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Tier 1 (Entrepreneur) Visa
If you wish to start a business in the UK & you have access to £200,000 you may be able to apply for a Tier 1 (Entrepreneur) Visa! At Commonwealth Contractors we can advise on how best to go into business & our OISC Immigration Partners can assist with a professionally represented application!
The Entrepreneur subcategory of Tier 1 is designed for those that wish:
- To start a UK business, OR
- To assume control of a UK Business
In order to qualify an applicant must show at least £200,000 worth of investment & demonstrate that at least 2 full time positions of employment will be created for people with ‘UK Settled Status’ (see ‘Tier 1 Requirements within 2 years of Approval’ below).
Please be aware that a Tier 1 (Entrepreneur) Visa will not allow you to undertake employment in the UK. For alternative UK work visas please see Tier 1 General Visa Applications or Gaining Tier 2 (Work Permit) Sponsorship.
How can Commonwealth Contractors help?
At Commonwealth Contractors we partner with OISC Registered Private Immigration Firms who specialise in:- Tier 1 (Entrepreneur) Visa Applications, AND
- Visa Applications for Skilled Healthcare & IT Consultants (Tier 1 HSMP & Tier 2 Work Permit)
If you are considering opening a business in the UK & would like a Tier 1 (Entrepreneur) Visa Assessment call now on 0800 294 4388 or Submit your Details & we will get back to you.
Qualifying for a Tier 1 (Entrepreneur) Visa
Tier 1 (Entrepreneur) is a Points Based Visa. In order to qualify you must score 75 Points in the ‘Attributes’ category and satisfy the English Language & Maintenance Requirements.Tier 1 (Entrepreneur) Attributes:
In order to satisfy the ‘Attributes’ criteria you must score 75 Points.
| Tier 1 (Entrepreneur) Attributes | Points Awarded |
|---|---|
Applicants must have access to at least £200,000. This can either be: Your own money (which you can prove to be your own), OR Money owned by a 3rd party (or parties). Where the 3rd party can provide a legal declaration confirming that the money is available to you (or to a business you are already running). Spouses may be regarded as 3rd parties |
25 Points |
Funds must be held in a Regulated Financial Institution (or Institutions) Applicants must be able to prove that the Institution(s) holding the money are regulated by an appropriate regulator in the jurisdiction concerned. This is to prevent people from setting up a business that for example, claims to be a bank and makes false declarations that money is available when it is not. |
25 Points |
Funds must be disposable in the United Kingdom This is not usually an issue where funds are held in the UK, however if the money is outside the UK it needs to be clear that it can be converted to Sterling & transferred to the UK (i.e. that no exchange controls or other restrictions will prevent the money being moved to the UK & used here). A Letter of Confirmation from the Regulated Institution is normally required. |
25 Points |
English Language Requirement:
In order to apply under Tier 1 (Entrepreneur) you must prove that you can speak English to a satisfactory level. To do this you must either:
- Come from a country in which English is the main language
- Have successfully completed a Degree qualification (or better) which was taught in English
- Have passed a qualifying English Language Test (e.g. IELTS, TOEFL)
Maintenance Requirement
Applicants under Tier 1 (Entrepreneur) must be able to support themselves and their dependents without requiring access to public funds.
To do this you must show satisfactory available funds in your account for the 90 days immediately prior to application. Please be aware that if funds drop even £1 below the required amount in the period the application will be refused.
- Funds required for the Main Applicant = £2,800 GBP
- Funds required per Dependent (e.g. Wife / Husband) = £1,600
Note: No money included in the £200,000 can be used as proof of maintenance. If funds are in a foreign currency www.Oanda.com is used by the UK Border Agency to convert funds. Proof of Maintenance should be on an organisations (Bank’s) letterhead with an on official stamp.
Tier 1 Investment Restrictions
When investing funds further to Tier 1 (Entrepreneur) certain restrictions apply:Funds can be:
- Direct cash investments made by the applicant in their own name & shown in the accounts of the business
- An Input of share capital which is proved by business accounts & a list of shareholders showing the number and value of shares owned by each (or by share certificates)
- A Directors’ loan to a company (if unsecured & subordinated in favour of 3rd party creditors)
- An unsecured loan (not secured by property or assets that become subject to seizure on default)
Funds cannot be:
- A loan to the business that is in any way secured or not subordinated in favour of 3rd party creditors (loans will be assumed to be unsuitable unless proof of a legal documents showing suitable terms is provided)
- Investment in property development and / or property management (Investment in construction is acceptable)
Funds must be:
- Fully used in the business. Money must be shown to have been invested to encourage growth or expansion rather than sitting in a bank account (cash remaining in a business bank account is excluded)
- Invested in a UK business subject to UK taxation and with a UK bank account
Tier 1 (Entrepreneur) Applications:
Aside from proof of satisfying the Attributes, English Language & Maintenance Requirements applicants will also be required to provide:- Passports for the Main Applicant & Dependents
- Passport Photos for all applicants
- A Marriage Certificate for a Spouse (where applicable)
- Birth Certificates for Dependent Children (where applicable)
- A Business Plan which should:
- Identify the market / sector the company will be operating in
- Detail the methods used to generate leads
- Explain how the business will convert leads into sales
- Detail all methods of delivery
- Forecast monthly cash-flow for at least 12 months
- Detail key staff members (actual names & CVs or person / job profiles)
- Become a Director of a UK Business (either new or existing), OR
- Registered as Self Employed with HMRC
Tier 1 Requirements within 2 years of Approval
Within 2 years of an approval the visa holder should have:- Created at least 2 new full time jobs for UK ‘Settled Workers’ (full time is 30+ hours per week, must be PAYE employees not self employed), OR
- Increased by at least 2 the number of ‘Settled Workers’ working at a pre existing business
These jobs must have existed for at least 12 months prior to the visa extension date (i.e. 3 years after the initial approval). This can be proved by:
- Proof that employees are Settled Workers (passport pages)
- Copy of form P11 (or, if the P11 does not mention the start date, the original P45 or P46)
- Hourly rate to the employee must be mentioned to allow the hours worked to be determined from the total pay
- Duplicate wage documents issued to the worker covering the whole period of employment
- Accountants letter confirming the new posts have been created
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