Business Plan for UK Start Ups and Tier 1 Innovator Visa | ICS Legal
Business Plan for UK Tier 1 Innovator Visa & Start-Up Visas | ICS Legal Project Team
Business Plan is needed for your Tier 1 visa. “Britain is open for business” – a campaign is driven by many successive UK governments attracting talented entrepreneurs worldwide to set up or invest in an existing business in the UK.
Since April 2019, the Tier 1 Entrepreneur visa route has been closed for new applicants and replaced with the new visa categories.
Both the Start-Up and Tier 1 Innovator visas are the natural visa to obtain for those wishing to start or invest in a business they will actively be involved in running in the UK.
To qualify under the innovator visa route, you must show you have access to at least £50,000. Where you are applying under the start-up visa, then there are no financial investment required to be shown.
Writing your business plan to meet the Tier 1 visa requirements
ICS Legal Project Team have unique business plan writers, each specialising in drafting and researching business plans for either the Start-Up visa or the Tier 1 Innovator visa. Our group comprises of UK immigration lawyers, qualified accountants and experienced economists - all of whom are experts in their fields - our writers have many, many years of drafting.
Our business plans have been used for a number of immigration applications since the Tier 1 visa was first introduced. E-mail us your details and the type of business you are intending to open and we will provide some initial advice to you. Click here to e-mail us on info@icslegal.com.
Our service guarantees a response to your enquiries within 24 hours, no matter if you have an initial enquiry or if you are an existing client - ALL our clients are important to us.
Our Project Team consists of writers that specialise in small-medium companies, as well as writers that have drafted for large corporate PLCs. These include restaurants, concierge services, spa lounges, IT consultants, car rentals, nurseries, food franchises, construction companies, import/export traders and much more!
How the business market and Tier 1 visa work together
The injection of private sector talent and entrepreneurial vigour has boosted the growth of many industries in the UK and businesses such as tech start-ups have thrived in the era of Tech City mania.
While there is definitely encouragement for entrepreneurs to bring business to the UK, recent statistics show otherwise with a high number of refusal rates for business migrants. This is partly due to the introduction of the subjective “genuine entrepreneur test”, which is the UK government’s response to counter abuse under this immigration category.
However, the test can also be a challenging one for genuine entrepreneurs and the announcement of the Immigration Rule changes of 6 April 2015 has further tightened up the requirements:
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It will be a mandatory requirement for initial applicants to provide a business plan as part of their application. It was previously not compulsory, though caseworkers often requested the business plan to help establish if the applicant’s business proposal was a genuine one.
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Following the theme in protecting abuse under this immigration category, applicants will be required to provide evidence of the source of funds if the funds have been held in the applicant’s account for less than 90 days before the application is made.
The “genuineness test” has now been extended to applicants applying for extensions and indefinite leave to remain (settlement) applications. It is envisaged that applicants will need to be more creative with supplying additional evidence to demonstrate their business is “genuine” and that they are running a credible business in the UK.
The above is aimed to source the genuine entrepreneurs who can demonstrate they have sound business acumen; extensive background experience; and a viable business proposition. For individuals wishing to obtain either the Start-Up visas or the Tier 1 Innovator visa, the vibe seems to be “Britain is open for business”, but only if you can show a high degree of genuineness and entrepreneurialism.
So, let’s say you have ticked all the boxes with an amazing business plan and you can demonstrate you are the “genuine” entrepreneur the UK is looking for (and you even have an entrepreneur team member applying with you to jointly invest the £50,000) – you get the visa, but what next…
Have you established or invested in a business in the UK?
Before you establish or invest in a UK business, there are various matters that you will need to consider. Have you decided which structure or corporate vehicle is most appropriate for you and for your business?
If you wish to set up a small, owner-managed business but want to limit your liability, for example, you might consider incorporating a company limited by shares. We can advise on the most appropriate structure and put you in touch with an accountant/tax advisor who can advise in respect of tax and associated registrations from a company perspective.
If you wish to invest in an existing UK business, you need to ensure your interests are well protected. You should consider the existing constitutional documents (the articles of association, memorandum of association and any other associated documents) of the company and any shareholders’ agreement already in place.
If you are contemplating lending money to a company or making an equity investment, you should ensure that you fully understand your rights and that these are documented appropriately.
Call our Project Team on 020 7237 3388 and get some initial advice.
Related FAQ's
Our speciality lies in the field of Immigration, Nationality and EU Law, so it means we always are dealing with this side of the law. We are able to support you in making a correct decision, avoid delays on your case, save money and time, not forgetting the stress of any doubts with your application.
There are many routes available to come to the UK, extend or switch, some of them do not allow extension or even switching. Knowing what is right can be a difficult task and this is why we are here. Simple task of not using the prescribed forms can mean your application is invalid, which means if you have no valid stay, you would have to return back and there is no appeal rights.
Our initial consultations are a chargeable service. We initially discuss the requirements of the application to ensure you meet the requirements and have the documentation required at hand for the submission. It gives you an opportunity to meet us and ask questions.
Each case will be checked thoroughly, everything will be cross referenced so guidelines are met and we will also add our legal document which would outline the Immigration Rules and how the client has satisfied the rules. We use documents that are used by Home Office case workers, so we know exactly what they would look for in your case.
The most important fact is that law constantly changes, policy guidelines and requirements are always changing, so it is best that you always use specialised services to support you. We never compromise our services, our fees remain very competitive but our expertise is at the very highest standard.
We place our clients first, so when you sign the customer care letter and we go through your case file, and we believe that the case would not be successful, we will terminate the agreement and return your documents. We will also provide alternative solutions with no added costs. We also have a cancellation period should you feel you want to withdraw your file.
Please note that all cases cannot be guaranteed as circumstances depends and whether you met guidelines, however the Home Office caseworker can still refuse cases on the balance of probabilities and other factors. Our job would be to prepare your case in the best possible way.
1) You contact us through e-mail or phone.
2) We take some basic information, we ask some relevant questions to understand the type of query and what type of support is required.
3) Your case then gets passed to a case worker.
4) Case Worker would contact you to set up an initial meeting.
5) You attend a consultation, an action plan is drawn up and we find out whether ICS Legal can support your case. A report would be sent where there is a requirement to outline what was discussed and what to do next.
6) You authorise us to be your legal representative by signing our customer care letter.
7) We will then start to request documents and information about your case this will build up your case pack.
8) We will then write our legal report and use Home Office caseworker’s documents to ensure everything has been checked and all requirement have been met.
9) Where possible we will go through every aspect of your case before case submission.
10) We will continue to update you throughout the case life cycle .