The Tier 1 (Entrepreneur) visa category applies to the main applicant and all immediate family members, including spouse and children under the age of 18. Initially, entrepreneur visa is granted for three years and four months and can then be extended for another two years.
To make a successful entrepreneur visa application, applicants are required to score sufficient points based on the funds that are available to them to invest, their English Language ability and by having enough money for their living costs in the UK (maintenance).
Applicants need to have access to either:
At least £200,000
- All of the above funds need to have been held in one or more regulated financial institutions.
- All of the above funds need to be free to spend in the United Kingdom (disposable).
At least £50,000 from:
- 1 or more registered venture capital firms regulated by the Financial Services authority; or
- 1 or more UK entrepreneurial seed funding competitions listed as endorsed on the UK Trade and Investment website, or
- 1 or more UK government departments, which have made the funds available for the specific purpose of establishing or expanding a UK business.
English Language Requirement
Level B1 of the CEFR.or IELTS band 5
Maintenance (living costs)
Applicants are also required to meet the maintenance requirement. This means that in addition to the funds required for investment they need to show personal funds to satisfy the UKBA that they will be able to pay for their own living costs.