Tier 1 Entrepreneur Team Visa
The Tier 1 Entrepreneur Team Visa application allows for two applicants to make an application jointly under the Tier 1 entrepreneur visa route. Applicants can share the burden of the funding requirement either under the £200,000 or £50,000 route to set up, take over or invest into a business in the UK.
Who can apply for a Tier 1 Entrepreneur Team Visa?
Individuals may consider applying for the Entrepreneurial team visa if they wish to combine their funds with another individual, such as a friend, family member or a business partner.
What is the difference between the Entrepreneur visa and the Entrepreneur Team visa?
Unlike the Entrepreneur visa, the team visa allows for two applicants, rather than one, to rely on funds to set up, take over or invest into a business in the UK. Both applicants can include their dependants in the application.
How much funding is needed to apply as an Entrepreneurial Team?
The investment amount remains the same as the Tier 1 Entrepreneur visa at a minimum of £200,000, but this amount can be shared between the two applicants, who must prove the money is either:
- Their own money
- Sourced by third parties, such as a spouse or investor
- In a joint account with a spouse or partner (only if the spouse or partner is not using the same funds to apply for a Tier 1 Entrepreneur visa)
However, under certain circumstances the applicants may be required to invest a minimum of only £50,000. One or more of the following sources must fund the £50,000:
- A UK entrepreneurial seed funding competition endorsed by the Department for International Trade (DIT)
- Funds made available by a UK government department for setting up or expanding a UK business
- A venture capital firm (registered with the Financial Conduct Authority)
Applicants do not have to contribute an equal amount towards the funds but it is imperative to show that they have equal access and control over them. This can be difficult to prove, as the Home Office must be satisfied that this is a joint venture where all funds are accessible and disposable within the UK by both applicants.
What other criteria will an applicant need to meet with?
The applicants will need to ensure that in addition to meeting with the funding requirement, they meet with the English language requirement and that they have additional access to funds to cover the cost of maintenance. Both applicants will also need to separately meet with genuine entrepreneur test.
Individuals are advised to contact us for more information on the process of giving evidence to support the application.
What if the funds are held overseas?
If the application is made outside the UK, the funds must be held in a regulated financial institution overseas, as with the Entrepreneur visa. The money must be convertible to pound sterling and transferable to the UK for the purpose stated in the application.
Depending on the country and financial institution the funds are held in, financial statements may or may not be accepted or valid by the UK. Appendix P of the Immigration Rules sets out lists of banks from which financial statements are accepted and unaccepted.
How can NA Law Solicitors help with your Tier 1 Entrepreneur Team Visa?
Our team of specialist immigration lawyers can assist you with the entire process. From advising you on the appropriate documents to gather in support of your application to liaising with the Home Office until a final decision is made, we will retain our focus on your case to ensure no detail is overlooked.
We can assist with the Tier 1 Entrepreneur visa extension, help prepare for the Tier 1 Entrepreneur interview, apply under the Tier 1 Entrepreneur Accelerated settlement route, the Sole Representative of an overseas company visa and all other High Net Worth immigration matters.