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Entrepreneurs

Self-Belief

The United Kingdom is a fantastic country for an entrepreneur to set up business. The tax system is one of the fairest in the world, the location is superb for Europe with great links to other international locations. The work force is well educated and the opportunities to sell your products or services through multiple channels is also extremely attractive.

As with other Points Bases System visa applications, you will need to reach a points total in order to meet the criteria under the Entrepreneur category.

There are four main 'Attributes' for which you are awarded point. Once you reach the magic 75 points you will be close to meeting the requirements for the Tier 1 (General) visa, but you will then be required to meet two further attributes. The first four attributes consist of the following:

Access to not less than £200,000 - [25 points available]

If you have not less than £200,000 of your own money available to make a fresh investment into business in the United Kingdom you need to supply documentary evidence as specified below.  You may include funds made available by one or more other people (known as a third party or parties).  In these circumstances you must also provide a declaration from every contributor that the funds are available to you, together with confirmation from a legal representative that the declaration document is valid.

Funds held in one or more regulated financial institutions -  [25 points available]

The financial institution or institutions that provide confirmation of the funds available to you must be regulated by the home regulator.  The home regulator is an official financial regulatory body in the country where the financial institution operates and the transaction was made.  This body must be appropriate to the type of financial transaction

Funds disposable in the United Kingdom - [25 points available]

Funds held in the United Kingdom must be held in an institution that is regulated by the Financial Services Authority (FSA).  If the funds are not held in the United Kingdom, all of the £200,000 must be freely transferable to the United Kingdom and convertible into pounds sterling.  If the funds are held overseas but in an institution that has a presence in the United Kingdom and is regulated by the FSA, then the institution already does business in the United Kingdom and we will not need any further evidence of the availability of the funds for transfer to the United Kingdom.

If you rely on funds that are held in an overseas institution that is not regulated by the FSA you must provide confirmation that the funds can be transferred into the United Kingdom.    Do this by supplying a document from your bank or financial institution confirming the amount of funds.

Controls

English language ability - [10 points available]

The ability to meet the required English standard is a mandatory requirement.  If you cannot meet this level, your application will be refused regardless of any points you may have scored in the Attributes section.  10 points are awarded in this section if you meet the required standard and 0 if you do not.

There are three ways in which you can meet this requirement.  You can:

• be a national of a majority English speaking country on the following list - Antigua and Barbuda, Australia, The Bahamas, Barbados, Belize, Canada, Dominica, Grenada, Guyana, Jamaica, New Zealand, St Christopher (Kitts) and Nevis, St Lucia, St Vincent and the Grenadines, Trinidad and Tobago, the United States of America or

• hold an English language qualification equivalent to the Council of Europe's Common European Framework for Language Learning level C1 (approximately IELTS level 6.5, GCSE Grade C) or

• hold a degree that was taught in English as confirmed by the UK NARIC database as equivalent to a UK Bachelors degree.

Maintenance (Funds) - [10 points available]

Even if you have attained the pass mark of 75 in the Attributes section and have the required standard of English, your application will be refused if you do not pass the Maintenance (Funds) requirement.

As a general rule you must be able to support yourself for the entire duration of your stay in the UK without needing any help from public funds. Initially, in order to qualify under Tier 1 (Entrepreneur) you must be able to demonstrate that you have £2,800 for yourself and (where applicable) £1,600 for each dependant accompanying you AND that you have held these amounts for a minimum period of 3 months immediately preceding and dated no more than  7 days prior to the date you submit your application.  The balance should not fall below the required minimum at any time during the 3 month period.