Are you interested in starting your own business in the UK and need an entrepreneur Visa for that? The following article would let you know what an entrepreneur visa is and the steps that are required to apply for it. Along with that, we would also state the common mistakes people commit which lead to the rejection of their application and therefore we would highlight the elements that are specifically required for this purpose.
A quality business plan is one of the most essential elements that can help you get a Tier 1 Entrepreneur Visa.
As per the Home Office, the acceptance or rejection of your Visa entirely depends upon the kind of business plan you write. 1/3rd of all the Visas get rejected by the authorities due to poorly constructed business plans.
One of the first requirements for the application of your Tier 1 Entrepreneur Visa is to write a business plan address to the Home Office. The business plan should reflect strategies that are going to make the business successful and hence benefiting the economy of the UK. Thus the business plan should be written in details.
It is very necessary for you to know every detail of your business plan hence knowing the business plan from start till the end is essentially required. The details may include the types of employees you are going to hire and their roles along with business projections and forecasts.
The business plan you produce can be made with some expert advice however you would need to know every bit of it before your interview. Your Lawyer along with you IAS can be the most helpful sources from where you can get your inputs on writing your business plan in details prior to your Home Office meeting.
Individuals with cash reserve can migrate to the UK for a tier-1 visa as an investor or innovator. Most of the requirements of Tier 1 Visa can be completed by you or your solicitor. However, the business plan that is required for the Tier 1 visa can require the help of a professional.
The business plan for the visa needs market research to be done which is essential to demonstrate that you are keen to work in that particular industry. Apart from that, it is also used to demonstrate that you financial resources are enough to take care of the cash flow, VAT, break-even points and NI.
In simple words the home office wants to see you knowledge and skill in the particular industry of your choice and that it would be sufficient to for you to live off it.
A tier-1Visa in the UK is also referred to Entrepreneur Visa. This is the kind of Visa specially meant for people who are looking forward to investing in a business in the UK or wanting to start their own enterprise. As this remains a popular choice of attaining Visa since it gives the person a clear path that is attained by following a number of requirements. Attainment of the VISA allows the person to Trade-in the market of the UK. However, as these methods have been used as a way to get the Entrepreneur Visa, the government has decided to hold up a genuine Entrepreneur test. This would help the authorities to identify if the people entering the country are actually entering for the purpose of business or not.
A Business plan simply refers to a document that has all the information regarding business starting from the business projections to the marketing plan, objectives, financial plan and management and expected returns.
In order to apply for a Tier 1 Visa, a business plan is necessary for the purpose of demonstration of your knowledge regarding the business process mentioned in the plan.
A business plan should entail every detail of your business as it would be assessed by the Home Office and might appear lucrative for the economy of the UK and must reflect how this business would ultimately improve the British economy.
Details regarding every area of your business should be present in your business plan.That includes.
There are some specific requirements for the application of the Visa that prohibits just everyone from applying for it and that is:
Applicants who successfully clear the requirements for Tier 1 are required to submit more information apart from the above mentioned basic information to the Home Office. These further requirements are taken in for the purpose of convincing the Home Office that the business you are planning to start in the UK can provide for at least 2 people settled already in the UK thus employing them on a full-time basis. The term ‘settled' used by the Home Office refers to anyone who is a permanent citizen in the UK or has no obligation to immigration controls and is allowed to stay in the country indefinitely. Full-time employment indicates 30 hours a week.
The evaluation of your business plan would allow the Home Office to decide on the verdict of your visa application. Along with you, a business plan you need to submit an entrepreneur visa in order to demonstrate your knowledge in the industry in which you are planning to start your business. Thus to prove to the Home office that you have experience in that specific industry you need to provide proof of your previous work to the Home Office as evidence. Apart from that, the market research is done in your business plan also needs to carry evidence proving it to be reliable and credible. Just like a CV would need to mention you educational qualifications along with the details of work experience your have gained so far. Lastly, your experience the industry that you have chosen to start your business should be included to boost your application.
Everything you included in your business plan along with all the information that you submit to the Home Office would be assessed in order to determine your genuinity. In order to make sure that your business plan genuine, the market research that you undertake should be up to date and relevant to the industry that you have chosen to start your business. This would portray that you have a strong foundation in the venture in which you are going to enter. Including the previous expression along with educational qualification would boost your application.
Most applications get rejected either because they cannot provide sufficient evidence that they are genuine or fail to provide all the necessary information required in the Business plan. For instance, there are applications who declare that they do not have sufficient financial resources to invest in the business; these applicants get rejected as they do not meet given criteria. Similarly, if the business plan fails to prove its genuineness the applicant gets rejected by the Home Office.
Contact us to avail our advance and save your application from being getting rejected. We are always available to you answer any question people scheme might come across regarding the application of you visa and thus we would guide you through.
The innovator scheme in the UK that allows the provision of innovators, through Turkish agreement or Solo rep. Allows people to apply for a visa by the submission of a business plan.
We have a history in this field with over 3000 plans of ours have got the approval of the Home Office based upon which we can say that our we understand what are the needs of the business plan and what are the essentials that can get the approval. Apart from that following USP, the company believes in
You might be very well informed and have an in-depth knowledge in your concerned business however you might not be aware of all the things the Home Offices looks forward to in a business plan. Hence it would be wise for you to hire a professional who writers who are more aware of the requirement and policies of the innovator's visa. This increases the chances of your business plan getting the approval ultimately allowing you to bring your business in the UK. A professional writer has been in this field for a long time now that allows them to anticipate what details the Home Office might require about a particular business plan. For instance, the details regarding wee all the money would be spent needs to be mentioned in the business plan.
During the interview, most questions that are asked are regarding laws of employment and should also be present in the business plan. However, hiring an expert to write a business plan would mean that they would include relevant details that are looked for and required by the Home Office. The business plans should be based on an individual's idea and must be personalized. Professional companies who write the business plan understand what requirements of the interviews and they can also predict the questions that might be asked to the applicants in some cases. After the business plan is made you can read it through and form a clear picture of the business plan and thus be ready for any kind of questions you might face from visa officers. This also gives the individual a better picture of the UK's economy and the laws that are relevant to one's business.
Moreover, a consultation with the experts helps to explore more about the ideas you already have which would be captured by the writer and writing in a well-structured manner that can be clearly comprehended. This also eliminated the language barrier. Involving professional writers for getting the market research done is also a great approach. This is because some of the writers in the UK are more aware of the markets in the country compared to the innovators residing in the UK. There are cases where a person wishes to acquire a business however the owner of the business chooses to hide the negatives information of the business. All these negative information can be found out by these professional writers.
Additionally, the operations of the business can get a lot of help from the business plan that helps the applicant to tackle any challenge that might come forward. The in-depth research carried out by the writers supplements your ideas in the business plan. Thus it is wise to involve a professional writer to successfully get the tier -1 visa.
