Home Office announces changes to Tier 1 Entrepreneur visa category from 6 November 2014
In its latest Statement of Changes to the Immigration Rules published today, 16 October 2014, the Home Secretary has announced various changes to the Tier 1 Entrepreneur category.
The Tier 1 Entrepreneur category caters for applicants coming to the UK to set up, take over, or otherwise be involved in the running of a business in the UK.
This category has the potential to benefit the UK economy but, in the eyes of the Home Office (UK Visas and Immigration), has been heavily abused in recent years. The following changes are being made to this category:
- For applications made in the UK, a new requirement is being added that the funds to be invested in the business must also be in the UK, to assist in verifying that the funds are genuine;
- A change is being made to require applicants for indefinite leave to remain to show they have invested their funds, if they have not been required to do so in a previous application. This change will apply to applicants for accelerated indefinite leave to remain, who have not made an extension application before applying for indefinite leave;
- A number of technical clarifications are being made to evidential requirements relating to funding held in joint accounts, multiple bank accounts, or another business;
- Clarifications are also being made to the evidential requirements where an applicant has already established a business, to the job creation requirements for indefinite leave to remain, and to the definitions of "Venture Capital firms", "new businesses" and "property development or property management".
The changes will apply to anyone applying for a Tier 1 Entrepreneur visa from 6 November 2014. Transitional arrangements are being applied, so that Tier 1 Entrepreneur Migrants who have already entered the route before these changes are introduced will not be subject to these changes when they apply for extensions or for indefinite leave to remain.
For advice or assistance with applying for entry clearamce, leave to remain or indefinite leave to remain as a Tier 1 Entrepreneur, contact our entrepreneur visa immigration barristers direct on 0203 617 9173 or by email to info@richmondchambers.com.
