Those looking to set up a new business or take over a running business in UK can apply for UK Tier 1 Entrepreneur Visa. And like any other visa category you must meet some conditions to be eligible to apply for UK Tier 1 Entrepreneur Visa. So, let us see what those conditions are. They are following:
- You want to set up or run a business in UK.
- You are not from EEA or Switzerland.
- You must have access to at least £50,000 or £200,000 investment funds.
- You must have sufficient funds to support yourself during your stay in UK.
- You must meet the English language requirement.
- You must score 95 points and
- You must be minimum 16 years old.
So, these are some requirements which you must meet in order to apply for UK Tier 1 Entrepreneur Visa. And you can see one requirement is of investment fund and another is of maintenance funds. You must meet both fund requirements.
Investment Funds Requirement
You must have access to £50,000 for investment if the fund available is from one or more of the following:
- A UK entrepreneurial seed funding competition endorsed by the Department for International Trade (DIT).
- A government department in UK which will make funds available to you for setting up or expanding a UK business.
- A venture capital firm of UK registered with the Financial Conduct Authority (FCA).
If you already have invested £50,000 in a UK business in less than 12 months then also you can apply for UK Tier 1 Entrepreneur Visa.
Now, you must have access to £200,000 for investment if the fund available is from one or more of the following:
- The fund is your own.
- It has been made available to you by third parties, such as a spouse, partner or investor.
- The fund is in a joint account with your spouse or partner. However they must not apply for a Tier 1 Entrepreneur visa.
If you already invested £200,000 in a UK business in less than 12 months then also you can apply for UK Tier 1 Entrepreneur Visa.
You noted that you must show that you have sufficient fund to support yourself during your stay in UK, then only you can apply for UK Tier 1 Entrepreneur Visa. This means that you must have funds available to support yourself during your stay and the amount required as maintenance funds depends on whether you are making an initial visa application, or you are applying for an extension. If you ae applying as initial applicant then you must have funds of minimum £3,310, and if you are applying for a visa extension then you must have minimum funds of £945. In both the cases you must have had this amount consistently for 3 months or more.
Activities you can do and you cannot do
During your stay in UK in this visa category you can do following:
- You can set up a new business or take over one or more running business.
- You can work for your business. This includes being self-employed.
- You can also bring your family members with you.
You cannot do following:
- You cannot do any work outside your business.
- You cannot collect public funds.
How long you can stay
If you are applying as initial applicant then you can be granted to stay in the UK up to 3 years and 4 months initially. If you are applying for extension then you can be granted extension for another 2 years if you are already in this category and 3 years if you are switching to it from another category.