In December 2018, the UK Government announced major reforms to the Tier 1 immigration system. They include the introduction of the new ‘innovator visa’, which is likely to replace the current Tier 1 (Entrepreneur) visa.
The Home Office is still working on the details of the new ‘innovator visa’, including its rollout date. There is currently no information available publically regarding the requirements that will need to be satisfied under this new route.
In the meantime, we would recommend that anyone wishing to make an application under the current Tier 1 (Entrepreneur) scheme consider doing so as soon as possible.
The Tier 1 (Entrepreneur) visa is designed for individuals looking to establish, take over or join a business in the UK. Applicants must satisfy a number of criteria to be granted entry clearance to the UK in this category. They include that the applicant must have access to a minimum of £200,000 for the purposes of investment in one or more UK-based businesses (certain restrictions apply), a genuine intention to be actively involved in the running of a business in the UK, they must satisfy the English language requirement and show evidence of sufficient funds to support themselves without recourse to public funds. The applicant must also provide clean criminal record checks.
The investment funds can be shared between two main applicants, if both applicants have equal control of the funds and equal status in the business in question.
The Tier 1 (Entrepreneur) route leads to Indefinite Leave to Remain (also known as settlement) after 5 years of continuous residence in the UK provided the applicant meets all the requirements. Applicants who have created a business with a gross income of more than £5 million or have created 10 or more full-time jobs for resident workers will be eligible for settlement after 3 years.
Gherson has extensive experience of applications under the Tier 1 (Entrepreneur) category. Should you require any advice or assistance with respect to this immigration route, please do not hesitate to contact us.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please don’t hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.