Background
The Tier 1 Entrepreneur category was created alongside the Exceptional talent visa following the Tier 1 General and HSMP routes being closed. This Entrepreneur Visa allows skilled and Entrepreneurial talent from outside of the EU to start a business provided they meet all the requirements. The monetary side of the investment is substantial so must be thoroughly considered. General information can be located at: https://www.gov.uk/tier-1-entrepreneur/extend-your-visa
Tier 1 (Entrepreneur) visa - GOV.UK
Apply for a Tier 1 (Entrepreneur) visa if you want to set up or run a business in the UK and have more than £50,000 investment funds available, extend or switch your ...
Extension Requirements
In order to extend your Tier 1 Entrepreneur Visa past the initial 3 years there are many factors to consider also found at: https://www.gov.uk/tier-1-entrepreneur/extend-your-visa
Tier 1 (Entrepreneur) visa - GOV.UK
Apply for a Tier 1 (Entrepreneur) visa if you want to set up or run a business in the UK and have more than £50,000 investment funds available, extend or switch your ...
Many people are not able to employ full-time 2 settled workers within their company and thus fall short of the requirements.
In addition there is a no appeal process on a Tier 1 Entrepreneur extension, therefore many are dubious as to extending and their options.
Considerations
Should you be skilled into IT and familiar with the contracts market and doing project based work you could consider a consultancy who has a Tier 2 General sponsor license. For more information do contact us: consult@mavisas.co.uk . This company sponsorship route allows highly skilled individuals to apply to companies who have a valid sponsor license. With the IT market booming in the UK, London especially, opportunities are on the rise and demand is increasing for talented developers.
The combination of 3 years on Tier 1 Entrepreneur and 2 years on Tier 2 General or any combination adding to 5 years in total does qualify for ILR. For more information on ILR requirements in detail do refer to the Home Office guidance.
To sum up this article shows some concerns of many professionals on the Entrepreneur Visa and that there are options to consider. For more information or if you are in this position do contact us at consult@mavisas.co.uk. Thank you for reading and do follow us for more interesting blogs and content.
Thanks
Mason Alexander