Immigration Law - Tier 1 Visa
Individuals who wish to set up a business in the UK, or join an existing business can apply under the Tier 1 Visa: Entrepreneur category if they can demonstrate:
- They have access to £200,000; or
- Access to not less than £50,000 from either a specified registered venture capital firm, a UK entrepreneurial seed funding competition endorsed by UK Trade and Investment website or a UK Government department; and
- The money is held in one or more regulated financial institutions; and
- The money is disposable in the UK; and
- UK Visas and Immigration deem the proposed business to meet the “Genuine Entrepreneur” test; or
- Access to £50,000 in investment funds if that comes from specifically approved sources or if switching within the UK from immigration categories; and
- They can satisfy an English Language requirement; and
- They have the necessary funds (a minimum of £3,100 for 90 consecutive days prior to the date of the application if outside the UK at April 2014); and
- The business has created at least two new full-time jobs for resident workers in the UK, which must have existed for at least 12 months.
All Tier 1 Visa: Entrepreneur must submit accounts and evidence of the UK business. Applicants need to have registered as self-employed with HM Revenue and Customs within six months of entry to the UK, to show engagement in business activity at the time of the extension application, and for this to have continued for at least three months before the date of application.