It’s a great place to start a business. The UK is very proud of being “a nation of shopkeepers” and private enterprise is actively encouraged. The excellent flagship unregulatedness of British private enterprise is so good that any individual can just declare themselves to be a company and instantly become a real company and can trade without hindrance in almost any line of business (although there are a few exceptions). There are different ways in which one can get to conduct business and stay in the UK. Let us now see what they are:-
The Entrepreneurs Program: Tier 1
The Entrepreneurs program is for those businessmen and self – employed personnel who intend to invest in the United Kingdom. This investment could either be in the form of starting a venture or taking over or investing in an existing business. An application is evaluated based on the Points Based System where in the points are known as “Attributes”. 75 points have to be scored for which the requirements include:
- 25 points would be awarded for having funds worth £200,000.
- Another 25 points are granted if this amount is controlled from one or more regulated
- Financial institution only.
- 25 more points for making this money disposable in the United Kingdom.
- 10 points for good English language skills.
- Funds maintenance would earn the applicant another 10 points.
The immigrant must not be dependent on the public services since he cannot avail most of the state benefits. He must also get registered with the police (if mentioned in the immigration rules). Also, the immigrant cannot take up any other form of employment apart from that of his own business.
Extension under the Tier 1 (Entrepreneur) Immigration Program
Before you apply for an ILR, you need to seek an extension under the Tier 1 Entrepreneur program. Our UK advisors at ABHINAV assess your eligibility for extension, based on your compliance to post-visa conditions in the UK and forward your case in the most impressive way possible to get an easy approval.
Some of the post-visa conditions against which your profile is adjudged and to which you need to comply, are:
- Your engagement in the UK business activity that employs – directly or indirectly – at least two full-time employees, who are legitimately permitted to work in the UK
- You must have invested at least £200,000 in cash, directly into one or more businesses in the UK and must be registered with HM Revenue and Customs as self-employed. Or, you must have registered a new business in which you hold the position of a director.
- Another alternative is to register as the director of an existing business. It is also mandatory to prove your possession of the minimum settlement funds along with the desired level of minimum proficiency in the English language.
- Given conditions must be met while your conditional stay in the UK along with several other immigration regulations.
Tier 1 (Entrepreneur) – Indefinite Leave to Remain (ILR) in the UK
To be eligible to apply for indefinite leave to remain in the UK, you must have spent a continuous period of at least five years in the UK while being on the Tier 1 (Entrepreneur) category Visa (including extension). Thus, if you meet the immigration regulatory requirements under the Tier 1 Entrepreneur program throughout the five-year period, you stand eligible to apply for UK ILR.
The Investor program caters to the high net worth individuals who could make a significant investment, contributing to the economy of the United Kingdom. The eligibility criteria for this include scoring 75 points for either of the following:
- £1,000,000 which is disposed or invested in a financial institution.
- Personal assets worth of £2,000,000.
- £1,000,000 is permitted to be invested even if it has been taken in the form of a loan.
- With the recent changes in the UK Tier 1 visas, Immigrants considering to opt for the route of UK Tier 1 (Entrepreneur Category), would enjoy quicker settlement than ever, including other benefits too.
Here are the changes:
- Entrepreneurs able to generate 10 employments in the UK or come out with a turnover of more than 5 Million Pounds in a time span of 3 years would be able to enjoy faster settlement.
- £200,000 would remain as the standard threshold for an entrepreneur to be qualified under the Tier 1 visa. Additionally, high-potential ventures would be permissible to come to the country with £50,000 in financial support/ option of funding from a highly regarded organization.
- Entrepreneurs would be permissible to enter the country with their business partners provided they have the accessibility to joint funds.
- Major investors would be able to enjoy 180 days outside the country. Earlier this criterion was limited to 90 days.
- New Prospective Entrepreneur Visa (outside of the Points-Based system)
Prospective Entrepreneur Visa is for those prospective entrepreneurs who are at present in discussion with a company which is FSA- registered venture capitalist, UK Trade and Investment recognized seed competition or departments of the UK government to make way for a secured funding for the purpose of joining, and/or commencing or taking over a venture in the UK.
This route will allow the applicants intending to come to the UK to look for funding or to create a team for a fresh venture to be given visit visas, on the condition that they are able to demonstrate their access to £50,000.
Successful applicants would be given non-extendable six months to enter the country, where they can choose for the Tier 1 (which is for the Entrepreneurs) after meeting the mandatory requirements.