The Tier 1 Entrepreneur Visa is a point based system which has replaced the Business Person Visa. The Entrepreneur Visa allows potential applicants to enter the UK to start a business, make some investments or control any existing business in the UK. Applying for this visa will allow the candidate to start a business of their choice in the UK, provided the applicant can tender a minimum investment of £200,000 that is held in one or more financial institutions and the money is disposable in the UK. The candidate should also be proficient in English and should have funding available for the maintenance of his or her dependents if any.
The Benefits that the Applicant Enjoys
The UK Tier 1 Entrepreneur Visa allows the holder to start a business or control an already existing business in the UK without the need for a UK work permit. They will therefore not require an offer of employment by a sponsor based in the UK. The investment essential to obtain this visa is comparatively lower than the Investor’s Visa and in a few cases where the investment is higher than £200,000, applications for the visa are expedited. This Entrepreneur Visa is a potential route to permanent settlement in the UK and even spouse and dependents may accompany the visa holder. Unmarried partner, spouse or any dependent children are entitled to come to the UK and obtain education, healthcare and seek employment.
Applicants for this visa are eligible to switch to another category of Tier 1 Visa if they can fulfill the requirements of the new category. However, candidates cannot switch to a Post Study category. The Entrepreneur Visa is granted for an initial period of 2 years but it can be extended for a period of three years upon the expiration of the 2 years. This extension is granted based on the performance of the business and the original criteria of the visa.