The Tier 1 Entrepreneur visa category is designed for non-European entrepreneurs who are interested in investing in the UK either by setting up, taking over and/or been involved, actively in the day to day running of a business(es) in the UK. For the purpose of this application, a business means an enterprise, such as:
A sole trader
A partnership; or
A company registered in the UK
Tier 1 Entrepreneur visa is designed for non-European entrepreneurs who are interested in investing in the UK either by setting up, taking over and/or been involved, actively in the day to day running of a business(es) in the UK. The major distinguishing element of the Tier 1 Entrepreneur visa is that applicants must be shown that they have access to at least £200,000. There had previously been a £50,000 route for certain visa categories which has now been closed apart from the Graduate Entrepreneur route (discussed briefly below).
With regards to the £200,000, the money should be owned by you and disposable in the UK. Disposable in the UK means that the money should be kept in such a state that it would be available to you to invest in the UK as and when you need it. If the money is held in your personal bank account, this may prevent the need for you to serve a third-party declaration for access to another person funds. That said, you still can rely upon third-party funds not promised for use of anybody else. Third-party funds, as well as personal funds for the Tier 1 Entrepreneur route, will need to also be disposable in the UK.
The bank where the money is held must be regulated and must provide a specific bank letter in confirmation of some key factors. The Tier 1 Entrepreneur visa category is a point-based system route. This means that decisions as to the acceptance or rejection of applications are based on predefined points rather than on other subjective elements, although the introduction of the genuine entrepreneur test adds the need to be able to evidence a credible witness as an additional factor to the points. The genuine entrepreneur test is discussed in later parts of this page. Applicants must score a total of 95 points in order to meet the eligibility criteria of the Tier 1 entrepreneur visa initial application.