Quantum Law Associates can boast many years of experience and dedication to Tier 1 entrepreneur and investor visas. Notwithstanding the Tier 1 Entrepreneur route has been officially replaced by the innovator visa and the start-up visa on 29 March 2019, this only means that people who want to apply for Tier 1 Entrepreneur initial leave are no longer entitled to do so. The only exception applies to migrants who are currently residing in the UK on a tier 1 Graduate entrepreneur and wish to apply for a Tier 1 Entrepreneur initial leave.
Migrants already residing in the UK on a Tier 1 entrepreneur visa will be able to extend this visa until 5 April 2023, and apply for settlement until 5 April 2025.
Applying for an extension as a Tier 1 entrepreneur could be very challenging considering the number of documents requested to satisfy the requirements.
After 3 years, you will be required to show that:
- You have invested £200K in a UK-based business (or £50 K whether you switched from Tier 1 Graduated Entrepreneur or received funds from a Venture Capital firm)
- You have been appointed as a director or registered as a self-employed within 6 months from the date your visa was granted or the date of entry; moreover, you will have to show that you were a Director or self-employed within the 3 months prior to the date of the extension application
- You have created the equivalent of two EXTRA full-time job positions who have existed for at least 12 months each by hiring British citizens, EEA citizens, or non-EEA national with Indefinite Leave to Remain in the UK. A job position will be considered “full-time” if entails 30 hours of paid work a week
- You have sufficient funds to maintain yourself (£945) and any dependent included in your application (£630) for the next two-year period. These funds must have been held in cash savings for at least 90 days prior to the date of the application.
INDEFINITE LEAVE TO REMAIN
At the end of the extension period, the Tier 1 entrepreneur migrant will be entitled to apply for Indefinite Leave to Remain provided that:
- 2 full-time job positions have been maintained (or 2 new created) for 12 months after Extension
- you were a director or self-employed within the 3 months prior to the date of the application
- you have passed the Life Test in the UK
- you have been continuously resided in the UK without breaking your residence (no more than 900 days of absences over 5 years)
CRITERIA FOR ACCELERATED SETTLEMENT
For those who do not want to wait 5 years in order to obtain Indefinite Leave to Remain in the UK, there are two alternative options reachable after the first 3-year period:
- creating the equivalent of 10 EXTRA full-time job positions over the three years period
- Having a turnover of 5 mill
If you meet one of these two criteria after the first 3-year leave, you will eligible for Indefinite Leave to Remain under the “Accelerated Settlement” route.
RIGHT TO WORK
As a Tier 1 entrepreneur migrant you will not be allowed to take any employment other than working for the business or businesses that you have established, joined or taken over.
Investor visa is a subject which has been heavily debated especially during the last years due to the incrementing of money laundering.
New regulations have come into force since 29 March 2019 which are designed to clamp down on the increasing crime rate.
The main requirements for an investor visa are currently:
- Being over 18
- Have access to £2,000,000 showing that the funds belong to you or your partner
- Have opened a UK bank account with a regulated institution
- The funds must be held in one or more regulated institutions and be disposable in the UK
If you apply under this category, you will not need to provide any evidence of English language or maintenance funds
The main difference from the previous rules:
- Have held the 2mil for two years instead of 90 days prior to the date of the application
- The UK bank must carry out all required due diligence checks and Know Your Customer enquiries, and confirm that these have been done
- Applicants will no longer be allowed to use purchase of UK government bonds as a qualifying investment
You will have to show that you have held your investment funds for less than 2 years, or, alternatively, you will need to prove the source of your funds.
At the extension stage, you will be required to show that you invested at least £2 million in actively trading UK companies within 3 months of your initial leave. Moreover, you will have to show that you have maintained your investment over the course of the 3-year period.
If you invested £2 mil under this route, you will eligible for Indefinite Leave to Remain after 5 continuous years, unless:
- You invested £10 million: you will be eligible for ILR after 2 years
- You invested £5 million: you will be eligible for ILR after 3 years
Regardless if you apply for Tier 1 entrepreneur or investor, if your application is made from outside the UK, you and any adult dependents will need to provide an overseas criminal record certificate for any country that you have lived in for at least 12 months in the last 10 years and a Tuberculosis screening test if you are from one of the countries listed on Appendix T of the Immigration Rules.
Our business immigration lawyers are specialised in entrepreneur and investor visas by guiding our clients through the complex route of business migration.
We pride ourselves on having a proactive immigration team who, by focusing on clients’ satisfaction, achieve an outstanding success rate.