Tier 1 (Entrepreneur) is for non-European migrants who want to invest in the UK by setting up or taking over, and being actively involved in the running of, a business or businesses here.
This category replaced the Businessman Visa in June 2008. The Tier 1 Entrepreneur visa is designed for businessmen who want to do business in the United Kingdom by setting up or taking over an existing business or want to be actively involved in one or several businesses in the United Kingdom.
In order to obtain a Tier 1 Entrepreneur visa, an applicant needs to score at least 75 points for specific attributes and also needs to score 10 points for his/her English language knowledge and 10 points in the maintenance category.
The applicant can score 75 points if he/she can prove access to not less than £200,000, which is held in one or more regulated banks, is in his/her own account, and is available in the United Kingdom. Alternatively, he/she must have access to not less than £50,000 from one or more registered venture capital firms regulated by the Financial Services, one or more UK entrepreneurial seed funding competitions listed as endorsed on the UK Trade and Investment website or one or more UK government departments, which have made the funds available for the specific purpose of establishing or expanding a UK business, or have access to £50,000 and have been granted a Tier 1 Graduate Entrepreneur or a Tier 1 Post Study Worker visa. £200,000 can be shared by a team of two businessmen. Each businessman can apply for a Tier 1 (entrepreneur) visa using the same investment funds.
Tier 1 Entrepreneur visas are initially granted for 3 years, which can be extended for a further 2 years. The Tier 1 Entrepreneur visa also leads to indefinite leave to remain (permanent residence) on completion of 5 years (normal route) leave to remain in the UK under the Tier 1 Entrepreneur category.
However, it is possible to apply for permanent residence after 3 years (fast-track route) if your business has created at least 10 new full time jobs or your business generated at least £5 million turnover during a 3 year period.
It is allowed to be outside the UK for more than 180 days every year during the continuous residence period.
MAIN POINT OF TIER 1 (ENTREPRENEUR) VISA
ALLOWS YOU TO
Work in the UK as self-employed.
Have access to £200,000 (or £50,000 in some cases) or more in the UK.
To extend the visa, you need to have set up a company as a self-employed person, director of a new company or a director of an existing company within the first 6 months of obtaining the visa.
They can join you.
ROUTE TO SETTLEMENT IN UK
Yes, after five continuous lawful years as a combination as Tier 1 (Entrepreneur) visa holder and other certain categories of leave to remain held.
FAST TRACK TO SETTLEMENT
It is possible to fast track the time spent in the UK to obtain ILR if you create ten jobs or achieve an annual turnover of £5 million UK pounds a year.