The UK Government developed the Tier 1 Entrepreneur Immigration Category in order to attract entrepreneurs from all over the world, to start, take over or get actively involved in the running of businesses in the UK, and in the process boost the UK economy.
As it was specifically created with the needs of an entrepreneur in mind, it is proving to be a very attractive immigration route for international business persons wanting to do business in the European market using the United Kingdom as a springboard.
The category offers many benefits to the successful applicant and has many advantages compared to most other UK immigration categories.
In order to qualify you will have to have £200,000 of your own money available to invest in a business in the UK. Money may be included from a third party that is available to you or the business you are running. Alternatively, the UK government will allow high-potential businesses to come to the UK with £50,000 in funding from a reputable organisation (An FSA registered venture capitalist firm, UK Government department or an entrepreneurial seeding competition recognised by UK Trade and Investment). The good news is that you will also be allowed to enter the UK with a business partner, as long as you both have access to the joint funds. Therefore both you and your business partner and your respective families can take benefit of this opportunity relying on the same funds.
It is possible to switch into the Tier 1 Entrepreneur category from various other immigration categories from within the UK. In such cases, there are different criteria for attributes that an applicant has to fulfil, depending on the category from which the applicant is switching.
Some of the advantages of this immigration category include;
Entrepreneurs may be able to settle sooner should the applicant manage to create 10 jobs (for example three job positions during the first year, three during the second and four during the third year) or have a turnover of £5 million in 3 years.
They will also enjoy flexibility regarding settlement, as they can spend up to 180 days in any 12-month period outside the UK without affecting their right to settle in the UK.
Their partners and dependent children may join them in the UK, and work without restriction.
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