UK Tier 1 Entrepreneur for Immigrant Business Owners—A Passing Look

The doors of the UK is wide open for business, and the UK Tier 1 Entrepreneur Programme it is one of the very few categories which allows immigrants to come and start their own business in the country. Starting from first week of April 2015 it is mandatory for Entrepreneurs to submit a business plan along with the Tier 1 application.

The Tier 1 Entrepreneur Visa is ideal for those who wish to invest in the country–either by starting their own business or managing an existing venture. However, they are expected to completely involve themselves in operating the business.

Through the Tier 1 Entrepreneur Programme, the UK government aims to draw talented entrepreneurs from every corner of the world either to establish a new or invest in an existing business in the nation.  Preference is given to those with demonstrated business expertise and the required funds to settle and contribute towards the nation’s economic productivity.

To qualify, it is mandatory to meet the predefined parameters, such as qualification, funds to invest, adaptability, experience and linguistic capability. The alien through his business must be able to create fresh opportunities for local citizens and permanent residents.

UK Tier 1 Entrepreneur for Immigrant Business Owners– Key Requirements

An alien is eligible to apply for UK Tier 1 Entrepreneur visa if:

  1. He wishes to establish a new or run an existing business.
  2. He is not a native of European Economic Area (EEA) or Switzerland.
  3. He successfully meets the eligibility criteria.
  4. He agrees to make an investment of 50,000 or 20,000 British Pounds.
  5. He is fluent in English and to prove it he must submit a Language score, such as the IELTS or the TOEFL.
  6. He must be at least 16 years old at the time of submitting an application.
  7. He must score at least 95 points on the point’s grid.
  8. He must be able to create at least two full time opportunities for UK citizens or Permanent Residents.

How long can an alien stay in the country under the Tier 1 Entrepreneur Category?

Initially, a visa is issued for three years and four months subject to further extension for two more years, and if you are switching from another category, it is three years. Once the alien has successfully lived in the country for five years, he may apply for permanent settlement.

To select only the most capable and genuine entrepreneurs, the UK government has introduced a “Genuine Entrepreneur Test”. Starting from first week of April 2015 the entry criteria has become more stringent.

Immigrant Business Owners Have to Meet These Criteria:

  • Submit a business plan with the UK Tier 1 application. Earlier, it was not mandatory.
  • Prove the source of funds, and if the funds have been deposited in the alien’s accounts for less than 90 days from the date the application has been submitted.
  • The ‘Genuineness Test’ is mandatory for those who wish to apply for an extension or settlement. The alien has to provide enough evidences that the business is making credible profit.

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