The type of visa you must apply for if you want to start or run a business in the UK is Tier 1 Entrepreneur Visa. To apply for this type of visa, you need at least GBP 50,000 mutual fund. You can apply for a Tier 1 Entrepreneur Visa 3 months before your earliest trip to the UK. The longest time you can stay is 3 years and 4 months. You can request a 2-year extension from the same category and a 3-year extension from another category to Tier 1 (entrepreneur) visa category. You can apply for a settlement at the end of your 5 years in the UK. The features of this visa are as follows:
- You can set up or run a business or more
- You can work in your own business, including being self-employed (but you should check if your work meets the conditions of self-employment)
- You can take your family members to the UK
- You cannot work outside of your job (for example, jobs where you are employed by another employer)
- You can’t benefit from public funds
How to apply for Tier 1 Entrepreneur Visa?
The Tier 1 entrepreneur visa application procedure consists of a long and laborious process. Therefore, applications should be prepared together with expert consultants. UK Tier 1 entrepreneurs should work with professionals offering professional advice on visa applications. You have 3 years and 4 months residency in the UK on a Tier 1 Entrepreneur Visa. If you have met the requirements at the end of 3 years, you can extend your visa for another 2 years and then apply for permanent residence in the UK. You can also apply for UK residence permits for your spouse and children under 18. University graduates with Tier 1 Entrepreneur Visa have the opportunity to invest and continue their career in the UK by entering the professional business world in the UK.
Required documents for Tier 1 Entrepreneur Visa
The minimum 50,000 GBP investment fund you must have before you can apply for a Tier 1 Entrepreneur Visa may be held in one or more financial institutions and should be freely available for investment in the UK. Your investment varies between GBP 50,000 and GBP 200,000. You must also be at least 16 years of age, prove your English proficiency and have the financial structure to make a living in the UK. You can share your mutual funds. You can form an “entrepreneur team” with another Tier 1 (entrepreneur) visa applicant and share the same investment funds under certain conditions. To do so, you must not use the same funds in another application or with a different entrepreneurial team, and you must submit all documents required for proof of funds at the time of your application. When you are eligible for this visa, you can do your own business, start more than one business, move your family, you cannot be employed in any other business other than your business, and you cannot benefit from state aid.
