Great Britain being one of the major global economic powers in the world has ample of opportunities for entrepreneurs. And even though the four countries of the sovereign state has their unique characteristics, they have remarkable uniformity for business practices.
According to the 'Ease of Doing Business Survey' conduct by World Bank, the UK ranks 6th out of 189 economies to offer best in class conditions for established as well as budding business owners and investors. With its long established political and economic stability, strong infrastructure and skilled workforce, the country is a great choice to start your business.
To start a business or invest in the UK market, you need to apply under Entrepreneur or Investor sub categories of Tier1 visas.
Tier 1 (Entrepreneur) Visa
This visa is for applicants who are outside the EEA and Switzerland, and want to setup a business in Great Britain. If you wish to take over a business, want to be a part owner of a UK business or like to invest in the UK, you need Tier 1 (Entrepreneur) visa for investments between £50,000 and £200,000.
To apply for this visa
• You need to have a minimum score of 95 points
• You should be above 16 years
• You must have a minimum of £50,000 investment fund that is free to spend on business in the UK
• You have to pass an English language test with a minimum of CEFR level B1 in reading, writing, speaking and listening.
• You also need academic qualification taught in English and is recognized by UK NARIC.
• Your current passport or a valid travel identification
• Evidence of investment funds available with you
• Complete business plan
• A criminal record certificate from any country you have lived for over 12 months in last 10 years
• A both side blank page in your passport for visa
• A certified translation of any document that is not in English or Welsh
You can apply at least 3 months before you travel to the UK and the visa approval comes within 3 weeks depending from which country you apply. Tier 1 (Entrepreneur) visa is valid for 3 years and 4 months. Make sure you apply for the visa renewal on time. The extension is valid for 2 years in the same category and 3 years if you are switching to another category. You can apply for permanent residence once you have been in the UK for a period of 5 years.