Funding requirements for UK Entrepreneur visa applications: a complete guide by UK immigration experts Gherson*

The Tier 1 (Entrepreneur) Visa is for those wishing to immigrate to the UK and use their expertise to start, take-over or join one or more businesses based in the UK.

One of the more confusing aspects of applying for a Tier 1 (Entrepreneur) visa is understanding the funding requirements. Depending on the migrants particular circumstances there are different options.

Funding for your entrepreneurial venture and to apply to the UK Entrepreneur visa - Image credit to TaxCredits.net
Funding for your entrepreneurial venture and to apply to the UK Entrepreneur visa – Image credit to TaxCredits.net

Three main options for raising the required funds
If you are looking to move to the UK on the UK Entrepreneur visa, you have three choices for raising the required funds:

  •      Cash savings
  •      Venture capital or UK Entrepreneurial seed funding competitions endorsed by the UK Trade and Investment
  •      Money from one or more UK Government Departments or devolved Government Departments in Scotland, Wales or Northern Ireland

Cash: Family and Friends

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You will need to have available £200,000 in cash savings. This can be raised by yourself or with the help of third parties. To prove that you have access to this money, you will need a letter from the institution holding the funds to confirm the money is available to you. The letter must:

  •      Be an original
  •      Be written on the organisation’s official stationary/letterhead
  •      Have been issued by an authorised official of that institution
  •      Be under 3 months old
  •      Confirm that the institution is regulated by an appropriate body
  •      State your name
  •      State your account number
  •      Be dated
  •      Confirm that the money is available
  •      If the money is not in a Financial Conduct Authority or Prudential Regulation Authority fund (basically, a British financial institution), the letter must state that the funds can be transferred to the UK.

If the money is being made available by a third-party or parties, the letter must also show:

  •      The institution knows the money is to be made available to the applicant and no-one else
  •      The name and contact details of all third parties
  •      A valid copy of ID
  •      The relationship to the applicant
  •      Confirm that the money will remain available until transferred to the applicant

You must also give:

  •      A letter from an independent legal representative verifying the signatures and declarations
  •      Proof of the legal representatives authority to practice

Venture Capital & Seed Funding Competitions
Connections to VCs and Governments endorsed programs can help greatly get you a UK Entrepreneur Visa

You will only need to raise £50,000 if you’re raising the required funds for your Tier 1 (Entrepreneur) visa through any of these sources. To prove that you have access to these funds you will need to produce a recent letter from an accountant  engaged by the venture capital firm who is a member of a recognised UK supervisory body confirming the amount of money has been granted to you or to the business which you are a director of, and so funds for which you have access to.  The documents must also:

  •      Be an original
  •      Be written on the organisation’s official stationary/letterhead
  •      Have been issued by an authorised official of that institution
  •      Be under 3 months old
  •      State the applicant (and their partners’ name, if appropriate) or the name of the applicant’s business
  •      Be dated
  •      Confirm the amount of money available to the applicant, entrepreneurial team or business
  •      Confirm the name and contact details of the organisation providing the money
  •      Confirm that the money will remain available until transferred to the applicant
  •      A letter from an independent legal representative verifying the signatures and declarations
  •      A letter confirming the legal representatives authority to practice

UK Government Departments
UK Government Internet famous Logo

You will only need to raise £50,000 if you’re raising the required funds for your UK Entrepreneur visa. To prove that you have access to these funds you will need to produce a recent letter from an authorised official from a UK government department confirming the amount of money has been granted to you for carrying your business activities.  The documents must also:

  •      Be an original
  •      Be written on the organisation’s official stationary/letterhead
  •      Have been issued by an authorised official of that institution
  •      Be under 3 months old
  •      State the applicant (and their partners’ name, if appropriate) or the name of the applicant’s business
  •      Be dated
  •      Confirm the amount of money available to the applicant, entrepreneurial team or business
  •      Confirm the name and contact details of the organisation providing the money
  •      Confirm that the money will remain available until transferred to the applicant
  •      A letter from an independent legal representative verifying the signatures and declarations
  •      A letter confirming the legal representatives authority to practice

**

If you have any questions or issues in regards to funding requirements for the UK Entrepreneur visa, you can ask guidance from our immigration experts online and for free on migreat’s questions & answer forum.

This guest blog post was produced by Gherson, an award-winning, leading independent London law firm specialising in UK immigration. Contact Gherson solicitors and ask for professional assistance on visa & immigration on migreat.com 

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