UNITED KINGDOM

ENTREPRENEUR VISA PROGRAM

The UK Tier 1 Entrepreneur Visa is similar program to the UK Investor Visa, and its aim is to attract people of skills, talent and wealth into the UK. Under this type of program a prospective entrepreneur is required to invest a lesser amount of money in return for full citizenship rights, compared to the requirements of the UK Investor Visa, but, however, they are required to take on much more of an active role.

Based on two different levels of financial attributes two types of applicants can participate in the program, i.e. Non-EU applicants who wish to enter the UK via the entrepreneur route and business people who continue to remain in the UK on a Post Study Work (PSW) visa.

PROGRAM REQUIREMENTS

The qualifying requirements are the same but differ at the level of financial investment required. To guarantee the successful granting of an Entrepreneur Visa an applicant is required to invest:

• £200,000 into either an existing business in the UK or into a business that the applicant will create within 6 months arriving in the UK (if the foreign applicant does not reside in the UK)
• The applicant must have an adequate command of the English language
• The applicant must demonstrate they are genuinely going to set up a business in UK
• The applicant must create at least 2 full time jobs for either British Citizens, EEA citizens or individuals with permanent residence permits

Please note that these figures may change without notice, exclude professional fees and are intended for use as a guide only.  Please contact us for an accurate quote.

PROCEDURE AND SCHEDULE OF COSTS

To qualify for the UK Tier 1 Entrepreneur Visa an entrepreneur must prove, amongst other requirements, that they have access to £200,000 and that the funds have been held either in or outside the UK for 90 days by either the applicant or a third party and that the applicant has an adequate command of the English language and is genuinely interested in setting up business in the UK. Once approved a visa is granted for three years (and four months for entry into the UK when applying in their country of origin).  Within six months of granting the visa an entrepreneur must register with Companies House as either the director of a company or as a self-employed individual.

Generally after five years on the Entrepreneur visa and subject to a minimum six month per calendar year stay in the UK, an applicant will qualify for indefinite leave to remain (permanent residence).  However, if the entrepreneur achieves a turnover of GBP 5 million or creates ten jobs they will qualify for earlier settlement within three years. Should the business achieve a turnover of GBP 10 million the applicant will receive an even earlier settlement within two years.

At Regency Elite we provide thorough guidance as to the necessary requirements regarding the both the investment options and early settlements in the UK.

THE APPLICATION PROCESS

Each applicant seeking to enter the UK as a prospective entrepreneur is required to provide a number of documents as evidence to support the Entrepreneur visa application and fulfil all of the requirements. The evidence must prove that the applicant is a genuine and prospective business person whose intention is to be actively involved in a business in the UK, or whose intentions are to set up or take over an existing business in the UK.   Furthermore, the applicant must genuinely intend to make the UK their primary home and, as such, they are required to remain in the UK for at least 6 months per calendar year. Additionally, they must not take up employment, undertake a course of study, receive a private medical treatment, marry or enter into civil partnership or seek financial support from public funds and must adequately accommodate and maintain themselves and their dependants. 

The application process is straightforward and, when submitted in the UK, takes approximately six weeks to process and anything between two days to three weeks subject to country.  The application involves an application form and supporting evidence that is to be presented to the UK Border Agency. Typically the following documents are required:

1. An original, signed letter on letter headed paper from one or more registered venture capitalist firms regulated by a financial authority:
2. The letter must be dated from no more than three months prior to the date of the application and must be signed by an authorised official. It also must contain:

• All details about the individual(s) and/or an organisation(s) supporting the application
• Detailed explanation about the nature of the proposed business via business plan
• An explanation/an analysis of the applicant’s suitability and involvement in the proposed business
• Evidence of the individuals’ commitment or the organisation supporting the application to provide a minimum of  GBP 50,000  in funding for the business within six months of the applicant entering the UK
• The commitment of the individual or supporting organisation that the proposed business will be set up and run in the UK
• The personal and contact details of an individual or an organisation supporting the applicant

     3. Evidence of an adequate level of English language either via the completion of a University degree taught in English that is the equivalent to a UK University degree, or by completing an English Test (at IELTS level  minimum). Where an applicant is a national of a majority English speaking country they are exempt  from an English language test

Please note that Regency Elite will provide and prepare the necessary application forms and will assist clients with the right choice of supporting evidence and investment options necessary for setting up a business in the UK.  For further information on how the application process works, please contact us.

BENEFITS OF THE PROGRAM:

• Residency in the UK
• Dependents welcome
• Access to NHS for the dependents
• Access to British Educational System for dependents
• Fast application process

For a list of Visa Free Travel for holders of UK passport please scroll down: