7 key aspects of UK Entrepreneur Tier 1 Visa that you must be aware of

UK Entrepreneur Tier 1 Visa requirements are rigid partially and comprehensive with a certain degree of discretion at other places. Below are 7 key aspects of this visa that you must be aware of as a potential applicant:

Funding option 1 – 200, 000 Pounds:

The most common option for an applicant is to possess minimum 200, 000 Pounds that is available to them for new investment into an Enterprise in the UK.

Funding option 2 - 50, 000 Pounds:

The option of 50,000 Pounds as investment funds is available only for those whose funds are channeled through select investment vehicles.

Requirement for maintenance:

It is required that all applicants of UK Entrepreneur Tier 1 Visa demonstrate that they possess adequate funds to support themselves and dependent applicants. These funds are separate from the funds for investment in the UK.

Investment funds location:

The funds for investment must be present in a financial institution that is regulated. It implies that there is a regulatory equivalent to the FCA in the UK that regulates the institution.

Plan for Business:

A plan for the business is required for all initial applicants. This will outline the business proposal, its mode of operation, and specific and relevant market research. It will show who and what the target market is and the profit and projected turnover, as quoted by the Lexoo Co UK.

Test for the authentic entrepreneur:

It is here that most of the applicants are unsuccessful. It is applicable for all applicants who seek an initial application. But the test will continue to be considered later by the Home Office in the subsequent applications as well.

Embassy/Home Office Interview:

The Embassy/Home Office can seek to interview you as a part of the test for the authentic entrepreneur. This is occurring more often now.

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