FAQs-Tier 1 Entrepreneur visa
How much money do I need to invest for a Tier 1 Entrepreneur visa?
Applicants will either have to demonstrate that they have access to a minimum of £200,000 or £50,000.
Applicants that are demonstrating that they have £50,000 are only able to do so if they have the access to funds from either:
- 1 or more registered venture capital firms regulated by the Financial Services Authority or
- 1 or more UK entrepreneurial seed funding competitions listed as endorsed on the UK Trade and Investment website or
- 1 or more UK government departments, which have made the funds available for the specific purpose of establishing or expanding a UK business.
It is also possible to demonstrate access to a minimum of £50,000 if you:
- Have leave as a Tier 1 Graduate Entrepreneur and are applying for leave to remain or
- Have leave as a Tier 1 Post Study Work (PSW) migrant and are applying for leave to remain.
I’m on a Tier 1 Post Study Work visa (PSW) how can I apply as a Tier 1 Entrepreneur?
As a Tier 1 Post Study Work(PSW) migrant, it is possible to enter the category by demonstrating that you have access to £50,000. This money does not have to be immediately invested or to even be yours. If you can evidence that you can access £50,000 and that it is freely transferable to the UK, it is possible to be granted leave for 3 years. In addition to showing you have access to the funds, there are additional points that must be met.
What is an Entrepreneurial team?
You and 1 other person can form an ‘entrepreneurial team’, which means that you can both apply under Tier 1 Entrepreneur and score points for access to the same investment funds. Both of you must have equal access to and be able to dispose of the money freely in the UK. If either of you has successfully applied under Tier 1 Entrepreneur with any other applicant in the past, based on the same funds that you are using in this application, you cannot form a new entrepreneurial team with those same funds
What do I need to do for a Tier 1 Entrepreneur extension?
In on to apply for an extension of a Tier 1 Entrepreneur visa, you would be required to show that you have registered with the appropriate bodies, showed that you are engaged in business activity, and have invested the initial amount you were required to demonstrate you had access to. You must also have created the equivalent of 2 new full time jobs.
Can I apply for settlement in the UK permanently as a Tier 1 Entrepreneur?
Depending on your level of investment and business activity in the UK, you must complete a continuous residence period of 3 or 5 years in an eligible immigration category before you can apply for settlement.
You shall need to meet the following 5 requirements:
- You must currently be in the UK under Tier 1 Entrepreneur.
- You must have spent a continuous residence period of 5 years in the UK
- You must have sufficient English language ability and knowledge of life in the UK, unless you are under 18 years old or over 65 years old when you apply. This means that you must complete the Life in the UK test, unless you meet the exemption criteria.
- You must still demonstrate that you meet the Tier 1 Entrepreneur points-based assessment.
- You must have no unspent convictions within the meaning of the Rehabilitation of Offenders Act 1974, and you must not fall for refusal under the general grounds for refusal.
If you meet the eligibility criteria, your aplication must be made a specified form and with a payment of the correct UKBA fees.
How do I settle having completed 3 years continuous residence as a Tier 1 Entrepreneur?
You can meet a reduced period of 3 years continuous residence period if:
- Your business has created at least 10 new full-time jobs for settled people or
- You have established a new UK business that has had an income from business activity of at least £5 million during a 3-year period while you have been in the UK under Tier 1 Entrepreneur or
- You have taken over or invested in an existing UK business, and your services or investment have resulted in a net increase of £5 million in that business’s income from business activity during a 3-year period while you have been in the UK under Tier 1 Entrepreneur, compared to the immediately preceding 3-year period.
How many days can I be outside the UK when applying for (ILR) Settlement as a Tier 1 Entrepreneur?
During the continuous residence period, you cannot be outside the UK for more than 180 days in any 12 calendar months.