The UK Tier 1 Entrepreneur Visa Program, often hailed as the affordable residency program for the UK, grants an applicant and immediate family the right to live and work in the UK upon the investment of GBP 200,000. Immediate family includes applicant, spouse, children under 18 and unmarried children over 18 who are financially dependent on the applicant. The investment must be in a new company or into an existing venture in which the applicant must become actively involved, and, the business should create 2 jobs for settled British workers. The applicant may also form a partner team with another individual and show a combined investment of GBP 200,000.
The Tier 1 Entrepreneur Visa Program or the UK Golden Visa is gaining popularity among Indian HNWI with aspirations to live in the UK, as other immigration options become more difficult: The Tier 1 Post Study Work Visa that allowed a student to work in the UK for 2 years immediately after graduation, has been discontinued. BREXIT has raised concern that an EU citizenship may no longer gain access to live in the UK. The more expensive Tier 1 Investor Visa Program requires investments starting at least GBP 2 million.
Applicants are eligible for NHS and education benefits such as paying 'home' student fees. The UK also provides an attractive tax regime to non-domiciled residents to claim the remittance basis of taxation. Under this the resident is only subject to income tax and capital gains tax on income sourced in the UK and income remitted to the UK.
The Tier 1 Entrepreneur Visa is granted for three years after which, it may be extended by 2 years if investment and job creation requirements are fulfilled. At the end of 5 years, the applicant can apply for 'indefinite leave to remain'(ILR) which is a permanent residency in the UK and may exit the business investment. The process may be accelerated if the business creates 10 or more jobs or achieves a turnover of GBP 5 million. The Tier 1 Entrepreneur Visa Program is also a path to British citizenship and the applicant may file one year after obtaining ILR.
The success to obtaining and extending the Tier 1 Entrepreneur Visa depends on some key factors such as: The new or existing business in the UK should be a progression of the applicant's educational or professional background. Within 6 months of the visa being issued the applicant should have registered as a director of the company. The application should include a thorough business plan and during the application for extension, an amended business plan should be presented showing the positive impact the applicant's directorship has made on the company. Unlike the usual financially oriented business plan this version must be adopted specifically for the UK Tier 1 Entrepreneur Visa application.
ActiveAvenues provides full services for application preparation and processing, including identifying suitable investment company to match the requirements of our clients. Our network of lawyers and financial advisors helps negotiate the investment agreement with the chosen company. ActiveAvenues also connects an immigration lawyer, who handles and files the legal aspect of the application with the Home Office. Our experienced business analysts in collaboration with the immigration lawyer prepare bespoke supporting documents to strengthen the application for the Tier 1 Entrepreneur Visa.