Tier 1 Entrepreneur Visa
You will need to fulfil the requirements under three major categories to qualify for the Tier 1 Entrepreneur visa. The major categories include; Access to Investment Funds English language Maintenance (funds)
Access to Investment Funds
This is the major requirement under the Tier 1 Entrepreneur category as it fulfils 75 points out of 95 under the points-based system. The requirements depend on whether you have access to investment funds of £50,000 or £200,000.
Settled Status in the UK refers to the immigration status granted to eligible EU, EEA, and Swiss citizens, as well as their family members, who were living in the UK before the end of the Brexit transition period (December 31, 2020). It allows individuals to continue living and working in the UK without any immigration restrictions. Settled Status is part of the UK government’s EU Settlement Scheme, which was introduced to protect the rights of EU citizens and their family members residing in the UK after Brexit. Once granted Settled Status, individuals are granted the right to stay indefinitely in the UK and enjoy various benefits and services.
Requirements for £50,000 investment funds
You can apply for Tier 1 using the £50,000 investment funds if are you are able to secure funding from one of the following sources.
- Funds from a Department for International Trade (DIT) approved seed fund
- UK Government or devolved government department
- Venture capital fund registered with the Financial Conduct Authority (FCA)
You can also make an application based on £50,000 of investment funds if you have already invested £50,000 in a UK business in the last 12 months. Besides, if you were last granted, leave as a Tier 1 (Graduate Entrepreneur) and are applying for leave to remain from within the UK, you can apply based on the £50,000 investment funds.
Indefinite Leave to Remain (ILR) in the UK is an immigration status that grants an individual the right to live and work in the country without any time restrictions. ILR is also known as settlement or permanent residency. It allows individuals to stay in the UK for an indefinite period and provides them with a wide range of benefits, such as access to public funds, healthcare, and education.
Requirements for £200,000 investment funds
You can apply for Tier 1 Entrepreneur based on the investment funds of £200,000 available to invest in the UK business.
You will need to prove the investment funds are as following;
- Your own money
- Made available to you by third parties such as your spouse, partner or investor
- In joint account with your spouse or partner but they cannot be making the Tier 1 (Entrepreneur) visa application
The investment funds are also subject to credibility following the evidence that you submit. There are different documents you need to submit depending on the way you fulfil the investment fund requirements.