Those looking to set up a new business or take over the running of a business in the UK can apply for a UK Tier 1 Entrepreneur Visa. As with any other visa category, you must meet some conditions to be eligible to apply for a UK Tier 1 Entrepreneur Visa.
The eligibility conditions for a Tier 1 Entrepreneur Visa are as follows:
- You want to set up or run a business in UK.
- You are not from the EEA or Switzerland.
- You must have access to at least £50,000 or £200,000 of investment funds.
- You must have sufficient funds to support yourself during your stay in the UK.
- You must meet the English language requirements.
- You must score 95 points.
- You must be a minimum of 16 years old.
One major requirement is possessing the relevant investment funds, while also being able to maintain yourself. 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 the UK which will make funds available to you for setting up or expanding a UK business.
- A venture capital firm, 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 a UK Tier 1 Entrepreneur Visa.
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, you can also apply for a UK Tier 1 Entrepreneur Visa.
Maintenance Funds Requirement
As noted above, you must show that you have sufficient funds to support yourself during your stay in the UK.
Tthe amount required as maintenance funds depends on whether you are making an initial visa application or you are applying for an extension.
If you are applying as an initial applicant, you must have funds of a minimum of £3,310. If you are applying for a visa extension, then you must have minimum funds of £945. In both cases, you must have had this amount consistently for 3 months or more.