03 Apr 01.04.2019 The Home Office has announced significant reforms to the Tier 1 (Investor) UK visa, and closed the Tier 1 (Entrepreneur) route.
01.04.2019 The Home Office has announced significant reforms to the Tier 1 (Investor) UK visa, and closed the Tier 1 (Entrepreneur) route.
On 29 March 2019, the Tier 1 (Entrepreneur) route has closed and the Tier 1 (Innovator) route will open in its place.
The investment required in order to apply for a UK visa through this route has significantly reduced from £200,000 to £50,000.
All applicants will be required to obtain an endorsement from a trusted UK endorsement body, such as a government agency or an accelerator. A full list of innovator endorsement bodies can be found here. The endorsing body will assess the applicant’s business plan against the innovation, viability and scalability criteria.
Another endorsement letter will be required to apply for Indefinite Leave to Remain. Several requirements will have to be satisfied in order to receive this endorsement. The bar is relatively high and under new, more stringent requirements innovators will have to show that they have a successful businesses either employing a number of people or generating significant revenues.
Anyone who submits their application after 29 March 2019 will have to comply with the new rules.
Changes for those who currently hold a Tier 1 (Entrepreneur) Visa
The Home Office has put in pace transitional arrangements to mitigate the impact for those individuals who are already in this category.
Tier 1 (Entrepreneur) migrants can apply to extend their visas until 5 April 2023 and apply for ILR, settlement, in this category until 5 April 2025. If an applicant is not able to apply for ILR before this date, they will have to switch into a different category of visa.
Svetlova LLP has vast experience with Tier 1 Entrepreneur and Investor visa applications. If you have any questions as regards the new changes or would like to apply or extend your visa, please do not hesitate to contact us on +44 207 129 129 6.