An Easier Route with Entrepreneur Visas under Tier 1

For those who can no longer apply to Tier 1 (General) it is strongly recommended that the Tier 1 (Entrepreneur) visa route is considered if they can meet the requirements.

The new rules introduced in March 2011 aim to encourage foreign investors and entrepreneurs. Whilst other Tiers of the Points Based System are now requiring more stringent rules, this route is becoming more relaxed. Those applying can settle in the UK faster.Depending on the success of your business once you are in the UK, you will be able to settle after 3 years instead of the usual 5. The type of success that warrants settlement is a turnover of £5 million and establishing 2 full time jobs for two EEA nationals.

The requirements are as follows: they must have £200,000 in funds to invest in a business in the UK, but now provisions are made for high potential businesses to be able to arrive to the UK with only £50,000 as long as this sum of money is funded by a department of government, a seed competition or a venture capitalist. The funds will have to be in a regulated account.

It is recognised that some applicants can only secure this kind of funding once they are in the UK. With this in mind, the Prospective Entrepreneur visa was introduced. They must then switch to the Tier 1 (Entrepreneur) visa. If they do not, deportation will be imminent.

You must have English language proficiency; IELTS score of 6.5 to be precise.  In addition to the funds for the business, you must demonstrate the availability of maintenance funds for yourself and any dependent that you wish to bring.

The relaxation of Tier 1 (Entrepreneur) comes hand in hand with the changes to Tier 1(Investor) visa. Immigration Minister Damian Green claims that he has sent “out a clear message” to those wishing to do business and investment in the UK, and he has facilitated for them with these new changes.

Those applying to be a Tier 1 (Investor) will have to have at least £2 million to qualify. This results in settlement after 5 years. £5 million for investment can settle after three years of residency and those with £10 million can settle after 2 years.  The investors currently in the UK can also apply  for the new accelerated settlement. As well as this, investors are able to settle outside of the UK for 180 days a year. Before they could only settle for 90 days. This is a flexibility that is granted to major investors due to their need to be internationally  mobile. The more money you have, the quicker you can settle in the UK.