If you are from outside of the European Economic Area or Switzerland and you want to set up or run a business in the UK, you may want to apply for an entrepreneur visa.
What is an entrepreneur Visa?
The Tier 1 (entrepreneur) visa is for those that have the talent to propose a genuine business idea and invest funds into a company in the UK.
As soon as you receive your initial visa, you can enter and stay in the UK for a maximum of three years and four months. During this time, you can:
- Set up your own business or take over one or more running businesses in the UK
- Bring your family members with you, provided they have a visa as your dependant
If you are capable of attesting that you have met certain criteria, you can then apply to extend your visa for another two years. After spending 5 years in the UK, you are eligible for applying for a permanent residence.
Who can apply for a Tier 1 Visa?
If you are not a citizen of the EU, UK, or Switzerland, an entrepreneur visa is needed if you want to invest funds into a company in the UK. Also, there are different eligibilities, such as:
- You must have access to at least £50,000 investment funds to apply for a Tier 1 Visa.
- Your funds should be held in other regulated financial institutions, and you should have funds that are free to spend on business in the UK.
- You must be at least 16 years old and be capable of supporting yourself during your stay.
- If you’re not a national from any of the listed countries on the governmental page, you may need to prove your knowledge of English.
How long does it take to get a visa?
The earliest you can apply for a Tier 1 visa is 3 months before the date of your travel.
If you are planning to travel on the 25th of August, you can apply on the 26th of May.
You should receive a decision in regards to your visa within 3 weeks.
How about the documents?
You will need to provide a valid travel document, like a passport when applying. Also, evidence will be needed to prove that your investment funds are available for you.
Consider these things as well when applying for an entrepreneur visa:
- Be sure that you have a business plan prepared
- Additional documents may be needed depending on your circumstances
- The genuine entrepreneur test is where the majority of unsuccessful applicants fail. The home office will then decide whether they believe you are genuinely intending to start or take over a business and if the money is genuinely available for you.
- Home Office/embassy interview an interviewer will ask questions about your background, expertise, funding and the business plan.
Applying outside the UK
If you are willing to apply outside of the UK, then you must apply online. You will need to provide your fingerprints and picture- which will have to be taken at a visa application center as part of the application. Also, you will need to provide your biometric residence permit in the UK.
Depending on what country you’re in, you may be able to get your visa faster – you just have to check that with your visa application center.
Popular How To Guides
How To Upgrade Your Boat For Maximum Value For Money
So you’ve managed to save enough money to buy a boat and you are now the proud owner of a...
How to Lay Floor Tiles like a Professional
Installing your own floor tiles is a DIY job that can make a huge difference to the look and feel...
How To Choose The Best Design Aspects For Your Website
Designing the perfect website can take time, particularly as there are a number of elements to consider. With usability and...
How To Be A Better Trader
In the process of trading with currency pairs, there have to be some good preparation. You may think about the...
How to Save Money on Healthcare
The American health insurance system is complicated; in 2017, one in five uninsured adults went without healthcare because they couldn’t afford the...
How To Get The Best Car Insurance in Canada – 10 Key Facts
Automobile insurance can be tricky to understand with complex terminologies and a whole bunch of rules and regulations that differ...
How to Fund Your Trips as a Digital Nomad
There is certainly no shortage of people hopping on the remote online business bandwagon. Some of these people have even...
How to Find a Competent Road Accident Lawyer
Whenever there is a road accident involving a commercial vehicle, corporations and insurance companies mobilize their vast resources to employ...
Business4 years ago
5 Things You Must Consider Before Starting A Construction Company
Non Featured3 years ago
How To Get Into A New Sport: 10 Inspiring Tips
Cars & Vehicles5 years ago
How To Deal With A Driving Offence (Quick Tips)
Games / Video Games3 years ago
How To Connect a Mouse and Keyboard to Your PlayStation 4
Non Featured4 years ago
How to Spend Your Savings Responsibly For An Easier Retirement
Cleaning6 years ago
How to Make a Shower Tray Look Like New
Home, DIY and Garden6 years ago
How To Build Your Own Fitted Wardrobes
Fun3 years ago
How to Survive a Zombie Apocalypse