Writing a successful business plan for Tier 1 Entrepreneur visa
If you are planning to make a visa application for entry clearance as a Tier 1 Entrepreneur, then a compressive and practical business plan will be a vital document. To enter or extend your stay in the UK on Entrepreneur route an applicant must go through the Genuine Entrepreneur test in which more than 48% applications fall for refusal.
Things to consider while writing a business plan
Be concise
It’s really important that potential investors can understand what your business is all about from a quick glance at your plan. Make sure you include a summary of your business, and how it will make money right from the start and use simple language throughout.
Be specific
Being specific is just as important as being concise. The details will help you drill down into how you will actually deliver your plan.
Know your market
A big part of knowing whether your business will be successful is understanding your audience. Make sure your plan is clear about your target market – who will you be selling to and how many other companies are already selling similar products?
Know your finances
The other essential part of a business plan is the finance section. If your business isn’t going to make any money, it won’t be successful, so you need to be very clear on how you will make a profit. Use it to your advantage – your plan will be incredibly useful when it comes to securing loans and investment, but that’s not its only use. It’s also a personal tool to help you understand your objectives.
What your entrepreneur visa business plan must cover?
A Tier 1 business plan is a key component to pass the genuine entrepreneur test as it reflects your research, planning, understanding of proposed business in the UK. An applicant is required to demonstrate that he knew the UK market, customers, supplier and competitors.
- a description of your business, its products, and services
- your previous experience and qualifications in related industries
- a financial forecast for the next three years detailing how the investment £200,000 be made and spent
- comprehensive market research, including a SWOT analysis
- a comprehensive research about your customers, pricing and competitors
- where your business will be based and details of the commercial lease
- what licences and professional registrations you will need
- your staff, and their roles within the business (this should include a plan for employing two ‘settled’ people)
- your professional advisors such as accountants, lawyers
How we can help
A most common mistake made by Tier 1 applicants is to copy a business plan from online websites offering sample plans for download. An Entry clearance application may get refused if the Home Office officials find out a plagiarised business plan is submitted.
Our experienced business immigration solicitors have vast experience in instructing expert writers, accountants to formulate a business plan that covers the essential elements to meet the criteria for a successful entrepreneur visa application.
We have several applicants who were not invited for genuine entrepreneur interview because of the professional business plan we provided. If you wish to get free initial advice on how our solicitors can help you achieve your goals, feel free to 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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