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Entrepreneur
People wishing to come to the UK to run their own business now apply under the Tier 1 (Entrepreneur category) which is also now a point based system. Applicants must score at least 95 points according to the following categories:
- 10 points for English language and;
- 10 points for available maintenance (funds). You will be required to have available funds of £800 and;
- 75 points for attributes according to the following requirements:
- 25 points - You must have access to not less than £200,000;
- 25 points - Your money must be held in one or more regulated financial institutions.
- 25 points - Your money must be disposable in the UK in cash directly into one or more
businesses in the UK
- 20 points - You must have either registered with HM Revenue & Customs as self employed or registered a new business of which you are the Director, or registered as the Director of an existing business.
- 15 points - You must be engaged in a business activity at the time you apply for Indefinite leave to remain.
If you were granted entry clearance under the Tier 1 (Entrepreneur) category you will initially be granted a visa for two years after which you may apply for an extension of stay as long as you are eligible for 75 points according to the following categories:
- 20 points - You must have invested or had invested on your behalf not less than £200,000 in cash directly into one or more businesses in the UK.
- 20 points - Within three months of being granted entry clearance you must have either registered with HM Revenue & Customs as self employed or, registered a new business of which you are the Director, or registered as the Director of an existing business.
- 15 points - You must be engaged in a business activity at the time you apply for an extension of stay.
- 20 points - If you have established a new business or businesses they must have created the equivalent of at least two full time paid jobs in the UK and those jobs must have existed for at least 12 months; or
If you have taken over an existing business the resulting services and investments must have resulted in the equivalent of two extra paid fulltime jobs that have existed for at least 12 months. After a period of 5 years you may apply for ILR.
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