This immigration route offers many advantages, for those who qualify, and best of all is that at the end of the route, British Citizenship awaits.
Following many queries about this type of permit, we have compiled a short guidance on how a person can qualify for the Tier 1 Entrepreneur.
The Basic Requirements
In order for a person and his/her family members to obtain Entry Clearance (EC) as a Tier 1 (Entrepreneur) Migrant, you will need to be able to demonstrate that you have access to no less than £200,000 which is held within one or more regulated financial institutions, and is disposable in the UK.
You will also have to meet the genuine entrepreneur test which, in short, means that the Entry Clearance Officer (ECO) considering the application will need to be satisfied that you intend, and are able, to establish, take over or become a director of one or more businesses in the UK within six months of the visa being granted/you entering the UK on this visa. This would include having to provide a credible business plan together with evidence that appropriate research has been undertaken etc.
In addition to the above, you would also need to demonstrate that you had passed an approved English language test to the level B1 standard or, alternatively, that you hold a degree that was taught to you in English and which is comparable to a UK Bachelors degree or higher.
There is also a maintenance requirement. These funds must be separate to the funds used to demonstrate that you have access to £200,000.
The UK Home Office also requires all Tier 1 (Entrepreneur) Migrants, as well as any of their dependent family members who are ages over 18, to provide Police Clearance/Criminal Record certificates from their country of residence, as well as from any other country in which they have resided for more than 12 months in the past 10 years.
Indefinite Leave to Remain following a Tier 1 Entrepreneur Visa
Migrants who are residing in the UK as Tier 1 (Entrepreneur) Migrants can seek to apply for Indefinite Leave to Remain (ILR) after either 3 years, or 5 years, depending on their circumstances.
Key Requirements for the Five Year Route
Under the 5-year route, an applicant will apply for an extension of their initial grant of leave after they have been in the UK for a period of 3 years. In order to obtain this extension, they need to demonstrate that they have
Please note that there are other requirements, but the above are the key requirements which must be met in regards to entrepreneurial activity.
If the above can be demonstrated, the applicant will be granted an extension to their visa for further two year period and, at the end of the full five years, the migrant will then become eligible to apply for ILR.
Key Requirements for the Three Year Route
Under the 3-year route, the applicant would still have to demonstrate the factors listed from 1 to 3 above, but if they can demonstrate that they have created the equivalent of at least ten new full-time jobs for persons settled in the UK, or has taken over or invested in an existing business or businesses and his services or investment have resulted in a net increase in the employment provided by the business or businesses for persons settled in the UK by creating the equivalent of at least ten new full-time jobs and that they have been continuously resident in the UK for the three years, they will be able to apply for ILR.
It is also possible to apply for ILR after three years if the applicant can demonstrate that during the three-year period the business set up/joined by the applicant has created a net income in excess of £5 million.
Keep in mind that there are other requirements, but the above are the key requirements which must be met in regards to entrepreneurial activity.
When applying for Indefinite Leave to Remain (ILR), regardless of whether one is using the 3- or the 5-year route, the applicant will need to be able to demonstrate that they have not been absent from the UK for more than 180 days in any 12 month period from the 3 or 5 year period preceding the date that the application is submitted.
For more information on this exciting and advantageous immigration route, please feel free to contact your BIC consultant today.