Tier 1 (Entrepreneur) visas are ideal for entrepreneurs with some money to invest in the UK. If you have at least £50,000 to invest, you may be able to apply for this visa. In practice most people who apply will need to have £200,000 of available funds held in a regulated financial institution.
In order to qualify for a Tier 1 (Entrepreneur) visa, you must score 95 points on the Tier 1 points-based test. You will score points as laid out below.
Requirements (25 points)
To make a successful entrepreneur visa application, applicants are required to score sufficient points based on the funds that are available to them to invest, their English Language ability and by having enough money for their living costs in the UK (maintenance).
Applicants need to have access to either:
At least £200,000
All of the above funds need to have been held in one or more regulated financial institutions.
All of the above funds need to be free to spend in the United Kingdom (disposable).
At least £50,000 from:
1 or more registered venture capital firms regulated by the Financial Services authority; or
1 or more UK entrepreneurial seed funding competitions listed as endorsed on the UK Trade and Investment website, or
1 or more UK government departments, which have made the funds available for the specific purpose of establishing or expanding a UK business.
English Language Requirement
Level B1 of the CEFR. List of English Language Tests
Maintenance (living costs)
Applicants are also required to meet the maintenance requirement. This means that in addition to the funds required for investment they need to show personal funds to satisfy the UKBA that they will be able to pay for their own living costs.
Switching (someone already in the UK under a different immigration category applying to extend their stay under a different immigration category) .It is possible for those who are in the United Kingdom as Tier 1 Post Study Workers to switch into the Tier 1 Entrepreneur category, and for those who are here under Tier 4 as students as a Graduate Entrepreneur.
Leave is initially granted for three years.
Can I extend it?
Yes, if you can prove that you have invested the funds. You also need to prove that you: Have created new jobs for British citizens or settled workers –these rules can be flexible, arrange a consultation to find out more. Are engaged in business activity.
Does it lead to settlement?
Yes. It is also possible to fast-track the time spent in the UK to obtain settlement if you create ten jobs or achieve an annual turnover of £5 million a year. You may also be interested in a Tier 1 Investor Visa if you’re looking to invest in a UK based company.