The Tier 1 business plan is a primary supporting document for a Tier 1 (Entrepreneur) Visa application in the UK. The quality of the business plan can be a deciding factor for visa approval or disapproval. The government aggressively challenges applications by applying the Genuine Entrepreneur Test (GET) to measure the true intentions of the business person. The business plan may or may not be requested during the GET process, but it is always required to accompany the Tier 1 Visa application for entrepreneurs.
The visa business plan serves several purposes. The UK government only wants people from outside the country who are serious about setting up a business to be approved for the visa. The business plan proves that in-depth market research has been conducted and that careful thought has been put into what is needed for operational success. During business planning, the entrepreneur also prepares financial statements, demonstrating the plan for reaching profitability and knowledge of factors like the VAT tax.
Eligibility and the Tier 1 Business Plan
There are several ways to achieve eligibility to apply for a Tier 1 Visa, but only the Tier 1 business plan can prove the entrepreneur’s real intention. Eligibility requires:
• Having access to at least £50,000 in investment funds if applying for 1) a competition in the UK that offers UK Trade and Investment approved seed funding for a business, or 2) a UK government department offering funds for starting or growing a UK business
• Having already invested £50,000 in a UK business within the prior 12 months
• Having access to £200,000 in investment funds that are your own, made available by a third party, or in a joint account with spouse or partner who is not also applying for a Tier 1 visa
• Having already invested £200,000 in a UK business within the prior 12 months
There are additional rules concerning who can apply for the Tier 1 (Entrepreneur) Visa. The UK also offers the Tier 1 (Investor) Visa if you wish to invest £2,000,000 in a UK business and can meet the eligibility requirements.
The Tier 1 business plan is one of the most important documents supporting the application. It accompanies other items like a passport, evidence of investment funds, and proof of ability to support yourself. However, it is only the business plan that can prove the true intent of the entrepreneur because it contains the research, proof of planning, goals, and financial projections.
OGS Capital consultants regularly work with entrepreneurs interested in obtaining a Tier 1 Visa to start or invest in a UK business. Their expertise ensures the final business plan is of the highest quality and will satisfy the visa business plan documentation requirement. Complete the online contact form to start the process.
Illustrative business plan samples
OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.