UK Tier 1 Entrepreneur
UK Tier 1 Entrepreneur
WHY UNITED KINGDOM?
The United Kingdom has given an immense opportunity for investors and entrepreneurs to set up their business and settle with their family. The economy of the UK is highly developed and market oriented, it is the fifth-largest national economy in the world and has been named the best country in the world for business in 2018. The UK offers an attractive location for businesses with easy access to customers, product innovators, suppliers and partners. Strong Infrastructure for Doing Business in the United Kingdom. The UK has one of the most flexible labor markets, meaning that the labor markets adjust more quickly, so there is lower unemployment and lower wage growth.
UK START UP AND INVESTOR VISA
The Start-up route is similar to the Tier 1 (Graduate Entrepreneur) category and is for those starting a new business for the first time in the UK where initial funding is not required. The visa will be valid for 2 years during which applicants will spend the majority of their time developing their businesses but can also take on other work outside of their businesses, to support themselves.
The successful applicants can bring their family members (spouses/partners and children under 18) to the UK.
The Innovator category is for more experienced business people seeking to establish a business in the UK. Applicants will usually need a minimum £50,000 funding available to invest in their business (This does not have to come from their endorsing body, although some endorsing bodies may choose to offer this funding).Innovators must work entirely on developing their business ventures and may not take on other employment outside their business.
The successful Innovators are granted leave for 3 years at a time and can bring their family members to the UK. After 3 years, Innovators can apply to extend their stay for a further 3 years or to settle permanently in the UK. Each of these 3 stages (initial application, extension, and settlement) requires endorsement from an endorsing body.2 years, they can switch into the Innovator category.
Individuals applying for either of these visas must have their business ideas assessed by an endorsing body for:
Genuine, original business plan
Viability – has/actively developed necessary skills, knowledge, experience and market awareness to successfully run the business
Scalability – evidence of structured planning and of potential for job creation and growth into national markets
An endorsement letter confirming the above and other information, will need to be obtained from an endorsing body
To qualify for this visa : : –
- An official letter of endorsement from an appropriate endorsing body.
- Evidence that applicant has been awarded sufficient funds from their endorsing body. This can be included on the endorsement letter.
- English language requirement – You must have passed an English language test from UKVI equivalent to B2 level i.e. 5.5 (reading, writing, speaking and listening), this can be in either academic or general skills training from UKVI. Or a UK NARIC assessment for qualification and English Language Equivalency for a recognized Bachelor’s degree.
- You must be able to access the required maintenance funds in saving account of £945 per person.
BENEFITS OF UK TIER 1 ENTREPRENEUR VISA?
- Low investment amount.
- Reside in the UK with your family.
- Your children are eligible to free primary and secondary school education in the UK.
- You and your family are entitled to free healthcare under the National Health Service (NHS).
- You can take over running business in UK.
- Simple and instant processing.
- Thorough knowledge of our experts in this process.
In order to extend stay in the UK as a Tier 1 (Entrepreneur), an Applicant will need to demonstrate:
- Registration as a Director within 6 months of the date of entry or grant of permission to remain in the UK.
- At least 2 full-time jobs were created during the period of leave, each lasting for at least 12 months.
- That £200,000 has been invested in one or more business in UK.
Visa application fee is £1,021 and same for dependents + Health surcharge.
Process time: 45 days after submitting the application file at UK VFS Centre.
Visa Validity: 3 years and 4 months, further 2 years of extension.