The entrepreneur visa is a mandatory requirement according to the UK immigration Law for those who wants to establish a business in the UK. This category entices many businessmen, investors, and innovators to come to the UK and start up a business prior to the business proposal and bring many benefits to the UK economy. This is intended for people with sufficient resources and funds to study the UK market, find out the needs of the consumers, bring innovative products or ideas to the UK market and run a business. If you choose to be an entrepreneur in the UK, then you must be a full time businessman running your own business and you can never be allowed to find employment anywhere else.
Under the UK immigration law, if you wish to enter UK intended to start a business then you must apply for an entrepreneur visa. In order to qualify to be an entrepreneur, here are the rules:
You must have no less than 200,000 pounds or equivalent at your disposal and transfer. This fund will be used to invest in the business in the UK
The funds must be in a banking institutions
You must score better then 6.5 in the IELTS or international English language testing system to demonstrate your English language capabilities.
Given the instance that you are permitted to start a business in the UK, you must be financially able to support yourself while waiting for the business to make money and you will have no recourse to the public funds whatsoever
Additionally, you will be required to:
Participate in the overall business operations in your capacity including research, marketing, development and management of the firm. You are either a partner or a director of the company.
You will also participate in creating jobs and hire UK residents to work for you and keep them for the next twelve months and you should also carry the responsibilities of company liabilities
The applicants must make their investments through share capital, directly investing with cash or a combination of both will just be the same.
A director’s loan is not acceptable, unless it is in favour of the third party. The investment should be funded by an offshore firm or through that firm especially when the investor is the sole proprietor or owner of such firm. There should be a clear distinction between an offshore funded investment and a personal fund investment.
So you got the rules set out for you above, what’s next? You need proper documentation upon application to support the following requirements: practicality of the business proposal, the bank statements supporting your financial independence from the public funds and the financial capability to invest, and support yourself. The UK immigration law also stipulates that the applicant should have English language competency. Take the IELTS to show the evidence of your good command in English.
There should be a British embassy in your country where you can file your application together with the requirements for entrepreneur visa under the UK immigration Law. If you are successful in your application, you will be given access to the UK and stay there for at least three years, and if that expires, you can ask for an extension for another two years. Five years stay in the UK should be sufficient enough to grant you and indefinite leave to remain. Visit your trusted solicitor now at www.ukimmigrationlawsolicitors.co.uk for more information.