The Minister of State for Immigration, Mark Harper, has today publicly announced important changes to the Tier 1 (Entrepreneur) visa route that will come into effect on 31 January 2013.
The changes aim to ensure that all new entrepreneur visa applicants genuinely intend to establish a viable business in the UK. The Statement of Changes effectively allows the UK Border Agency to assess the ‘genuineness’ of such applicants by examining factors including the:
- source of funds the applicant intends to use to establish their business;
- viability and credibility of the applicant’s business plan and any market research undertaken;
- applicant’s business experience and education; and
- applicant’s previous activity in the UK.
The funds intended to be used to establish the business will also need to be available to the applicant at all times except where the funds have been used to establish the business. Importantly, this will exclude the applicant’s own remuneration. We expect that the UK Border Agency will check with the applicant’s financial institution to ensure the funds are still available.
If you would like more information on the new requirements for a Tier 1 (Entrepreneur) visa and would like us to assist you in preparing an application, please contact Gherson on +44 (0)207 724 4488 or send us an enquiry.