The UK has been cemented its place as a leading business destination for the entrepreneurs around the globe. The Tier 1 Entrepreneur Visa scheme is really a good initiative in this regard. According to the Home Office records, the number of applications received under the Tier 1 Entrepreneur Visa scheme has increased significantly over the past few years.
The Tier 1 Entrepreneur scheme gives the foreign nationals legal permission to set up and a run a business in the UK. The applicant can also work on a business he has invested in, but he cannot take up any other form of employment on the basis of this visa. When the candidate applies for a visa, his dependants, spouse and children less than 18 years can apply as well.
Eligibility criteria for Tier 1 visa
There are several criteria the applicant must have to fulfill such as
- The applicant must be at least 18 years of age.
- The applicant must be a citizen of any country outside the European Economic Area and Switzerland.
- The applicant must have access to £200K. However, there is a provision for £50,000 investment funds. There is also a provision for sharing investment funds. As per this provision, 2 Tier 1 Entrepreneur visa applicants can come together to form an entrepreneurial team and share the same investment funds for the £200K level.
- The applicant should have sufficient funds to support your stay in the United Kingdom. This is exclusive of the £50,000 investment funds. The amount depends on whether you are in the UK or the outside UK.
- The applicant must also meet the English language requirement. The applicant is required to pass a certified English language test with at least a B1 level reading, writing, speaking and listening in English.
The visa allows a foreign individual to stay in the UK legally for a total period of 3 years and 4 months. After that, it can be extended by another 2 years. If the applicant is switching to the Entrepreneur visa from another category say the investor visa, you can extend it for an additional 3 years. After the continuous stay of five years, the applicant can able to Apply for the permanent residency.