What is tier 1 visa UK for entrepreneurs?
Tier one entrepreneur visa is for people interested in setting up or take over a running business in UK or be self-employed. If you apply for entrepreneur visa UK, you can bring your family too through tier 1 entrepreneur dependent visa.
Tier 1 entrepreneur modernized guidance
Tier 1 entrepreneur policy guidance includes the following:
- Under t1 graduate entrepreneur visa you cannot work for any other business, neither can you apply/receive public funds
- Length of UK t1 visa: 40 months only. Extension allowed for two years only.
- After 5 years tier 1 entrepreneur accelerated settlement or ‘Indefinite Leave to Remain’ can be applied for
Tier 1 entrepreneur visa requirements
Apply for tier 1 entrepreneur visa if you meet business entrepreneur visa UK requirements:
- Readily available tier 1 entrepreneur investment of 200,000 GBP legally allowed to spend in UK.
- tier one entrepreneur should be aged 16 or above
- Evidence that you have required fun for investment.
- Evidence that you have enough funds (apart from the investment amount), with which you can support/accommodate yourself in UK. Money from illegal sources cannot be used.
- £945 if you are residing in UK
- £3,310 if you are outside of UK.
- Amount should be there Ninety (90) consecutive days, before you apply for the visa.
- Able to show your funds location, money trail and since how long you had them and if it can be transferred to UK.
- Detailed business plan
- Money can be in or outside UK at the time of application.
- English proficiency test score is necessary for UK business entrepreneur visa. Residents of following countries are exempted from this: Antigua and Barbuda, Australia, Bahamas, Barbados, Belize, Canada, Dominica, Grenada, Guyana, Jamaica, New Zealand, St Kitts and Nevis, St Lucia, St Vincent and Grenadines, Trinidad and Tobago, USA.
- Other documents mentioned under Business visa heading.
- If any of your documents are not in English or Welsh, you need to submit their translated copies for UK business investment visa.