The Tier 1 entrepreneur visa route is fraught with potential bumps on the road. Here we give you the lowdown on what can help turn your idea into a reality, or turn that dream into a nightmare. In quarter 2, 2013 the Home Office refused around 50% of Tier 1 applications for entrepreneur visas, though this was the highest point, it does show that the process has a very high potential for refusal. Maximising your chances of success means ensuring your business plan is in tip top shape is one of the factors that can be the difference between success and failure at the application stage. Here we look at a few things to be aware of to ensure the best chance of success.
As already stated the need for a tip top business plan is the most important factor in the success of an application. The need to show a strong understanding of the market and a profitable model is where a lot of entrepreneurs struggle in the application process. Immigration officials are looking for a solid plan that outlines how and why the business will make money, if they sense this isn't there then the application is likely to be rejected.
The rules state that there must be £200,000 of investible funds available to the entrepreneur in order to start their business. This is not to be confused with maintenance funds that keep a person in a home and fed etc. Having a clear financial picture will also help immigration officials to decide whether the applicant is genuine which is vital at the application stage. Immigration officials aren't looking to necessarily stop everyone coming to the UK, but they want to ensure that those entering via the Tier 1 entrepreneur route are eligible to do so.
Officials may also want to know the source of funding that is available to the entrepreneur. If those funds have been available for less than 90 days it may raise some suspicion and you may be required to provide evidence of where it came from so be prepared to have to show this. Failure to comply will likely result in a refusal of the application.
This is also important and will be taken into account. If you're a previous visa overstayer then this is likely to count against you. Immigration officials want to know that the applicant is likely to stick to the rules and any history of rule breaking is going to be at least frowned upon.
If you avoid these pitfalls then success is much more likely, but if you want to take your chances to the next level then get in touch with us about writing your business plan. Let us take the stress and hassle out of the process by providing a well thought out and strong plan that will show your idea in the best possible light. So get in touch today and get started, what are you waiting for?