Tier 1 Entrepreneur £200K

The entrepreneur category is for those investing in the United Kingdom by setting up or taking over, and being actively involved in the running of one or more businesses in the United Kingdom.

To apply under points-based system and be accepted into the entrepreneur category, you must pass a points-based assessment and genuine entrepreneur test

You must score:

  •  25 points for access to £200,000; and
  • 25 points for the money (£200,000) is in a regulated financial institution; and
  • 25 points for the money (£200,000)  is disposable in the United Kingdom; and
  • 10 points for English language; and
  • 10 points for available maintenance (funds).

If you do not score a minimum of 95 points your application will be refused.

 

CLAIMING POINTS FOR ATTRIBUTES – INITIAL APPLICATIONS

75 POINTS FOR ACCESS TO £200,000

  1. Access to funds

You must have £200,000 of your own money available to make a fresh investment into business in the UK. You should supply documentary evidence of the money in your name. or

Available from the third party or parties named in your application (if applicable).

  1. You will only be considered to have access to funds if:

You provide the specified documents to show cash money to the amount required (this must not be in the form of assets and, where multiple documents are provided, they must show the total amount required is available on the same date);

The specified documents are provided to show that you have permission to use the money to invest in a business in the UK, and that:

  • You have held the money for a consecutive 90 – day period of time, ending no earlier than 31 days before the date of application, or
  • You have held the money for less than a consecutive 90 – day period of time, ending no earlier than 31 days before the date of application, and you provide the following specified evidence:
    • A bank statement or bank letter to demonstrate funding is available to you at the time of your application, and
    • The additional specified documents for third party funding

 

The funds must continue to be available to you until they are invested in a business or businesses, or spent for the purposes of your business or businesses.

  1. The money available to you must come from a financial institution that is regulated by the home regulator. The home regulator is an official financial regulatory body, in the country where the financial institution operates and the funds are located.
  2. All of the funds required must be freely transferable to the UK and able to be converted to pounds sterling.

 

A letter from a financial institution

You can provide a letter from a financial institution holding the funds, to confirm the amount of money available to you.

 The total amount of available money must be either at least £200,000. If the money is held in several financial institutions, you must supply a recent letter from each institution. If the money is not held in pounds sterling, we will use the rate of conversion on the Oanda.com website to convert the money into pounds sterling, using the exchange rate that applies on the date of the application.

Each letter must:

be an original document and not a copy;

be on the institution’s official headed paper;

have been issued by an authorised official of that institution; and

have been produced within the 31 days immediately before the date of your application.

Each letter must also confirm each of the following details:

the account number;

that the institution is regulated by the appropriate body;

your name;

the date of the document;

the minimum balance available from your own funds (if applicable) that has been held in that institution during a consecutive 90 – day period of time, ending on the date of the letter;

that if the money is not in an institution regulated by the FCA/PRA, the money can be transferred into the UK.

A template is included in below for your convenience if you wish to use it.

 

Bank Letter Template

LETTER FROM THE BANK SHOULD BE SUBMITTED AN ORIGINAL DOCUMENTS AND NOT A COPY, ON THE LETTER HEAD PAPER OF THE BANK AS BELOW:

(This is a sample and should be altered to fit your needs)

CONFIDENTIAL:

For the attention of HOME OFFICE/BRITISH EMBASSY

In regards to the application of Mr/Mrs/Ms [Name] for entrepreneur status in the United Kingdom: I have the consent of [Name] to share these finding with the agency. I will confirm the contents of this letter to the agency at their request.

[Name] has [£] available for investment in the United Kingdom on deposit with this financial Institution under account number of [Account Number].

On This Date [Date] The applicant has the following amount of money IN HIS OWN NAME available for investment in a business in the United Kingdom [£]. The minimum balance since [Date] for consecutive 90 – day period of time was [£] up to date. The fund is convertible to GPB, Transferable and disposable to the United Kingdome upon the owner request.

 

Please note this Bank is regulated by the FSA/CENTRAL BANK of the IRAN/UAE.

Name and address of Authorised financial institution

Name and contact details of the Author of this document

Signature of authorised person of the Authorised financial Institution

Please note that the bank letter must have been produced within 28 days immediately before the date of the application.

 

Genuine Entrepreneur Test

Following a change to the immigration rules that came in to force on 31/01/2013  you are now required to satisfy the Home Office/British Embassy that you genuinely intend and are able to establish, take over or become a director of one or more businesses in the UK within the next six months.

The HOME OFFICE/BRITISH EMBASSY will use further specified criteria when assessing initial applications and may both request additional documents as well as seek an interview with the applicant should they have concerns. Specific requirements for investment of funds will be available on an on-going basis rather than solely at the time of application.

In addition, HOME OFFICE/BRITISH EMBASSY are looking to have original evidence such as a letter, issued by your financial institution to confirm the amount of fund available to you and to ensure that the funds are in fact transferable to UK upon your request

The HOME OFFICE/BRITISH EMBASSY may take into account the following factors in assessing whether or not an applicant is a genuine entrepreneur.

The evidence that you have submitted

The viability and credibility of the source of your money

The viability and credibility of your business plan and market research in to your business sector

Your previous educational and business experience

Your immigration history and previous activity in the UK if applicable.

Any other relevant information.

Home Office/British Embassy reserve the right to request additional information to support the assessment of the application and to refuse the application if the evidence is not provided. Any requested documents must be received by us at the specified address within 28 calendar days of the date of request.

You must comply with any request we made for you to attend an interview, unless a reasonable explanation is provided as to why you cannot comply

You must provide a business plan, setting out your proposed business activities in the UK and how you expect to make your business succeed.

If the HOME OFFICE/BRITISH EMBASSY is not satisfied with the genuineness of the application, then the application is likely to be refused.

 

English language requirement

You must have a minimum B1 level of English language and score 10 points in this section, or your application will be refused.

Home Office will only accept English language tests from providers that have been assessed as meeting our requirements. Details are available in Appendix O of the Immigration Rules.

For more information please go to:

https://www.gov.uk/government/publications/guidance-on-applying-for-uk-visa-approved-english-language-tests

 

Maintenance (funds)

What is maintenance (funds)?

You must be able to support yourself for the entire length of your stay in the United Kingdom without needing to rely on public money. If you cannot you could face financial hardship as you do not have access to most state benefits.

You must show that you have enough money in personal savings to support yourself.

You must have a minimum level of funds to score 10 points for your level of funds. If you do not score 10 points your application will be refused.

You must have £3,310 available funds for yourself plus £1,900 for each dependant accompanying you or intending to join you in the United Kingdom within 12 months of your arrival in the United Kingdom.

This money must be held in your personal bank account for a consecutive 90 day period before the date of your application and not fall below the required amount at any time during that period.

Please note that the bank letter must have been produced within 28 days immediately before the date of the application.

You may not use any money included in your £200,000 money as evidence of maintenance (funds). You should also assess the potential costs of living in the United Kingdom.

For the purpose of verifying applicants’ maintenance funds/funs under the points-based system, the Home Office maintains a list of financial institutions in Iran that do satisfactorily verify financial statements. The list of financial institutions can be found at Appendix P of the Immigration Rules.

For more information please go to:

https://www.gov.uk/guidance/immigration-rules/immigration-rules-appendix-p-lists-of-financial-institutions