Lanop Accountants can help you prepare and qualify for a Tier 1 Visa to enable you to either set up a business, or invest, in the UK.
The Tier 1 (Entrepreneur) visa category applies to the main applicant and all immediate family members, including spouse and children under the age of 18. Initially, entrepreneur visa is granted for three years and four months and can then be extended for another two years. Applicants in the first category are eligible to apply for British citizenship after having spent 6 years in the country, while those who create ten jobs or achieve an annual turnover of £5 million a year are eligible to apply after 5 years of residence in the UK.
To make a successful entrepreneur visa application, applicants are required to score sufficient points based on the funds that are available to them to invest, their English Language ability and by having enough money for their living costs in the UK (maintenance).
Applicants need to have access to either:
At least £200,000 (in some cases £50,000)
- All of the above funds need to have been held in one or more regulated financial institutions.
- All of the above funds need to be free to spend in the United Kingdom (disposable).
What is a Tier 1 Visa?
There are two types of Tier 1 Visas:
- Entrepreneur: this allows you to set up, take over, or be actively involved in the running of a business in the UK.
- Investor: this allows you to make a substantial financial investment in the UK.
Tier 1 Entrepreneur Visa
To be eligible for a Tier 1 Entrepreneur Visa, you need to prove that:
- You have access to £200,000,
– Your own money
– Or made available to you by other people (“third parties”) such as a spouse, partner or investor
– Or in a joint account with your spouse or partner but only if they aren’t applying for a Tier 1 (Entrepreneur) Visa
- You have access to £50,000 from an approved organization such as UK Trade and Investment or a registered venture capitalist. However, you’ll still need to have access to the remaining £150,000.
You must also:
- Provide proof that you meet the English language requirement
You can provide for yourself and your family i.e. you have enough personal savings to support yourself while you’re in the UK.
How you prove this depends on where you’re making your application from:
– outside the UK – you’ll need £3,310
– in the UK – you’ll need £945
- Provide acriminal record certificate from any country they have lived in for 12 months or more in the last 10 years.
- You genuinely want to set up a viable business – This will be demonstrated by providing a business plan. This is the second most important requirement after funds. You must submit a detailed business plan with your application explaining your proposed business in the UK. Lanop helps prepare detailed business plan for you as we have successfully done for many clients over years.
You’ll initially be allowed to stay in the UK for 3 years and 4 months with an option for a 2 years extension.
After 3 years and 4 months you’ll have the option for a fast-tracked settlement providing you meet certain requirements:
- The business employs at least 10 employees, or
- The business has a £5m turnover
Support & Advise – Tier 1 Visa
You will require an accountant that is qualified by the RSB (Recognized Supervisory Body). Lanop Accountants are part of the RSB and hold the ACCA practicing certificate which is the one of the most growing and prestigious accounting qualifications both in the UK and Worldwide.
We will guide you through all the regulations and make sure you meet the requirements to obtain a Tier 1 Visa.
- Take care of your business set-up. We will register your company, help you setup a business bank account, help you buy relevant business insurances and give you practical knowledge of business life in UK
- Be your best friends in business
- Help you in running of the business. Once the company is set up, we manage your accounts, run payroll and file tax returns as and when required throughout your business life.
- Do your tax planning, as an investor from overseas you will have savings income, non savings income (from running businesses), property income, once you are tax resident in UK you will need to disclose this all. We will help with the tax planning and disclosure facilities.
Please note Lanop only provides all the accounting services and have partnered with the top immigration firm to file visa applications. Hence our clients are at peace of mind that their visa is being processed by the best in market.
Please be aware that the above information reflects our interpretation of existing rules which are subject to change. Also, this is not an exhaustive information. The requirements may change depending on your personal circumstances
Get in touch
Get in touch with Lanop Accountants for a Free Initial Consultation so we can learn more about you and your requirements.