Business Persons
This category suites those that wish to come to the UK to set up their own business (either as a sole trader, in a partnership pr by way of a company registered in the UK).
Entry clearance (a visa) is mandatory and must be applied for and obtained before the individual enters the UK.
The general requirements / criteria are:
Financial
A minimum of £200,000 must be invested in the business. Individuals may make their investment by a direct cash investment, share capital or a combination of the two. Director's loans (unless it is unsecured and in favour of third-party creditors) and an investment from or through an off-shore company (even where the investor is the sole beneficial owner) are not acceptable sources.
The money must be the individual's own and not from another source. There are strict requirements surrounding 'a gift of money'.
Money for the business over and above the minimum £200,000 may be raised by way of bank or other loans or grants available to the public e.g. Government enterprise schemes.
If the individual proposes to buy a premises which includes residential accommodation for him / herself and the family, the value of this part of the property should be deducted from the business investment. There should also be sufficient additional funds to support and accommodate the individual and his / her dependents until the business is profitable.
The individual's level of financial investment must be proportional to his / her role in the business and they must have either a controlling or equal interest in the business i.e. they should have more than a 50% interest or be one of a number of partners / directors with equal interest.
Business plan
A detailed business plan showing the object of the business, the investment and employment involved plus financial projections should be submitted. For more detail regarding the plan please contact us.
Individual's role in the business
The individual must be actively involved in the full-time running of the business. This requirement is to ensure that the individual is to be economically active as a business person and not using his / her investment as a means of establishing him / herself in the UK for some other purpose.
Creation of employment
The business plan should show details of at leat 2 new full-time jobs to be created within the first 12 months. These should be substantive posts and not short-term posts for trainees. Where there is an existing business the business plan should show details to confirm that the new full-time jobs are not be at the expense of existing part-time jobs and that overall "man hours" of employment among the staff are to be increased. If the individual is joining or taking over an existing business, full details of the existing employees must also be provided.
Need for services and investment
The individual must show that at least £200,000 of his / her own money is to be fully used in the business. Unless there are uncertainties about how genuine the applicant is, it is normally sufficient to concentrate on evidence of funds and the requirement to provide employment. Investment of this amount of money form personal funds shows a commitment to success, but it is recommended that within the business plan, evidence of market research is shown as well as basis of the financial projections.
If you wish to have our assistance with submitting a business application, please contact us.
