Changes to the Tier 1 Investor and Entrepreneur categories from 6 April 2014
In the most recent Statement of Changes to the Immigration Rules, the Home Office has announced important changes to the Tier 1 Investor and Entrepreneur categories of the points-based system. The changes were laid before Parliament on 13 March 2014 and come into force with effect from 6 April 2014.
Tier 1 (Investor)
The following changes apply to the Tier 1 (Investor) category:
- At present, Tier 1 (Investor) Migrants are required to invest their funds within three months of entering the UK or the date of the grant of leave. A change is being made to allow extensions to be granted if there are exceptionally compelling reasons for the delay in investing, providing the reasons were unforeseeable and outside the investor’s control;
- However, delays caused by the applicant failing to take timely action will not be accepted. Investors who do not invest within the first three months may still have their leave curtailed and will have to wait for longer before they become eligible to apply for settlement;
- A minimum age requirement of 16 is added and if the applicant is under the age of 18, the application must be supported by the applicant’s parents or legal guardian or by one parent if the parent has sole legal responsibility for the child and they must confirm that they consent to the arrangements for the applicant’s care in the UK. The assets and investment must be wholly under the applicant’s control.
Tier 1 (Entrepreneur)
The following changes apply to the Tier 1 (Entrepreneur) category:
- A clarification is being made to confirm that the investment funds must be not ‘spent’ on (a) the applicant’s own remuneration; (b) buying the business from a previous owner, where the money goes to that previous owner rather than into the business; (c) investing in other businesses, and (d) any spending which is not directly for the purpose of establishing or running the applicant’s own business or businesses for the award of points;
- Applicants can rely on money held in a joint account with the applicant’s spouse or partner, provided that the spouse or partner is not another Tier 1 (Entrepreneur) Migrant;
- Applicants can rely on money invested in the UK in the 24 months prior to the date of application if the applicant was last granted leave as a Tier 1 (Graduate Entrepreneur) Migrant;
- Minor changes and updates are being made to the documentary evidential requirements for third party funding, money invested in an incorporated business in the UK and money available from Venture Capital firms, Seed Funding Competitions or UK Government Departments;
- Wording is being added to emphasise more explicitly that applicants must provide all the relevant specified evidence in support of the application.
- As with the Tier 1 (Investor) category, a minimum age requirement of 16 and child protection rules for applicants under the age of 18 are being added.
Maintenance (these changes will take effect from 1 July 2014)
- The level of maintenance funds required for entry clearance applications will increase from £3,100 to £3,310 for Tier 1 (Entrepreneur) Migrants and £1,800 to £1,890 for each dependant;
- The level of maintenance funds required for leave to remain applications will increase from £900 to £945 for Tier 1 (Entrepreneur) Migrant and from £600 to £630 for each dependant.
For further information regarding the latest changes to the requirements for Tier 1 Investor and Entrepreneur applications or for assistance with preparing an application for entry clearance or leave to remain in the Tier 1 Investor or Entrepreneur category, contact our immigration barristers on 0203 617 9173 or by email to email@example.com