Britain is open for business attracting talented entrepreneurs worldwide who wish to start their business or invest in an existing company in the UK.
For non-EU companies looking to establish their business in the country, the Tier 1 or entrepreneur visa for UK is required.

Tier 1 (Entrepreneur) Visa: Overview

The entrepreneur visa for UK is particularity for non-European nations and attracts people with adequate money to invest in the UK by establishing or taking over, and being actively engaged in the running of, one or more businesses.

As a visa holder, the person can stay in the UK for a minimum period of 3 years and 4 months, which he can extend further by another 2 years. Once he is in the UK for 5 years, he can apply for Indefinite Leave to Remain.

General Requirements

To qualify for entrepreneur background visa for UK, the person must be able to set up, take over or become a director of not less than one company within the first 6 months of entering the country.

Besides, he must meet the requirement for investment funds, by the following two routes:

a) Route 1

Under this category, you must possess investment funds of at least 50,000 in capital from a venture capital firm certified with the Financial Conduct Authority (FCA), entrepreneurial seed funding competition supported by UKTI or a government department.

b) Route 2

You must have access to 200,000 of personal wealth, which can include investment funds from your spouse / partner or third party backing.

Apart from the investment funds requirement, you must have a minimum of 3,310 to support yourself in the UK.

Moreover, the funds must be in your bank account for not less than 90 days prior to your application. Besides, you will also be evaluated on the credibility of the source of your investment funds, your business plan along with your previous educational and business experience.

In addition, you need to meet the English Language requirement, in case you belong to a nation that is not majorly English speaking. This can be done by possessing a qualifying academic qualification at Bachelors grade level or by undergoing an approved English Language Test.

Application and Processing Time

To get entrepreneur visa for UK, the person must apply for at least 3 months prior to traveling. Generally it takes around 15 working days to process the visa application.

Visa Submission Process

Depending on the country that individual is applying from, he may require to take a Tuberculosis test before applying for UK visa.
Once the test has been done, he needs to collect all the necessary supporting documents, and submit the online application with the visa fee of 944. In addition to this, he has to pay a 'health surcharge' at the assessed cost of 200 every year for the duration of his visa.

Further, the individual has to book an appointment with the visa application center in his area and submit his biometrics like fingerprints and photo, along with supporting documents. Once the visa has been processed, the visa application center will get in touch with him.

Other Considerations

With the entrepreneur visa for UK, the person will be allowed to work only for his own business. He may bring his family members to the country as dependents.

Aashirya Sharma is a well-known travel consultant with a reputed firm and has often helped many people with . She often shares her views regarding making the whole process simpler for all through her online blog as well.