Much anticipated changes have been made to the Tier 1 (Entrepreneur) category
The Tier 1 (Graduate Entrepreneur) and Tier 1 (Entrepreneur) categories are being replaced by the new Start-up and Innovator categories. These existing categories are being closed as the new categories are introduced. The main features of the new categories are as follows:
• The Start-up category is an expanded version of the Tier 1 (Graduate Entrepreneur) category. It is for those starting a new business for the first time in the UK. Applicants will not need to be graduates and will not need to have secured any initial funding. Successful applicants will be granted 2 years’ leave (doubled from 1 year) and will be able to progress into the Innovator category to continue developing their businesses in the UK after that time.
• The Innovator category is intended for more experienced businesspeople. As well as an endorsement, applicants will need £50,000 to invest in their business from any legitimate source (reduced from £200,000 for most applicants in the current Tier 1 (Entrepreneur) category). The funding requirement will be waived for those switching from the Start-up category who have made significant achievements against their business plans. The category may lead to settlement in the UK.
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