The UK is a diverse and economically vibrant country. It is still one of the best places to start a business and grow. Due to this, there are hundreds of people who want to come to UK and set up their own business in different industries or take control of an existing business. In order to do this from outside the EU, you’ll need to apply for an Entrepreneur Visa.
As the Entrepreneur Visa is one of the most popular UK visa schemes, every year the Home Office receives numerous visa applications under this category. These applications are strongly scrutinised and many get refused each year.
So, how do make a successful application for a UK Entrepreneur visa? Here are some quick suggestions that an applicant can act upon to increase their chances of getting their visa application approved.
1. Submit all the details properly and carefully
Many visa applications get refused every year for silly mistakes. You must cross check all the details carefully before submitting the application, providing all the information required by the Home Office. If you are paying the application fee using a debit or credit card, make sure those details are correct too.
2. Write a strong business plan
From the 6th April 2015, the Home Office makes it mandatory to submit a proper business plan with your initial application. Your business plan will be thoroughly checked by the Home Office to assess whether the application is from a genuine entrepreneur. The business plan should be viable and credible and – at same time – should be easily understood by the authority. The business plan should not be copied from any source, otherwise the application may get rejected. The business plan should also highlight the complete investment of funds and the number of people you will employ.
3. Check your financial requirements
There are two types of financial requirements that an applicant needs to take care of; an investment fund and a maintenance fund. If a person is applying via the under £200,000 category, then he or she should hold money in the bank account for 3 months and these funds should be used solely for business.
Aside from this, you must have access to maintenance funds of £3,310 (if the application is made from outside the UK) or £945 (if made in the UK), for 3 months prior to applying. The applicant must have the maintenance fund in addition to the investment fund.
4. Legitimate sources of fund
The applicant must hold the investment funds from a legitimate source and must be able to show necessary evidence if asked by Home Office. If the applicant fails to do so, the application may get refused by the authority.
5. Prepare for the Genuine Entrepreneur test in advance
To attract serious and talented entrepreneurs from all over the world and eliminate abuse, the Home Office conducts what is known as the “Genuine Entrepreneur Test” for the all entrepreneur visa applicants. As part of this, the applicant is interviewed to check things like:
- Their immigration history
- Knowledge of laws, such as UK tax laws
- Sources of funds
- Credibility of the submitted evidence
It is highly recommended to consult with immigration experts to prepare for the test. Such experts can also help in preparing the application and the business plan.