The Tier 1 (entrepreneur) visa is specifically aimed at those that wish to start or continue the running of a business in the UK. There are certain requirements that must be met in order for the visa to be granted, and if your application is successful, you will initially be granted the right to stay for a period of three years, although this may be further extended. Changes have been introduced to visa applications, which mean that you may be afforded Indefinite Leave to Remain for permanent residency in the UK.
The UK visa application system, in the UK, allows different groups of people to apply for entry into the country. Students and employed professionals are among those that are typically granted permission to remain, but all visas have requirements and stipulations that must be met in order that a person be allowed to remain in the country. Most can also be extended to allow for additional time, and potentially even for the right to remain.
In order to be considered for a Tier 1 (entrepreneur) visa, you must show that you have £250,000 of your own money, or £50,000 of money from an approved third party lender, that you are willing to invest in the establishment and running of a company. You will also be asked to commit to employing at least two EEA citizens for a minimum 12 month period during this time.
The initial investor visa is granted for a period of three years. It is possible to extend your visa for a further two years, but this is dependent on the performance of your business and reliant on the investment of appropriate sums of money. After the additional two years, you will be able to apply for Indefinite Leave to Remain (ILR). If you create 10 jobs or generate a £5m turnover within the first three years, you will be allowed to apply for ILR at the end of the three year period.
The entrepreneur visa is aimed at businesspeople and entrepreneurs that are willing to invest money in the establishment and running of a successful UK business. With qualified and experienced legal help you can ensure that you apply for the appropriate visa and have the best chance of a successful application.