- The Tier 1 (Entrepreneur) visa is no longer open for new applicants. It has been replaced by the Start up visa and Innovator visa.
- Those who already hold the Tier 1 (Entrepreneur) visa can remain in the UK and apply to extend their visa and subsequently apply for ILR. There are set deadlines by when the extension and settlement applications must be submitted.
- There are many specific requirements for the extension and Indefinite Leave to Remain (ILR) applications. The visa holders have rights and obligations under the Entrepreneur visa regime.
Deadline for extension and Settlement/ILR applications
- Tier 1 (Entrepreneur) migrants can submit applications to extend their visa before 6 April 2023. If an application is received after this date, the Home Office must check to see if the applicant’s last grant of leave was granted after a successful challenge by way of Administrative Review, Appeal or Judicial Review.
- Applicants who previously held leave as a Tier 1 (Graduate Entrepreneur) at any time before switching into Tier 1 (Entrepreneur) can submit applications to extend their stay before 6 July 2025.
- Tier 1 (Entrepreneur) migrants who have never held leave as a Tier 1 (Graduate Entrepreneur) can submit applications to Settle before 6 April 2025. If an application is received after this date, the Home Office must check to see if the migrant’s last grant of leave was granted after a successful challenge by way of Administrative Review, Appeal or Judicial Review.
- Tier 1 (Entrepreneur) migrants who have held leave as a Tier 1 (Graduate Entrepreneur) before switching into Tier 1 (Entrepreneur) can submit applications before 6 July 2027.
How to extend tier 1 (Entrepreneur) visa
You can extend your Tier 1 (Entrepreneur) visa provided that during your initial visa validity you have taken all the steps required by the immigration rules. You have to apply for the extension before your current visa expires. You would need to include all your dependants in the application.
The key requirements for the extension are:
- to become self employed or register as a Director within 6 months of the visa grant or arrival in the UK (if you can provide the specified evidence to confirm the arrival date)
- to invest the £200,000 or £50,000 funds into UK business/businesses that you run or were a Director. There are specific ways that the investment can be made:
- direct cash investment in your own name
- In order to ensure that the money is used by the business, you should provide the accounts of that business and account’s compilation report for assessment. These accounts must show the investment in money made directly by you, in your own name. The compilation report must be from a suitably qualified accountant who is regulated by one of the accounting regulatory bodies.
- Director’s loan
- This only applies to migrants who become directors of a company. A director’s loan to the company will be considered for the award of points as long as it is unsecured and subordinated in favour of third-party creditors. (For the purposes of this guidance an unsecured loan is where you have loaned money to the business that is not secured by property or assets that become subject to seizure on default. Third-party creditors are those individuals or companies that the business owes money to, not including you.)
- In addition to the Director’s loan agreement, you will also need to provide business bank statements clearly showing transfer of funds from you to the business.
- You will also need to provide the accountants and account’s compilation report for your UK business showing the investment you made by Director’s loan.
- share capital
- You must provide business accounts showing: the shareholders in the business, the amount and value of the shares (on the date of purchase) owned by you (in your name as it appears on your application) must be shown. If the value of your share capital is not shown in the accounts, then a copy of the company’s register of members from Companies House must be provided.
- direct cash investment in your own name
- to create two new full time jobs for Settled workers
- to continue as a Director of UK business at the time the extension application is submitted
- to provide the following documents and information showing your role within the business and your active involvement in running it:
- description of the business activities including the services or goods it provides to its clients or customers
- description how you have been implementing your business plan
- your job descriptions showing your role within the business
- description of your day to day activities in the business
- to provide evidence that the business you established, joined or taken over is a UK business:
- evidence of UK business bank account
- evidence that the business has UK registered address
- evidence that the business is subject to UK corporate tax
- to meet the ‘genuine entrepreneur’ test (i.e. to provide convincing evidence that you have established a genuine UK business(es) and intend to continue operating it).
- to meet the maintenance requirement (£945 minimum balance on your personal current or savings account held for at least 90 consecutive days before your application is submitted)
- to meet the English language requirement (if you met the requirement for your initial application you can normally rely on the evidence used for this previous application).
How much does it cost to extend Tier 1 visa.
The cost of Tier 1 (Entrepreneur) visa extension is 1277 GBP. Additional fee of 19,20 GBP for biometric information applies. There is also the NHS Health Surcharge £624 per year of visa, so 2 x £624 for the Entrepreneur extension.