What is a Tier 1 Visa?
There are two types of Tier 1 Visas:
• Entrepreneur: this allows you to set up, take over, or be actively involved in the running of a business in the UK.
• Investor: this allows you to make a substantial financial investment in the UK.
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Tier 1 Entrepreneur Visa
If you want to migrate to the UK to set up, take over, or run a business, Asmat & Co will guide you through all the regulations and requirements to ensure your move to the UK is as smooth as possible.
To be eligible for a Tier 1 Entrepreneur Visa, you need to prove that:
• You have access to £200,000, or
• You have access to £50,000 from an approved organisation such as UK Trade and Investment or a registered venture capitalist. However, you’ll still need to have access to the remaining £150,000.
• You meet the English language requirement
• You can provide for yourself and your family
• You genuinely want to set up a viable business
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You’ll initially be allowed to stay in the UK for 3 years and 4 months with an option for a 2 year extension.
After 3 years you’ll have the option for a fast-tracked settlement providing you meet certain requirements:
• The business employs at least 10 employees, or
• The business has a £5m turnover
Who can apply as an entrepreneur?
You can apply under the entrepreneur category now if you are:
• in the United Kingdom and want to make an initial application as an entrepreneur;
• already in the United Kingdom as an entrepreneur and want to extend your permission to stay within your existing category;
• already in the United Kingdom as a business person or innovator and want to extend your permission to stay in the entrepreneur category;
• applying for permission to enter the United Kingdom (known as ‘entry clearance’) under the entrepreneur category.
How do I qualify for the Tier 1 entrepreneur visa?
To apply under the points-based system and be accepted into the entrepreneur category, you must pass a points-based assessment.
You must score:
• 75 points for your attributes which are different depending on whether you make an initial or extension application; and
• 10 points for English language; and
• 10 points for available maintenance (funds).
• If you do not score a minimum of 75 points for your attributes and 10 points for English language and 10 points for available maintenance (funds), your application will be refused.
How much money do I need?
To qualify for the Entrepreneur Visa you must have:
• Access to at least £50,000 if:
o The funds are from a Registered venure capital form regulated by the Financial Conduct Authority; or
o The funds are from a UK entrepreneurial seed funding competition; or
o The funds are from UK Govement Departmnt n scotland, Wales or Northern Ireland; or
o You are applying from within the UK and hold a Tier 1 (Graduate Entrepreneur) Visa.
• Access to at least £200,000 if you do not meet the above requirements.
Switching to entrepreneur status in the UK
If you are in the United Kingdom and wish to enter as an entrepreneur, you will need to be sure that you can switch into this category.
Switching into this category is allowed if you currently hold leave in the following categories:
• a highly skilled migrant;
• a highly skilled worker (tier 1);
• an investor (tier 1);
• a post-study worker (tier 1);
• an innovator;
• a student;
• a student nurse;
• a student re-sitting an examination;
• a student writing up a thesis;
• a work permit holder;
• a postgraduate doctor or dentist;
• a self-employed lawyer;
• a writer, composer or artist;
• an investor;
• a participant in the International Graduates Scheme or its predecessor, the Science and Engineering Graduates Scheme;
• a participant in the Fresh Talent: Working in Scotland Scheme.
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Tier 1 Investor Visa
If you want to make a large investment in the UK, Asmat & Co Accountants will guide you through all the regulations and requirements to ensure your investment goes as smoothly as possible.
To be eligible for a Tier 1 Investor Visa, you need to prove that:
• You have access to £1m to invest in UK government bonds, share capital or loan capital in UK-registered companies.
• You meet a minimum points threshold based on investment criteria
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You’ll initially keep your Tier 1 Investor Visa status for 3 years and 4 months, with the option of a fast-tracked settlement after 3 years.
You won’t need a UK sponsor, nor are you required to meet English language requirements, to be eligible for a Tier 1 Investor Visa.
The Tier 1 investor category is designed to allow high net worth individuals to make a substantial financial investment in the United Kingdom.
Unlike work permits (Tier 2 Visa), you do not need a job offer to apply under the investor category. When you apply you are awarded points based on your ability to invest £2,000,000 in the United Kingdom.
If you cannot qualify for this visa then you might consider the Tier 1 Entrepreneur Visa.
Who can apply for the Tier 1 Investor Visa?
You can apply under the investor category now if you are:
• in the United Kingdom and want to make an initial application as an investor (known as switching);
• already in the United Kingdom as a tier 1 investor or as an investor under the former category, and want to extend your permission to stay within the tier 1 investor category;
• applying for permission to enter the United Kingdom (known as ‘entry clearance’) under the investor category.
How do I qualify for the Tier 1 Investor Visa?
To apply under Tier 1 of the points-based system and be accepted into the investor category, you must have access to £2,000,000 that is disposable in the UK and in a regulated financial institution.
Who can apply?
You can apply if you are a not a national of the European Economic Area (EEA) or Switzerland and want to enter or stay in the United Kingdom under the investor category.
You can apply if you are:
• in the United Kingdom and want to make an initial application for the investor category;
• already in the United Kingdom under the former investor category and want to extend your permission to stay within the tier 1 investor category;
• already in the United Kingdom in the tier 1 investor category and want to extend your permission to stay in your existing category;
• applying from outside the United Kingdom for permission to enter (known as ‘entry clearance’) in the investor category.
Getting your Tier 1 Visa
You will require an accountant that is qualified by the RSB. Asmat & Co Accountants are part of the RSB and hold the CIMA, ACCA and IFA qualification which are all prestigious accounting qualifications both in the UK and Worldwide. We will guide you through all the regulations and make sure you meet the requirements to obtain a Tier 1 Visa.
We will:
• Help you write a viable business plan.
• Tier 1 applicants are required to submit Business Plan with their application. Asmat & Co have helped many applicants in the preparation of these Business Plans. We ensure that your business idea meets the Entrepreneur Visa rules.
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• We at Asmat & Co offer first-class accounting services to ensure your business is run as smoothly as possible
• And more…
