6 Tips For An Entrepreneur Visa

Your visa has been granted, and you are starting or taking over a UK business! However, a successful extension on the Tier 1 Entrepreneur Visa involves planning from the moment of entry to the day of renewal. We have observed the most effective habits in our successful clients’ Tier 1 Entrepreneur visa extensions. See below our top tips to ensure you have the right preparation.

1. Be organised and maintain proper record keeping

Keep a designated file for your extension documents. Put all original copies in the file, every so often review and add the necessary documents. You may find this a tedious task, but it is far quicker to do this regularly than to spend more time locating old letters 2 years later.

2. Register as Self employed or The Director of your business

You have 3 months from the date of entry if self employed and 6 months from date if you are the Director of your own company. Be wary when calculating the qualifying period.

3. Open a Bank Account

Not just any bank account – a business account. Try to avoid cash-in-hand expenses. This offers a clear trace of your money, how it has been invested and paid expenses – not to mention paying tax!

4. Employ Staff

Settled workers are British and EEA citizens, and those with Indefinite Leave to Remain. You must employ a minimum of two settled workers on a full time basis for at least 12 months. See here for our guide on Tier 1 Entrepreneur visa.

* Top tip: ask for your employees permission to retain a copy of their photo ID and right to work on file. Do also ensure you comply with data protection under the new GDPR (General Data Protection Regulation)! Chasing a former employee for identification when they have moved can take up precious time.

5. Make sure staff are paid minimum wage at all times

An Accountant can be your best friend during the visa renewal process. The Home Office requests a wide range of evidence for employees including details of payroll and taxes.

6. Know your professional advisors.

Maintain good relationships with your Lawyers and Accountants. Ensure they are regulated and certified. Ensure you are up-to-date with your company affairs. It will pay off in future when obtaining accurate information without delay.

If you are unsure what documents are needed, book a consultation with us to plan your successful Tier 1 Entrepreneur visa extension or Indefinite Leave to Remain application.