This category is for Non-European nationals who want to set up or run a business in the UK. Individuals staying in the UK under this category are not allowed to take any other employment other than working for the business or businesses that they have established.
Applicants are normally required to have £200,000 to invest in a new or existing business in the UK, although some categories can apply with only £50,000 of finance. You will need to show that the funds available to you are held in 1 or more regulated financial institutions and disposable in the UK.
You must also prove your knowledge of the English language by either:
- being a national of a majority English speaking country; or
- passing an approved English language test; or
- holding a degree that was taught in English and is equivalent to a UK bachelor’s degree or above.
In the case of a successful application the visa is granted for 3 years (or 3 years and 4 months). After this period, the visa is extended for another 2 years if the following key requirements are met:
- you created at least 2 full time jobs that have existed for at least 12 months;
- the full amount of £200,000 or of £50,000 if appropriate, in cash has been invested in business in the UK.
Once you’ve been in the UK for 5 years, you may be able to apply for settlement.
Alrose Legal provides assistance in assessing an individual’s options and eligibility for gaining Tier 1 (Entrepreneur) visa. Please do not hesitate to contact us for professional advice.