Tier 1 (Entrepreneur) visa
The entrepreneur visa, is for those wishing to set up or join businesses in the UK. this visa requires a £200,000 (£50,000 in some circumstance) investment as an individual or as a team of 2. Under certain circumstances
Since the 6th of April 2015 business plan submission became a compulsory element of the all initial applications for a Tier 1 (Entrepreneur) visa.
An immigration business plan is quite different from a standard business plan which an entrepreneur would normally have for the smooth running of their business or to secure funding for their business
A complaint Tier 1 visa business plan will need to satisfy the genuineness test, which is of great importance in the Tier 1 visa decision process. At present about 50% of applications fail, and failure to meet the Genuine Entrepreneur Test is the most common reason of refusal.
The plan must therefore show the UKBA immigration officers that
- you genuinely intend and are able to establish, take over or become a director of one or more businesses in the UK within the next 6 months;
- you genuinely intend to invest the money you have stated as your investment amount
- the money is genuinely available to you and will remain available to you until such time as it is spent for the purposes of your business or businesses;
- you do not intend to take employment in the United Kingdom other than working in your business.
You will also need to show
- your relevant experience in your proposed UK Industry
- the credibility and breadth of your market research
- your relevant academic qualifications
- how your business will benefit the UK
Your business plan also needs to deal with the following:
- Your market research and feasibility
- How you plan to spend your investment
- How you plan to provide at least 2 employments to the UK
- The viability of your business