About Tier 1 – Entrepreneur Visas If you are planning to set up or actively take over the running of one or more UK businesses, this is the visa for you. The UK is definitely open for business and runs a points-‐based application process. To be successful, you need to score a total of 95 points and meet all the other requirements of the Immigration Rules.
Criteria for Success These criteria form a hierarchy of requirements.
1. Access to at least £200,000 – 25 points The funds must be held in one or more regulated financial institutions (another 25 points) and be disposable (free to spend) in the United Kingdom (another 25 points) . You and one other person can both apply as a team and score points for access to the same investment funds so long as you both have equal access to the money and are able to invest in freely in the UK.
The funds can be your own money or from a third party as long as you have access and freedom to invest and can obtain a declaration to this effect. It must be validated by a legal representative. There are a few nuances that we can help you work through to make sure you comply. If you don’t have access to personal funds you can also score 25 points if you have access to at least £50,000 from one or more Venture Capital firms regulated by the Financial Services Authority (FSA). This could include an award from a UK Entrepreneurial Seed Funding competition (one that can be verified on the UK Trade & Investment (UKTI) website) or a UK government department initiative. All of the £50,000 must come from approved organisations – you cannot include other funds otherwise you have to revert to the £200,000 requirement. Access to investible finance counts for a possible 75 points in total
2. Maintenance Allowance -‐ 10 points You must have enough money to support yours living expenses while you are in the UK. This is over and above the investible amount. You are expected to have savings of at least £2,800 (if you are applying from outside the UK) in cash in a verifiable bank account for at least 90 consecutive days before you apply. The amount varies if you are already present in the UK and have other demonstrable means to support yourself.
3. English language-‐ 10 points You must be able to speak English to the required standard or be a national of an eligible English speaking country.
Important conditions You are not allowed to take any employment. Working on the business is the only work allowed. If you need to seek a visa extension, you will need to show that you have created the equivalent of at least two new full-‐time jobs for people living in the UK.
About dependants Dependants are allowed to join you in the UK. This means your wife, husband, civil partner, same-‐sex partner, unmarried partner or a child under the age of 18 years. You will need to
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