The entrepreneur category is for those applicants who wish to invest in the United Kingdom by setting up or taking over, and being actively involved in the running of one or more businesses in the United Kingdom.The Tier 1 (Entrepreneur) visa category applies to the main applicant as well as their immediate family members, including spouse and children under the age of 18. The entrepreneur visa is initially granted for 3 years and 4 months but there’s an option for it to be extended for another two years. Applicants in the first category are eligible to apply for British citizenship after they have spent a period 6 years in the country, while those who create ten jobs or achieve an annual turnover of at least £5 million a year are eligible to apply after 5 years of residence in the UK. To make a successful entrepreneur visa application, applicants are required to score sufficient points based on the funds that are available to them to invest, their English Language ability and by having enough money for their living costs in the UK (maintenance).
Applicants need to have access to either:
At least £200,000
• All of the above funds need to have been held in one or more regulated financial institutions. • All of the above funds need to be free to spend in the United Kingdom (disposable).
At least £50,000 from:
• 1 or more registered venture capital firms regulated by the Financial Services authority; or
• 1 or more UK entrepreneurial seed funding competitions listed as endorsed on the UK Trade and Investment website, or
• 1 or more UK government departments, which have made the funds available for the specific purpose of establishing or expanding a UK business.
• English Language Requirement: Level B1 of the CEFR. (English Language Proficiency Test)
• Maintenance (living costs): Applicants are also required to meet the maintenance requirement. This means that in addition to the funds required for investment they need to show personal funds to satisfy the UKVI that they will be able to pay for their own living costs.