Tier 1 Entrepreneur Visa
Tier 1 Entrepreneur Visa – Application and Requirements
Tier 1 entrepreneur visa is available to those who wish to generate income in the UK and create business opportunities for persons who are already resident here or who are British Citizens.
Here are the main requirements for obtaining the Tier 1 Entrepreneur Visa:
- Access to at least £200,000 either in the UK or freely transferable here from abroad without foreign government prohibitions.
- The money can be either that of the applicant or of a third party.
- Money must have been held by the appellant for at least 90 days prior to the application. The money can be for example from the sale of business or income from a business.
- If the money is from a third party, but the applicant has not held it for at least 90 days, they can apply if they obtain a letter or statement from the bank to show the funds are in their possession, and there is a declaration from the third party as to the source of funds. If that declaration is not available then the applicant must have held the funds for at least three months (90 days), before applying. There is no obligation on the third party to have held the funds for any period of time but only on the applicant.
- The applicant can apply if the funds have already been invested in the business before the application is made, provided that the investment took place less than 12 months before the application.
- Unless the applicant has a bachelor’s degree taught in English, he/ she must meet an English language test. This, of course, is necessary to show that the applicant can speak English to carry out business here.
- Must meet the financial maintenance requirements for him and any dependents, such as wife and children under 18 years of age.
- To show that he/ she is a genuine business person rather than one who wants to just obtain the visa and not to enter into business at all. So, the Home Office will take into account previous experience, qualifications and other attributes which make the applicant the right person for the job, so that they are satisfied that he/ she can carry out the business. Good to have a business plan to show genuine business intentions.
- There will be an initial grant of 3 years followed by an application for an extension of stay in the same capacity for a period of 2 further years.
How to obtain permanent residence and British nationality through a Tier 1 Entrepreneur business visa
If a foreign national who is not a national of the 28 EU countries comprising of the European Union, wish to come to the UK and gain permanent residence and after that British nationality based on a business visa he/ she will need to comply with certain main requirements.
Requirements for an extension of stay for the holder of Tier 1 Entrepreneur Visa
- The applicant must show that the sum of £200,000 has been invested in the business.
- If the business has been incorporated into a Limited company that the company has been registered within 6 months.
- At least two full – time settled workers have been created
Can I get permanent residence before the completion of 5 years in this category if I am a holder of Tier 1 visa?
The answer is yes if the following conditions are met:-
- The business employs 10 settled workers, or
- The business has a turnover of £5 million per annum.
How long can I stay out of the UK during my Tier 1 entrepreneur business visa?
In order to get permanent residence sometimes referred to as ‘Indefinite leave to remain’ ( ILR), an applicant must not remain outside the UK for more than 6 months each year during the validity of his / her visa.
Application for permanent residence based on Tier 1 Business Visa
After living in the UK for a 5 year period as a business person, the applicant will be able to apply to settle here and obtain indefinite leave to remain, which means that he/ she can live here without any further application to the home office, can therefore stay here permanently and can work where ever he/ she requires in the UK.
Application for British citizenship based on Tier 1 Entrepreneur Visa
- The applicant must have lawfully resided in the UK for at least 6 years, five years as a business person and another year after getting permanent residence.
- He. / She should not have been out of the UK for more than 450 days in the last 5 years prior to the date of the application for British Citizenship, and not more than 90 days absence in the year that the application is made.
- The applicant must be a person of good character not only throughout the qualifying period for British Citizenship but also for up to a 10-year period prior to the date of the application. So any irregular immigration status in the UK prior to making the application, such as previous overstaying or illegally entering the UK, or having unspent criminal records could prejudice the application. Furthermore, since the grant of naturalisation is at the discretion of the Home office, there would be no right of appeal against such refusal, but only an administrative review on the same facts.