The UK-Tier-1 Visa is designed to attract businessmen and entrepreneurs from all over the world to invest in the United Kingdom. The country seeks investors and entrepreneurs to set up or run a business in the UK, and create jobs, for the growth of the nation’s economy. The Tier-1 Visa has separate subcategories.
In the Tier-1 (Entrepreneur) visa category of the points based system, the two kinds of applicants are accepted-
• Those who have access to GBP 200,000 OR
• Those who have access to GBP 50,000
depending on the criteria set by the UK immigration authority.
It is also important for applicants (over 16 years of age) to meet English language requirements, and the scoring criteria set by the government of United Kingdom. In this category, spouse and dependents under the age of 18 can accompany. Dependents above the age of 18 are also allowed if they are already in the UK.
Tier-1 (Entrepreneur) category is a work visa, which can be granted for a maximum of three years and four months but is extendable by another two years if the investor meets certain criteria. An individual may apply for settlement if they have been in the UK since five years under this visa and meet certain criteria.
The Tier-1 (Investor) visa category suits HNI’s who are willing to invest GBP 2,000,000, which has a legal source, in the United Kingdom. The funds must be held in one or more regulated financial institutions and must be disposable in the UK.
Like the Tier-1 (Entrepreneur) category, Tier-1 (Investor) category is also a work visa, which can be granted for a maximum of three years and four months but is extendable by another two years.