UK Entrepreneur Visa For business people who have at least have £200k in the bank account in the last 6 months UK entrepreneur visa applications are aimed at NON-EU citizens who want to set up a business so they can live in the UK. The aim of the legislation is to encourage foreign investment into the UK to set up business to employ people living in the UK. “Britain is open for business” – a campaign driven by many successive UK governments attracting talented entrepreneurs worldwide to set up or invest in an existing business in the UK. The Tier 1 (Entrepreneur) visa is the natural visa to obtain for those wishing to start or invest in a business they will actively be involved in running in the UK. To qualify under this route, you must show you have access to at least £50,000 in capital from a registered venture capital firm, seed funding competition or government department or £200,000 of personal wealth, which can include third party backing. The injection of private sector talent and entrepreneurial vigour has boosted the growth of many industries in the UK and businesses such as tech start-ups have thrived in the era of Tech City mania. While there is definitely encouragement for entrepreneurs to bring business to the UK, recent statistics show otherwise with a high number of refusal rates for Tier 1 (Entrepreneur) applicants. This is partly due to the introduction of the subjective “genuine entrepreneur test”, which is the UK government’s response to counter abuse under this immigration category. However, the test can also be a challenging one for genuine entrepreneurs and the announcement of the Immigration Rule changes of 6 April 2015 has further tightened up the requirements: It will be a mandatory requirement for initial applicants to provide a business plan as part of their application. It was previously not compulsory, though caseworkers often requested the business plan to help establish if the applicant’s business proposal was a genuine one. Following the theme in protecting abuse under this immigration category, applicants will be required to provide evidence of the source of funds if the funds have been held in the applicant’s account for less than 90 days before the application is made. The “genuineness test” has now been extended to applicants applying for extensions and indefinite leave to remain (settlement) applications. It is envisaged that applicants will need to be more creative with supplying additional evidence to demonstrate their business is “genuine” and that they are running a credible business in the UK. At Graham Sifflet Accountants, we can help you getting all the paperwork i.e., business plan and application form, ready to apply for the entrepreneur visa by complying with the legislation and then we can also help your business to grow and comply with all legal, financial and tax regulations in the UK.