The new guidance for Tier 1 Entrepreneur visa applicants after 13th December 2012 means that most Tier 4 students will have to go home to apply.
Until 12 December 2012, those on a Tier 4 visa can switch to Tier 1 (Entrepreneur) Visa.
EITHER: by showing £200k (3rd party funds are ok)
OR: by showing £50k from an approved source such as registered VC firm, etc
From 13 December 2012, those on a Tier 4 visa can switch to Tier 1 (entrepreneur) only by showing £50k from an approved source such as registered VC firm, etc
ie After 13 December 2012, those on a Tier 4 visa relying on £200k of their own cash or from a 3rd party (such as a friend, angel investor, or bank) which is not a VC firm etc, must leave the UK and apply for entry clearance from abroad: switching within the UK ceases to be an option.
Those fortunate enough to have a Tier 1 post study work visa are unaffected, and will continue to need only £50,000 which can be from any source.
If you are on a Tier 4 student visa and have a good business idea, even if it is just a consulting business, contact Commonwealth Contractors. We partner with companies that may be able to help with funding, as well as being able to help you with the visa application,