What’s New for Entrepreneurs Looking to Invest in the UK with a UK Tier 1 Visa?
We have all seen the world evolve into a global village. You could be dining in Australia right now, in an Indian Restaurant that offers you the finest selection of Italian cheese in their menu and we would believe you. This is how countries and their people have opened themselves to different cultures and established a new community that is representative of both, their origin and their current residence.
The United Kingdom has always been welcoming to foreign nationals, not just students but also immigrants who wish to start a new life in the English Capital. When people move from one country to another, they bring investment to their newfound residence, and countries around the world aim to make this migration process easier and convenient so that they can diversify their population, while also increasing their earnings. The United Kingdom is no different, and the UK Tier 1 Visa aims just that.
What is a UK Tier 1 Visa?
Where visa applications are involved, you cannot learn enough about the documentation and process, because if you are ill-prepared, you may have to run back to your home more than twice to gather the relevant documents. The United Kingdom offers a range of Tier 1 visas that can be applied based on the investment you are willing to bring to the UK, the amount you are willing to invest, if you have any exceptional talent, or are endorsed by your university or the UK government. Therefore, you might have to decide which one you are going for prior to lodging an application:
- Tier 1 Entrepreneur Visa
If you have at least £50,000 in your bank, and you are willing to invest in the UK to setup your own business, you can apply for a Tier 1 Entrepreneur visa. However, due to the huge influx of applications every year, it is often hard to get your application approved unless you are willing and can show evidence of at least £200,000 in your account, for investment.
- Tier 1 Investor Visa
The Tier 1 Investor visa is specifically designed for people who are willing to invest at least £2,000,000 in share capital, loan capital, or government bonds in the active and trading registered companies in the United Kingdom.
- Tier 1 Graduate Entrepreneur Visa
If you are a student who has aced his / her professional qualification and the UK government’s Trade & Investment department has endorsed you, you can apply for this category. You can even apply for this visa category if you are endorsed by the university you have completed your studies from in the United Kingdom.
- Tier 1 Exceptional Talent Visa
This category of visa can only be applied for if you are endorsed by a designated body as an emerging leader in one of the various fields like humanities, sciences, medicine, arts, engineering, fashion and digital technology. The places are limited to 2000 each year, so if you are planning to apply for this visa, you will have to plan well ahead of time.
Can I bring my family along?
This is a key piece of information that most people are looking for. You can bring your partner as well as children during your stay in the United Kingdom, but you must have to show that you can take care of them. This will involve showing additional funds to the UK immigration department, apart from the conditions met for the UK Tier 1 visa above. They will then be able to apply for a family visa.
What change has the UK introduced to its UK Tier 1 Visa categories?
The news has been well received that the United Kingdom is going to introduce a new Tier 1 visa that will boost its economy, but most of all, provide you the opportunity to realize your dream of living and owning a business in the UK more easily.
You must have brushed up on your knowledge about the UK market, but here is a summary of how lucrative the UK is for investment:
- It has political stability.
- It offers the language advantage (English – The Universally Spoken Language).
- It offers a robust and stable economy.
- It offers generous tax breaks to entrepreneurs.
Entrepreneur Europe explains that the UK Tier 1 Entrepreneur Visa has a 48% refusal rate as of 2018, mostly because of the financial requirement that is equal to a mountain climb. Moreover, the question whether case officers are experienced enough to assess entrepreneurship visa documents and decide on proposed business plan’s feasibility is also a question mark.
The new Tier 1 visa aims to address these issues and several others. It will allow even non-degree holders to apply for the visa, while also relaxing other eligibility requirements as well as the assessment process. Moreover, for Graduate Entrepreneur visa, applicants can endorse their applications from various business accelerators and sponsors that are on a list approved by the UK. The case officers will also have the option to properly scrutinize each application and still grant a 2-year visa even if they believe the startup entrepreneurs to be at high risk if they open up their business in the UK.
Every UK Tier 1 visa category will have a few changes that will increase your chances of securing a visa, and starting your new life in the United Kingdom. All you need to do is make sure that your efforts do not go in vain, and you can get the expected returns on your investment, that will increase your chances of staying in the UK, and progressing towards citizenship.
What do you think?
This news must have been a breath of fresh air if living and working in the UK has been your dream. There is a lot to look forward to, and you will not be disappointed, provided you have all the finance and the documentation ready that satisfies the requirements of your desired UK Tier 1 visa category.
You can also visit www.businessplanwriters.co.uk for more information or book a consultation with them. They are one of the oldest and most experienced business plan writers who can help you draft a solid business plan that will work in your favor when you apply for a UK visa.