Entrepreneur Visa (Tier 1)
Entrepreneur Visa (Tier 1)
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Entrepreneur Visa (Tier 1)
The Tier 1 Entrepreneur Visa was a pathway for non-EEA nationals to set up or run a business in the UK. Although this visa category is now closed to new applicants, understanding its legacy is important for historical context and for those transitioning to other visa types. Immigration Solicitors UK can provide expert guidance for current visa options and ensure compliance with all immigration requirements.
Key Features of the Tier 1 Entrepreneur Visa
- Business Establishment: Allowed individuals to establish or take over a business in the UK.
- Significant Investment: Required a minimum investment of £50,000 or £200,000, depending on the investment source.
- Job Creation: Mandated the creation of at least two full-time jobs for settled workers.
- Flexible Business Activities: Permitted engagement in various business activities across industries.
- Pathway to Settlement: Offered a route to indefinite leave to remain (ILR) after 5 years.
- Family Inclusion: Allowed dependents to join the main applicant in the UK.
- Monitoring and Compliance: Required regular reporting and evidence of business activities to maintain the visa.
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Requirements for the Tier 1 Entrepreneur Visa
Applicants had to meet several stringent requirements to qualify for the Tier 1 Entrepreneur Visa. These requirements were aimed at ensuring the viability and sustainability of the business venture in the UK.
Requirements:
- Investment Funds: Demonstrate access to at least £50,000 (from a regulated venture capital firm, seed funding competition, or UK government department) or £200,000 (from personal funds).
- Business Plan: Provide a detailed business plan outlining the business idea, market analysis, and financial projections.
- English Language Proficiency: Prove proficiency in English at the B1 level on the CEFR scale.
- Maintenance Funds: Show evidence of sufficient personal savings to support yourself and any dependents.
- Job Creation: Commit to creating at least two full-time jobs for settled workers within the first three years of business operation.
- Genuine Entrepreneur Test: Pass the genuine entrepreneur test to ensure the intention and capability to establish and run a business.
- No Previous Visa Violations: Must not have any history of visa or immigration violations.