Tier 1 Entrepreneur visa route is a good option for many business people who are interested in living and working in the UK, without the involvement of an employer. Under Tier 1 Entrepreneur category two applicants can form an Entrepreneurial team to share the investment funds and to meet the eligibility requirements which seem straightforward on the face of it but in reality key to success is in paying attention to every minute detail.
Tier 1 Entrepreneur teams
Many Tier 1 (Entrepreneur) have demonstrated a proven track record of business experience, but this is not always the case. It’s a condition for a Tier 1 migrant to work only for the business he or she is investing in, so they need to demonstrate their role in the business with experience or qualification obtained.
Before establishing an Entrepreneur team, careful consideration needs to be given whether the applicant can demonstrate his or her business acumen in the proposed business plan.
Despite having a fantastic business plan, they fail to persuade the Home Office that they have the necessary qualification, skill or experience to establish a genuine business which will fulfil the ongoing obligations including, visa, investment and creation of jobs.
The entry clearance office may invite Entrepreneur team for an interview to test the credibility and genuinity of the business plan. Both the applicants must know the business idea very well with a clear grasp of the UK market, finances and all aspect of the operation.
The £200,000 in Investment Funds criteria
The funds must either be applicants own or made available by the third party. More than one third-party funding can also be relied upon.
The advantages of Entrepreneur teams
One of the main advantages of the Tier 1 Immigration route is that the entrepreneur team, and all dependants on this visa, can apply at the same time. They can also qualify for settlement in the UK after five years if all the conditions are met.
In cases where the team is able to create ten jobs, they may apply for settlement sooner. An example is where they created three jobs in the first year, three in the second year, and four in the third year. They can also qualify for the earlier settlement if they have a turnover of £5 million in three years.
If you are interested in finding out more about the Tier 1 Entrepreneur route, you can call us on 0203 909 8399 or email us at enquiries@connaughtlaw.com
Disclaimer:
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Connaught Law and authors accept no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please don’t hesitate to contact Connaught Law. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Connaught Law.
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