5 Tips for applying for a tier 1 visa
If you want to immigrate to the UK, there are a number of requirements that you have to fulfill. The top tier immigrant visa is issued to students, entrepreneurs, investors, general immigrants and even for those who want to do post-study work. There are a number of things that one needs to fulfill before they can qualify for the tier 1 visa. In this article, we shall consider some of the things that you need to know before you can apply for the tier 1 entrepreneur visa. This is definitely a visa that is given to the people who want to go to the UK as investors. You can go to the UK to invest in an existing business or if you have already graduated from UK universities, you can stay back and set up a business. Before you can fully settle under this visa, it will take you 5 years. One can bring their family members and dependents with them.
Here are 5 tips to help you to apply for a tier 1 visa:
- Funding, option 1
This is a requirement for the people who want a tier 1 visa so that they can set up a business in the UK. The first funding option requires that they should have not less than £200,000 as their own money to set up the business. This can apply to individuals with these amounts or even to teams that would like to set up a business. However, this money should be available in the applicant’s account at least 90 days before they make the application. This requirement has to be fulfilled by those who want to apply for tier 1 visa for entrepreneurs.
- Funding, option 2
For this option, one will need to have at least £50,000. The option is for the people who want to go to the UK and invest through some investment programs and vehicles such as registered venture firms, entrepreneurial funding competitions or through any government department. When one has any of the above qualifications, then they are eligible for the tier 1 visa and they can readily be accepted as investors in the UK.
- Requirements for maintenance
It is important that one has enough money to sustain them in the UK while they are there. If you are applying for this tier of visa, you have to show proof that you have enough money to support yourself and the dependants that you are making an application for. This money will be separate from that which is to be invested in the business. One has to prove that they have at least £3,310 as personal savings and money that must have been held in an account for at least 90 days.
- A business plan
This is yet another requirement for people seeking to make an application initially. Your business plan should show what kind of a business you have in mind, the target customers and research showing how the business will operate and make money. Your projected turnover is also important and it should it should be based on evidence from your skills to run a business.