Business Visas (Entrepreneur Investment)
The Business Person Visa permits an individual to come to the United Kingdom (UK) to set up a new business, join, or take over an existing business. You may start, join or take over any type of business, but you will need to work full time in running your business in the UK.
You will need to invest no less than £200,000 (approximately US0,000) in your business in the UK. Your application will be strengthened by an investment considerably greater than the minimum requirement, allowing the Home Office to be less stringent with the other requirements of the rules. Under these circumstances your application may also be processed more quickly.
Nationals of Bulgaria, Romania and Turkey, the countries that have signed the European Community (EC) Association Agreement, do not have to fulfil the requirements of investing £200,000 or creating full-time employment for two others. However you will still need to show that you have a realistic business plan and sufficient funds to maintain and accommodate yourself until an adequate income can be derived in the UK. Please see our EC Association Agreement page for further details.
Eligibility
You will need to invest no less than £200,000 in the UK. This should be your own capital, in your control. It can be held in the form of cash and/or share capital.
You can apply to invest in a company in the UK either as a sole trader, a director, or a partner. Furthermore, you can apply to establish a new business or to acquire an interest in an existing business. In all instances there must be a genuine need for your investment in the UK.
You will need to take an active role in conducting business full-time, on your own account or in partnership, or in the management of a company as a director. Other than your own business interest, you are not allowed to undertake any additional employment in the UK.
If you apply to establish a new business, you must have a viable and thorough business plan for implementation. The amount of your investment must be sufficient to establish a new business. You will need to be able to bear the liabilities of the business. Also, your investment will need to create no less than two full-time paid employment roles for persons already settled in the European Economic Area (EEA).
If you apply to acquire an interest in an existing business, you will need to provide a written statement of the terms of your investment, along with audited accounts from the business for previous years. The amount of your investment will need to be proportional to your interest in the business. You will also need to be able to bear a proportional share of the liabilities of the business.
You will need to have either a controlling or equal interest in the business and any level of interest cannot amount to disguised employment.
Finally, you must be able to maintain and accommodate yourself and any dependents joining you adequately without recourse to public funds.
Initially you must have adequate reserve funds until your share of the business can generate such an income.
How do I apply?
If you wish to live in the UK based on a Business Visa, then you must obtain entry clearance before travelling to the UK. If you are currently in the UK on another type of visa, we can prepare your application for you, and once it is complete you may be required to return to your home country to apply for Entry Clearance. There are exceptions to this general rule, which may allow you to change your current visa status to a Business Person Visa from within the UK.
For Entry Clearance as a person intending to establish themselves in business or self-employment, you will need to apply to the British Embassy or High Commission in your country residence or nationality.
A successful application will allow you to stay in the UK for an initial period of up to two years. After that you will need to apply to extend your stay.
You will have to satisfy the Entry Clearance Officer that you fulfil the criteria for a Business Visa.
If you have a strong case, your application may be approved quickly by the Entry Clearance Officers. If your case requires a careful assessment, it will be referred to the Home Office in the UK for review.
All applications will be referred to the Home Office for security clearance if you are a citizen of Iraq, Liberia, North Korea, or Russia. When applications are referred to the Home Office, processing will normally take approximately nine months.
Evidence required for a business visa application
Your application will need to be accompanied by a business plan showing evidence of the investment funds, business objectives, assumptions and their justification, your qualifications and work experience, and planned employment creation.
Your business plan should also include a projected balance sheet, showing financial outlay, company loans, company assets, company stock, projected profit and loss, and overheads including expenses and depreciation.
Can you assist me with a business plan?
A business plan will be central to your application. It needs to show a detailed mission statement, ownership and accounting information, and financial projections. We will assist you in completing a successful plan based on your research and expertise. We are here to thoroughly assess and assist you in maximising the impact and effectiveness of your business plan, ensuring that it is both well thought out and realistic.
Can I extend my visa after the initial period?
At the end of the initial period, the visa can be extended. During this time you need to have made the full investment and created the required jobs. The extension application will need to be accompanied by documentation showing business progress based on your investment. If your business interest remains viable the Home Office will normally grant a three-year extension to your visa.
Can I stay in the UK after five years?
On completion of five years in the UK on your visa, you may be entitled to Indefinite Leave to Remain (ILR), more commonly known as settlement or permanent residency, should you wish to continue your stay in the UK.
If you do not meet the criteria for ILR at the end of five years, you may be eligible for an extension of stay on your original visa.
After a further year of ILR, you may be eligible for UK Naturalisation, more commonly known as Citizenship.
Who can accompany the holder of a business visa?
A spouse or an unmarried partner, and children under the age of 18 may accompany you to the UK as dependents. Dependents are allowed to stay in the UK for the same period as the principal applicant. There are usually no restrictions on dependants working in the UK.
Dependents are eligible to free health care provided by the National Health Service. Children entering the UK as dependants are entitled to a free public school education.
Visa Service
fastUKpermit will assist you in all aspects of your application. We will assist you with documentary evidence requirements, including drafting and presentation. You are advised not to proceed with an application if you are unsure whether you qualify or not. If you are interested in taking this further please contact us now.
