate that your company has been actively trading and you have been engaged in its running.
To extend your Tier 1 Entrepreneur Visa, you must prove the creation of at least two new full-time jobs that lasted for at least 12 months each. The jobs must have existed for at least 12 months during the three years of your initial entrepreneur visa.
Applying for an extension requires a fee of £1,277 if you apply online or by post. The decision for your extension typically takes eight weeks. If you apply for the "super priority" service, you can receive a decision within 24 hours, but for a much higher fee.
The ILR application is a bit more demanding. You must have not been outside the UK for more than 180 days in any 12-month period. You must also pass the 'Life in the UK' test and meet the English language requirements. Furthermore, it's required to demonstrate that your business has made a significant contribution to the UK economy. The current fee for ILR application is £2,389.
Conclusion: Embarking on Your Entrepreneurial Journey in the UK
Obtaining a Tier 1 Entrepreneur Visa is no small feat. It requires meticulous planning, a viable business idea, substantial investment funds, and a deep understanding of the UK market. But it's more than worth it. It's an opportunity to bring your entrepreneurial dreams to life, create jobs, and contribute to the UK economy.
Remember, the visa application process is just the first step. The real journey begins once you set foot in the UK and start executing your business plan. Keep in mind that you'll need to meet certain requirements to maintain your entrepreneur visa, extend it, or apply for ILR. These include proving the success of your business and its benefit to the UK economy.
The Tier 1 Entrepreneur Visa is not just an entry clearance into the UK; it's an entry into a world of opportunities for innovators and investors. It's your chance to make a mark in your industry and carve a niche for yourself in the UK business environment.
Keep in mind that circumstances can change, and so do immigration rules. It's essential to stay updated with the latest changes in the visa category and regulations. Good luck on your entrepreneurial journey in the UK!