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Tier 1 (Entrepreneur) Visa
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- Q. What is the Tier 1 Entrepreneur category?
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This visa category was created to encourage individuals to come to the United Kingdom to either establish a business here or invest in an existing business
- Q. How long can I stay in the UK with an Entrepreneur visa?
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Your initial visa can be granted for a maximum of 3 years. You may then apply to extend the visa for a further 2 years, provided you have continued to meet all the necessary legal requirements.
It is also possible to switch into the Tier 1 (Entrepreneur) visa category from certain other categories in the Points Based System, for example if you have permission to stay in the UK as a Tier 1 (General) migrant or as a student. This being the case, again you can be granted an initial visa of up to 3 years’ duration.
- Q. Can I apply in this category?
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If you have a minimum of £200,000 to use for a business or investment and you meet all the other criteria of the rules you may apply for this visa
- Q. What are the financial requirements for this visa?
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When you apply for the Entrepreneur visa, you must have either:
- Access to at least £200,000 for investment into a business, which is accessible in the UK and held in a regulated financial institution (such as a bank or building society).
Please note that these funds can be shared by a team of up to 2 people, who can both come to the UK on an Entrepreneur visa whilst using the same investment funds. The applicant(s) can also use money from a third party, such as a friend or relative
OR
Access to not less than £50,000 from;
- one or more registered venture capital firms regulated by the Financial Services Authority,
- one or more UK entrepreneurial seed funding competitions which is listed as endorsed on the UK Trade & Investment website, or
- one or more UK Government Departments, and made available by the Department(s) for the specific purpose of establishing or expanding a UK business
Again, the money must be accessible in the UK and kept in a regulated financial institution.
- Q. Are there any other requirements I need to meet?
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- You will need to prove that you speak English to the required standard for this category
- You will also need to prove that you can support yourself and any accompanying dependants (such as your spouse, or partner or children) whilst living in the UK
- Q. Can my family travel to the UK and live with me under this visa category?
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Yes, your spouse or civil partner and any children aged 18 or under can apply to travel to the UK with you, providing you can meet certain maintenance and other requirements
- Q. When can I apply for Indefinite Leave to Remain?
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You and your family may apply for Indefinite Leave to Remain (ILR) after 5 years of living in the UK, provided you have continued to meet the requirements of your visa category. As the holder of an Entrepreneur visa, you are entitled to spend 180 days per year overseas without this negatively affecting either your visa or rights to ILR
However, as an incentive for business people to invest in the UK, the Government has implemented accelerated access to ILR for under the Tier 1 Entrepreneur category, provided you meet certain requirements
You may apply for ILR after 3 years in the UK on an Entrepreneur visa if you have:
a) created 10 or more new full time jobs; or
b) established a new UK business which has had an income of at least £5 million in the 3 years you have held an Entrepreneur visa; or
c) taken over or invested in an existing UK business, which has resulted in an increased income of £5 million in the 3 years you have held the Entrepreneur visa (when compared to the preceding 3 years)
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