The UK Border Agency has made changes to the Tier 1 (entrepreneur) route by introducing a ‘genuine entrepreneur’ test and by increasing the financial commitment requirement.
What does this mean?
The ‘genuine entrepreneur’ test will give UK Border Agency caseworkers greater discretion when considering applications. They will, for example, be able to consider whether an applicant’s business plan is ‘viable and credible’ and may take into account an applicant’s previous educational and business experience, immigration history, previous activity in the UK and any other ‘relevant’ information.
Entrepreneurs, including those who have already been granted indefinite leave to remain in the UK, will have to hold, or invest in a business, certain minimum amounts, on an ongoing basis rather than solely at the time of the application.