Business Plan for UK Tier 1 Visa
A UK entrepreneur visa – also denoted as a tier 1 visa – is for business individuals wanting to enter to UK to commence a new enterprise or to capitalize in a current one. There are many necessities that must be met in order to obtain an entrepreneur visa, but it remains admired due to providing a clear passageway to full settlement in the UK.
This visa offers the individual (or individuals) the opportunity to trade within the UK. On the other hand, due to the rise in demand for these visas, the government has newly announced the genuine entrepreneur test to guarantee that those applying for tier 1 visas have the right intentions when arriving to the country.
What do you require?
Not just anyone can apply for an entrepreneur visa; there are some specific requirements that have to be met in order for an application to be accepted. These requirements include:
Being able to sustain you are able to, and will launch, take power of or become a senior associate of at least one corporate in the UK within six months of entering the country.
The obliged funds of £200,000 (or £50,000 in some circumstances) are fully available to you and will remain accessible until you have capitalized it into the business as a start-up investment or into an well-known company within the UK.
Other than working for your stated business, you do not aim to search for further employment.
You can fully support yourself during your remain in the country and will not need to depend on public funds.
You have the compulsory knowledge of English.
Successful tier 1 visa applicants will present the Home Office with more information than the basic obligations mentioned before. This information is delivered to persuade the Home Office that your intended venture can provide at least two individuals, who are already ‘settled’ in the UK, with full-time occupation within your business.
The Home Office describe the term ‘settled’ as either a UK national or someone who is not subject to immigration checks and can stay in the country for an indefinite period. Full-time employment must be at least 30 hours a week.
Entrepreneur visa: Importance of Business plans
The fundamental way that the Home Office will evaluate whether your visa application is authentic is by assessing your business plan. You are obliged to present a business plan with an entrepreneur visa to support your capability and understanding in the business you aim on arriving once in the UK.
To demonstrate this to the Home Office you will need to prove your prior experience of working in your preferred industry by providing examples of your previous occupation. Also, credentials will be essential which demonstrates the market research within your business plan is convincing and dependable. Much like you would with a CV, as well as your experience, your related educational qualifications must be included.
Lastly, any experience of employment in your chosen sector within the UK that you have must be counted in to strengthen your application.
What to add in your Application:
The concept of a business plan is to produce a model of how your business will appear, how it will work and how it will operate on a regular basis. It should also clarify how your business will develop and mature in the future. This strategy will explain where you see your business going and how you purpose to accomplish the objectives you have established. Try to reflect any difficulties you could come across and how you intend to overcome these.
In terms of the composition for your business plan, we would advise following one similar to this:
- Executive Summary
- Fiscal Summary
- Director’s Background (this is where you would include your personal experience and qualifications)
- Service/Product Description
- Market Research
- Competition Analysis
- SWOT Analysis
- Risk Analysis
- Sales & Marketing Strategy (include some objectives in here)
- Legal Obligations
- Management & Team
- Financial Evaluation
- 3-year financial estimate (inc. cash flow forecast & P&L Account)
- Relevant Appendices
- Proving you are legitimate
What you include and the evidence you present within your business plan are the only way to demonstrate to the Home Office that your visa application is authentic. To do this you need to make sure that your market research is appropriate to your business industry and is up-to-date.
This will indicate them that you have a robust knowledge of the sector you want enter and that you have thought this venture through. Furthermore, including your previous learnings and business know-how will also enhance your application and escalate your likelihoods of being approved.
Reasons why applications get refused?
The most popular reasons that entrepreneurs have their applications rejected is because they do not meet the essential requirements or because they cannot adequately prove they are authentic. For example, if an applicant cannot demonstrate they have access to enough finances to capitalize in the business within the UK, they will be refused. A similar conclusion will follow if the business plan provided by the applicant fails to establish the applicant is legitimate.
Authorized representatives, such as experienced immigration specialists and visa law organizations, are certified to counsel you on immigration law and your immigration status. It is likely to instruct an immigration and visa legal representative to submit a UK Immigration application.
Caseworkers at the Home Office are guided to reject applications which are inappropriately organized, for example by failing to deliver the correct backup evidence. In order to guarantee your application succeeds, all obligatory documents must be provided.
This can be an important administrative errand and you will need to submit the accurate documentary proof. The UK Immigration Rules are multifaceted and a legal representative can help make sure that your Entrepreneur Visa Application go through the Immigration Rules.