For Asians, the UK Entrepreneur Tier 1 Visa is a golden opportunity to run their own business venture abroad. The visa is especially for those who desire to live and work in the country indefinitely. It is basically a point based visa, and primary applicant can bring along his family members, i.e., spouse and children below eighteen years of age as well to the nation.
Prospective immigrants by simply making an investment of 50,000 or 200,000 British Pounds can get an Entrepreneur Tier 1 Visa which, frankly speaking, is not at all a bad deal for a country like the UK.
Now let’s have an in-depth knowledge of UK Entrepreneur Tier 1 Visa!
When can you submit an application for a Tier 1 Visa?
You can submit an application:
- If you wish to start a new business venture or run an exiting one.
- You are not a citizen of Switzerland and the European Economic Area (EEA).
- You intend to make an investment of either 50,000 or 20,000 Pounds.
You will also have to meet the other eligibility criteria such as:
- You should be fluent in English, and should have appeared for English Language Test.
- You must have a clear and a convincing business proposal.
- You should have enough funds to support your stay in the UK while your business starts earning profit.
- Through your business you must be able to create at least two full time positions for European Economic Area (EEA) citizens.
- You must have scored at least 95 points.
- You must be not less than 16 years old at the time of submitting a petition.
If you intent to invest 50,000 Pounds, then you should meet the following requirements:
- You must agree to permanently settle in the country.
- Within the last three months you must register yourselves with the Majesty’s Revenue & Customs as a self employed or a director of a company.
- You have been given permission to work in Britain under the Post study work Tier 1 category.
- You actively participate in activities which has been marked on level four or higher on the National Qualifications Framework.
If you wish to make an investment of 20,000 Pounds then you should meet the following requirements:
- You must have not less than one company that is recognized by the Financial Services Authority.
- You must receive grant from one or more government authority or by government departments from within the country.
English Language Ability
It is mandatory for the candidates, who lack a degree taught in English, to sit and successfully clear the International English Language Testing System (IELTS) and obtain not less than 6.5 on every of the 4 modules. For those who came in late, the IELTS measures the capability (or otherwise) to converse in English across all four language proficiency, namely, listening, reading, writing and speaking for those who aim to pursue studies or do a job where the language of contact or communication is English.
How long can you stay in UK on Entrepreneur Tier 1 Visa?
The maximum duration is three years and four months. If you want you can extend the duration of the visa, you can do it for two more years only. If you already fall in the category and in case you are switching from another category then you may submit an application for three years. Once you have lived in the country for a minimum of five years, you may present an application for the Permanent Residency (PR).
Do’s and DO under the category
|you can run one or more than one business venture||you cannot be employed outside your own business venture|
|you can bring along you family members||Under no specific circumstances you can access public funds|
|You will have to actively participate in running the business venture||You cannot bring along your children above 18 years|