Entrepreneurs

INTRODUCTION
Tier 1 (Entrepreneur) came into effect on 28th June 2008 and is designed to enable overseas nationals to immigrate to the UK on the basis of substantial investment in an existing UK business, either setting one up or taking over an existing business. 

Although applicants do not require a UK sponsor in order to apply for this type of visa, they will need to meet the minimum points required under the PBS.
Under the current guidelines applicants may apply for Tier 1 (Entrepreneurs) if they fall into one of the following categories:

•    are in the United Kingdom and want to make an initial application as an entrepreneur;
•    are already in the United Kingdom as an entrepreneur and wish to extend their permission to stay in this immigration category;
•    are already in the United Kingdom as a business person or innovator and wish to extend their permission to stay in this new category;
•    are currently overseas and wish to apply for permission to enter the United Kingdom under this new immigration category.


ELIGIBILITY
The main requirement that must be met in the entrepreneur category is that applicants have sufficient available funds and the guarantee that the applicant will be assuming control of a UK business.  In order the meet the necessary 75 points required applicants must be able to meet the following criteria:

•    they have access to £200,000 GBP;
•    the investment funds must be held in a regulated financial institution;
•    the monies must be disposable in the UK.
Each of the above criteria carries 25 points. 
Successful applicants may not seek or undertake employment in the UK in the same way that those obtaining Tier 1 visas under the General category.  This visa is issued solely to those assuming control of or starting up a British based business. 

Applicants for Tier 1(Entrepreneur) are also required to demonstrate their proficiency in the English language and are required to meet one of the following criteria:

•    that they have passed a test in English, equivalent to level C1 of the Council of Europe's Common European Framework for Language Learning;
•    that they come from a country where English is the main language;
•    that they have taken a degree taught in English from a list of select countries, verified by using the National Academic Recognition Information Centre data.

Successful proof of one of these criteria will earn the required 10 points for the English language requirement.

MAINTENANCE
The amount required for maintenance is dependant on where the applicant is applying and the number of dependant family members (spouse and children under 18) that are also applying.  Please be aware that applicants may not use any money included in the £200,000 money as evidence of maintenance (funds).

INSIDE THE UK
Applicants must show a balance of a minimum of £800 in a current or instant access savings account at all times over a three-month period prior to the date that the application is submitted.  Applicants will also be required to show a minimum of £533 per dependant for the same period. (e.g. a family of four - £800 (main applicant) + £533 x 3 (dependant family members) = a minimum balance of £2,399 to be shown over the three-month period)

All evidence must be dated no more than one month before the application is submitted.

OUTSIDE THE UK
Applicants applying outside the UK must show they have a balance of at least £2,800 in their account at all times over the three-month period.  Applicants will also be required to show a minimum of £1,600 per dependant for the same period. (e.g. a family of four - £2,800 (main applicant) + £1,600 x 3 (dependant family members) = a minimum balance of £7,600 to be shown over the three-month period)

All evidence must be dated no more than seven days before the application is submitted. Evidence must be in the form of cash funds.  Other accounts or financial instruments for example, shares, bonds, pension funds, regardless of notice period, are not acceptable.

TIER 1(ENTREPRENEUR) EXTENSION
In order to successfully obtain an extension in this category, applicants must show that they:

•    have invested a minimum of £200,000 in a UK business;
•    within three months of entering the UK, registered themselves as a self-employed person with HMRC and registered the creation of a new UK business showing themselves as a director or registered as a director in an existing UK company; and
•    applicants must be actively involved in the business at the time of application.

It is also a requirement of this type of visa that applicants demonstrate at the time of the extension application that employment has been created for persons with settled status in the UK.  The equivalent of two positions must have been created lasting for at least one year.