by B&F services Administrator | Category Business
Are you considering business immigration to the UK? There are many requirements to be met when it`s coming to initial Tier 1 Entrepreneur Visa application.
The most common reason for refusal in Tier 1 category is the failure to pass the Genuine Entrepreneur Test. If the Home Office simply does not believe your intentions are genuine they may refuse on the ‘balance of probabilities’.
The main part of the Genuine Entrepreneur Test is a business plan, which has been made compulsory from 6th April 2015 within the initial application in Tier 1 category.
The visa business plan is requested to show that you have done market research into the sector you are interested in working in and to show that your finances have been prepared professionally to take into account factors like VAT, NI, cash flow and break-even points.
Basically, the home office wants to see that you know your industry and that you're going to be able to live from your business.
What does a business plan provide?
- Introduction of the Business and an Executive Summary
- 3 – 5 years financial projections (since. P&L and Balance Sheet)
- Market-customers- and industry analysis,
- Competitor analysis
Business Plan for initial Tier 1 Visa application