Today we will share with you the possibility of staying in the UK if you happened to finish a university and decided to try yourself out as an entrepreneur. If this sounds like you, then this article can be quite helpful. Tier 1 Graduate entrepreneur visa was created a result of the UK`s active support to the non – EEA nationals who are considering entrepreneurial opportunities in the UK. It was introduced in April 2012 for the first time. In order to be eligible for this visa type, students need to be endorsed either by a UK higher education institution (HEI) participating in this scheme or UK Trade and Investment (UKTI) as part of the elite global graduate entrepreneur programme (Sirius).
Being endorsed by a UK HEI will grant the individual an opportunity to apply for a Tier 1 visa. In order to be endorsed, a person needs to have a genuine, innovative and credible business idea and wants to remain in the UK for up to 24 months in order to develop their venture.
Application to Tier 1 Graduate visa is open to those who:
- Currently hold a Tier 4 or an old style student visa
- Have not previously been granted permission to stay in the UK under the following visa categories: Tier 1 (Post Study Worker); Fresh Talent: Working in Scotland scheme; or International Graduates Scheme, or its predecessor the Science and Engineering Graduate Scheme.
The Home Office grants around 2000 of Tier 1 graduate entrepreneur visas yearly ,however, this number changes depending on the political and financial environment in the country. As it has been noted above, endorsement is one of the key conditions that needs to be satisfied to apply for Tier 1 graduate entrepreneur visa. Hence, it is not the only condition and there are more requirements that must be met. Tier 1 visas are point based visas and the applicant for this visa is expected to score at least 95 in order to be successful.Tier 1 points are collected by meeting the requirements that are set out under the specific visa type.
One thing should be clear: only people who have a UK recognised bachelor`s degree, master`s degree or PhD will be eligible to apply for Tier 1 graduate entrepreneur visa. Consequently, this type of visa is only aimed for those who obtained their degree in the UK and to help them settle here with opening a successful business in the UK. The day of graduation needs to be before the date of the endorsement of the
education centre in the UK.
Furthermore, as it has been noted above applicant needs an endorsement from an authorised UK HEI or UKTI. This endorsement can only be issued by these two institutions and it has to be issued in the past 3 months prior to application. This endorsement shows that the student or the individual has a genuine, credible and innovative business idea. The institution who gives the endorsement determines whether the applicant has appropriate tools and clients in order to pursue his or her business idea and it also decides on the authenticity and credibility of the business idea.
Moreover, there are several other requirements that need to be met. For instance, one of these requirements regard to the savings of the applicant. An applicant who wants to apply for this type of visa must have £945 in savings if applying inside the UK. However, if an individual is applying from outside the UK the savings must be £1,890. The amount of savings must be in the applicant`s bank account for at least 90 days before the date of application.
English knowledge is also another requirement for this visa (however there are several nationals of certain countries that are excluded from this requirement). In order to meet this requirement, the applicant must provide specified evidence that shows he/she is able to prove their English language capabilities at the necessary level.
Lastly, if the applicant had a financial sponsor like the government or an international scholarship agency and have paid for the course fees and living costs in the past 12 months, he/she needs to take permission from the particular sponsor on the subject that he can remain in the UK and open a business.
The tier 1 graduate entrepreneur visa type provides graduates an opportunity to open a business in the UK and settle. One of the most important advantages of this visa type is that in contrast to other Tier 1 visa types is that there are not any specific monetary investment requirements. For instance, for Tier 1 entrepreneur visa, the applicant needs to show that he will invest in his own business £200,000 or £50,000 (conditions apply for the second amount). Therefore, Tier 1 graduate Entrepreneurs visa creates a great alternative for recent graduates who want to open a business in the UK with less restrictions.
All in all, every application is unique and there can be more details that should be taken into consideration while getting ready with the specific application. Therefore, if you want to maximize your chances of getting the visa, it might be good to contact Immigration Consultants. Mann’s Solutions is one of the company that can provide you with recognized experts in Immigration matters. If you need more details, visit the website www.manns-solutions.com, or alternatively give us a call +44 (0) 207 99 36 346. We would be delighted to help you to make your dreams come true.