There are many looking for a great opportunity in the UK as entrepreneurs. UK allows non-EEA nationals to enter and do business in the UK. So, one looking to enter the UK as an entrepreneur can apply for UK Tier 1 Entrepreneur Visa.
When you apply for an entrepreneur visa you are required to meet some eligibility conditions. Meeting these conditions raises your chance of getting a successful decision on the entrepreneur visa application. These eligibility conditions are the following:
- You want to set up or run a business in the UK.
- You are a non-EEA national.
- You must have access to minimum of £50,000 or £200,000 investment funds.
Your funds must be:
a. held in one or more regulated financial institutions and
b. Your fund must be free to spend on business in the UK.
- You must be able to support yourself or you must have a maintenance fund to support yourself during your stay in UK.
- You must meet the English language requirement.
- You must be 16 years or above.
When the minimum investment fund is £200,000
This is the most common option. In this visa applicants must have a minimum of £200,000 of their own money available to them which they can spend as a fresh investment into the business in the UK. This fund can be of a single person or as part of an entrepreneur team. The applicant can also include third party money to form the funding. However third-party funds should ideally be transferred and held by the applicant for at least 90 days. In case the fund has been held for less than 90 days or it is held by the third party at the time of the application, then in that situation, the third party must confirm their funds will remain available to the applicant until they are transferred to the applicant or the business.
When the minimum investment fund is £50,000
This option is not available to everyone. This is available only to applicants whose funding is through one of the following investment vehicles:
- A Venture Capital firm registered with the Financial Conduct Authority.
- A UK entrepreneurial seed funding competitions which have been endorsed by the Department for International Trade.
- A UK government department made funds available for the specific purpose of establishing or expanding a UK business.
Tier 1 Entrepreneur Maintenance fund
Having a maintenance fund is a crucial requirement for UK Tier 1 Entrepreneur Visa applicants. This fund is required for the applicants to support themselves and their dependents applying during their stay in the UK. This fund is exclusive of funds required to invest in the UK for the business. All those applying for Tier 1 Entrepreneur visa must have maintenance funds to support themselves during their stay in the UK. What should be the amount of maintenance depends on the fact that whether the applicant is making an initial visa application, or applying for an extension. Those applying as the initial applicants must show that they have funds of at least £3,310 as their personal savings. Those applying for an extension of their visa or further leave to remain in the UK must have funds of a minimum of £945. Applicants must have held the amount for a minimum of 90 days up to the date of their visa application.
So, once you have met all these funds requirements and other eligibility requirements you can get a successful UK Tier 1 Entrepreneur Visa application which gives you an opportunity to do business in the UK.