The United Kingdom is a vibrant and diversified nation, renowned for its thriving business environment and opportunities. It is among the top destinations for entrepreneurs seeking startup opportunities and business expansion. Consequently, a significant number of individuals aspire to travel to the UK to establish their own businesses across various industries or to acquire existing ones.
You will need to apply for an Entrepreneur Visa if you want to accomplish this from outside of the European Union. Given the Entrepreneur Visa is one of the most well-liked UK visa programs; the Home Office gets a large number of applications for visas under this category each year. Many of these petitions are rejected annually after thorough review. So, how can one effectively apply for a visa to work as an entrepreneur in the UK? These are a few short
recommendations that a candidate can follow to improve the likelihood that their visa application will be granted.
1. Complete and submit all the information with attention.
Each year, a large number of visa applications are denied due to careless errors. Before submitting the application, you must carefully review every detail and ensure that you have provided the Home Office with all the necessary information. Make sure those details are accurate as well if you plan to use a debit or credit card to pay the application cost.
2. Compose an effective business plan.
The Home Office has mandated that you provide a solid business plan with your initial application starting on April 6, 2015. The Home Office will carefully review your business plan to determine whether the application is from a legitimate business owner. The authorities should be able to understand the business strategy with ease and it should be realistic and credible. If the business plan is copied from any source, the application can be turned down. The amount of money that will be invested in full as well as the number of employees should be highlighted in the company plan.
3. Examine your financial needs.
An candidate must take care of two different kinds of financial requirements: an investment fund and a maintenance fund. If an applicant falls under the £200,000 threshold, they must keep money in their bank account for three months and utilize it only for business expenses. In addition, three months previous to applying, you must have access to maintenance funds totaling £3,310 (if the application is filed from outside the UK) or £945 (if it is made within the UK). In addition to the investment cash, the applicant also needs to have the maintenance fund.
4. Reputable funding sources
In the event the Home Office requests it, the applicant must be able to provide the required documentation and maintain the investment funds from a reliable source. The authorities may reject the application if the applicant doesn’t comply.
5. Get ready beforehand for the Genuine Entrepreneur exam
For all applicants seeking an entrepreneur visa, the Home Office administers what is known as the “Genuine Entrepreneur Test” in an effort to weed out fraud and draw in serious, gifted businesspeople from around the globe. The applicant is interviewed as part of this to verify things like:
- legal knowledge, including that of UK tax laws
- Their background as immigrants
- Funding sources
- Credibility of the evidence provided
To ensure you are ready for the test, speaking with immigration specialists is highly advised. These professionals can also assist with the application and business plan preparation. Please contact us for more information if you want to establish a business in the UK and plan to apply for a UK Entrepreneur Visa, our advisor would love to help, Call us for further help