The Tier 1 (Entrepreneur) visa has changed (w.e.f: Mar 29th, 2019) into two (2) new business visa categories called (i) Start-up Visa and (ii) Innovative Visa. New applicants are therefore no longer eligible to apply with GBP200,000/- for an entrepreneur visa and must qualify in one of the two new categories in order to be eligible for a business working visa for the UK. The details of these two new categories are as below:
(i) Start Up Visa
This visa is an expanded version of the Graduate Entrepreneur Visa and is first of the two replacements of the Tier 1 (Entrepreneur Visa). It is for those applicants who are starting a new business for the first time in the UK and their business is Innovative and Viable. The applicants will not have to be graduates and there will be no need of securing any funding in the UK. However, they will have to meet the English Language requirement which has been increased from Level B1 (of Tier 1 Entrepreneur Visa) to B2. This visa will allow entry clearance for 2 years in the UK during which the applicant will be allowed to come to the UK with dependent family in order to start his/her proposed business in the UK. After the initial two years period, the applicant can apply for further stay in the UK under the second replacement of Tier 1 (Entrepreneur) visa i.e. The Innovative Visa.
(ii) Innovator Visa
This visa is for experienced businessmen who have worked in the UK under Start Up Visa and have successfully implemented their proposed business in the UK. In this category, the applicant will have to invest no less than GBP50,000 from any legitimate source and this requirement is lesser than the old requirement of Tier 1 (Entrepreneur) Visa where the applicant was required to invest minimum GBP200,000/-. The applicant, after having spent at least 3 years on this visa in the UK may apply for Settlement.
Both the above categories would need endorsement from an authorized body as nominated by the Home Office. The endorsement will the first and most mandatory requirement of this visa and it will be based on Innovativeness, viability and scalability of the applicant’s business plan. In other words, the business plan assessment of the applicant will be the main success factor in both the above visa applications.