All You Need to Know About the UK Tier 1 Visa
The United Kingdom, despite having experienced political and economic hiccups in the last couple of years, still remains as a hot destination for aspiring entrepreneurs around the globe to come and work on their dreams. It’s safe to say that it comes under the umbrella of the definition of the “land of opportunities.” With very limited government restrictions and a free market, businesses tend to flourish in the United Kingdom! In fact, according to a report published by Parliament.uk in 2018, there were approximately 5.7 million small and medium sized enterprises operating in the UK. This goes to show just how much potential the UK holds for aspiring entrepreneurs, and how much people are willing to work on their dreams in this region. The overseas entrepreneurs aren’t holding back either, with the current figure standing somewhere around 500,000 immigrants. Naturally, because of this reason, you can guess how much popular the UK tier 1 visa (for entrepreneurs) is!
Previously known as the “Business person visa,” the Tier 1 point-based system has replaced and upgraded this category. Apart from the entrepreneurship category, foreigners can apply under the following categories:
- Post study work
For now, we will just focus on the entrepreneur category. In this article, we will explain all that you need to know about this visa category (overview, with eligibility criteria, requirements, etc.), why you should definitely apply under this category to establish a strong business in the UK, and how hiring a business plan consultant could help you out in the long run. Without any further ado, let us begin!
An Overview of the Tier 1 (Entrepreneur) Visa
The UK government initiated its Tier 1 (entrepreneur) visa to encourage and facilitate gamechangers from around the globe to come and start their businesses in their country. Every year, hundreds of aspiring entrepreneurs apply under this category. There are certain eligibility criteria which all applicants must meet, and some formalities that they have to fulfill, all of which we are about to discuss in great depth. If you are interested, then keep reading:
Who needs to apply for the UK Tier 1 Visa (for entrepreneurs)?
Not every foreigner needs to apply for the Tier 1 (entrepreneur) visa to come and start their business in the UK. People residing outside the European Economic Area (click here to view the countries that fall under the EEA) or those from Switzerland are required to go through the application process.
Who is eligible to apply for this visa?
You should obviously apply for this visa if (and only if) your immediate intention is to start and run a business in the UK. If that’s not your immediate goal, then we recommend that you apply under a separate category.
To be eligible for this visa, at the time of application, you must:
- Prove that you are at least 16 years old.
- Show that you have immediate access to AT LEAST GBP 50,000 in investment funds to launch your venture.
- Have your funds deposited in a renowned bank.
- Have your funds available in a disposable form (free to spend in the UK.)
- Prove that you can support and sustain yourself in every way throughout the visit.
You are also eligible if you:
- Have GBP 200,000 in investment funds.
- Have invested GBP 200,000 in a UK-based venture in the last 12 months.
- Apply with GBP 200,000 if you are a holder of the Tier 1 (General category) visa.
- Apply with investment funds of GBP 50,000 if you are a holder of the Tier 4 student visa.
As you can clearly see, there are many ways in which you can apply for the Tier 1 entrepreneur visa, which further proves that the UK welcomes entrepreneurs with open arms!
Why You Should Consider Going for UK Tier 1 Visa Business Plan Consultants.
Having discussed the eligibility criteria of the Tier 1 entrepreneur visa, we are now going to discuss why you should at least consider investing in the services of a business plan consulting to guarantee that your application gets approved. We are 100% sure that by the end of it, you’d be convinced and start looking for UK business plan consultants near you! Here are some reasons to go for this path:
They can create the perfect business plan for you.
You need to submit a professional and absolute business plan with your Tier 1 entrepreneur visa application. This business plan needs to be immaculate, complete, and free from all sorts of flaws. If you do not have experience in writing business plans, then you should consider hiring an expert to help you with this task.
They can give you valuable professional advice.
Business plan consultants have spent years working on their own businesses and the businesses of their many clients. They know just how things work and are well aware of the market/industry conditions of the UK. The advice that you will receive from them will help you go a long way at the very beginning of your journey!
They can reduce the risk of failures.
Getting approved for the Tier 1 entrepreneur does not guarantee that your business will become successful or that you won’t face any challenges or failures. However, by hiring the services of a professional consultant, you can significantly reduce the risks and take the right decisions.
The Tier 1 entrepreneur visa is a wonderful tool to enter the UK with the intentions of running your business. By meeting a few requirements and fulfilling a handful of formalities, you can easily get one step closer to your dreams. Just make sure that you hire a business plan consultant to help you out with the different procedures! We wish you all the best.