Despite the gloomy, global economic outlook for 2016, the UK markets are predicted to perform well. The National Institute of Economic and Social Research expects the economy to grow by 2.3 percent this year, unchanged from its previous forecast which was made in November and picking up a bit of speed from growth of 2.2 percent in 2015.
This, alongside the UK Government’s commitment to making it easier for businesses in the technology sector to recruit top talent, makes 2016 an excellent year for dynamic entrepreneurs to launch their business in the UK.
Although the UK Government welcomes entrepreneurs who add value and employment to the economy, it is no secret that it also has a firm agenda to reduce immigration levels. In accordance with this, a recent report, by the Migration Advisory Committee (MAC) called for an overhaul of the Tier 1 Entrepreneur Visa route, due to findings of fraud.
Following this report, it is likely that the Tier 1 Entrepreneur Visa route will be changed at some point in the future, and already, the UK Border Agency is scrutinising certain parts of the application process, such as business plans, in greater depth, to ensure those applying for the visa are genuine.
If you are planning to apply for a Tier 1 Entrepreneur Visa, then here are five top tips to ensure your application is successful.
Understand the Visa Requirements Fully
To apply successfully for an Entrepreneur Visa you will need to show:
- you have access to £50,000 or £200,000 in investment funds
- you meet the English language requirement
- you can support yourself during your stay
- you score 95 points on the Points Based System
- are at least 16 years old
You and another person can form an ‘entrepreneurial team’ and share the same investment funds provided:
- you both meet all the application requirements
- you do not use the same funds on another application with a different entrepreneurial team; and
- you each provide all the documents required to prove you have the required funds
Engage Professionals
Given the fact that you need to show either £50,000 or £200,000 in investment funds, fill in complex paperwork and have a detailed business plan, it pays to have access to professional financial, business and legal advice when making your application. By doing this, you will ensure everything processes smoothly and valuable time and money is not wasted re-submitting missing or incorrect documentation.
Get the Business Plan Right
Business plans are now mandatory for all applications under the Tier One Entrepreneur Visa. The credibility of the business plan will be checked, and the Home Office is on the look-out for plans that have been copied from the Internet, which indicate a fraudulent application. If you want to be taken seriously, make sure your business plan reflects any growth and financial figures accurately.
Make Sure your Funds can be Traced to a Credible Source
Money-laundering regulations are very strict in Britain. Ensure your investment funds are in your bank account 90 days prior to applying for your Entrepreneur Visa, and you can explain exactly where they came from.
Separate your Maintenance Funds from your Investment Funds
Your maintenance funds should be separate from your investment funds. You must be able to show the UK Border Agency that you can support yourself without having to access public finds while you build up your business.
Contact our Immigration Solicitors Birmingham
If you wish to submit an application for a Tier 1 Entrepreneur Visa, the team at Sultan Lloyd Solicitors have the experience and expertise required to advise you successfully on your application to the UK Border Agency. To find out how we can help you, please call our Birmingham office on 0121 222 7643 to make an appointment with one of our immigration specialists.