Please note that students can only switch into the Tier 1 (Entrepreneur) category inside the UK, unless they can show £ 50,000 in funding from a specified source (i.e. an FSA registered Venture Capitalist firm; a UK Government Department; a Devolved Administration Department or an entrepreneurial seed funding competition recognized by the UK). The rules of switching are very strict and no one else is allowed to switch to Tier 1 (Entrepreneur) while remaining in the UK, unless there are exceptionally compassionate circumstances.
Although applicants on the above-mentioned visas are allowed to switch into the Tier 1 (Entrepreneur) category, only the following will be able to use time spent on their visas towards the 5 years residence criteria for ILR.
It means that if a work permit holder having already spent 3 years on a work permit switches into the Tier 1 (Entrepreneur) category, he/she will lose that 3 years for settlement purposes and have to complete 5 years on Tier 1 (Entrepreneur) visa in order to become eligible for settlement.
Those who have completed a total of five years in a combination of a Business Person visa, an Innovator visa or a Tier 1 (Entrepreneur) visa will be able to apply for Indefinite Leave to Remain one month before completing their five years.
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