Entrepreneur with the aim of growing their business have began moving beyond their geographical boundaries. Many of them choose the United Kingdom as this is European nation fosters as well as supports migrants to enter and set up a business. The UK Tier 1 Entrepreneur Visa scheme was initiated to ease the process.
The Tier 1 Entrepreneur visa scheme gives applicants a legal consent to set up and run a business in the UK. This visa allows individuals only to invest and set-up a business in the UK, rather than engaging in the employment on the basis of this visa. While applicants apply for this visa, their dependants such as spouse and children under 18 years can apply as well.
UK Tier 1 Entrepreneur Visa
This visa enables overseas nationals to start or run a business in the UK for a maximum of 3 years and 4 months. Applicants can also extend UK Tier 1 Entrepreneur Visa for another 2 years if they are already in this category and 3 years if they are switching to it from another visa category.
Individuals must have access to minimum £50,000 investment funds in order to apply for a Tier 1 (Entrepreneur) visa.
Applicant’s funds should be:
· Held in at least one regulated financial institutions
· Free to spend on business in the UK
Eligibility criteria for UK Tier 1 Entrepreneur Visa vary based on the applicants access to £50,000 or to £200,000.
· Must meet the English language requirement
· Capable to support themselves during their stay
· Must score 95 points