We use cookies on this site to ensure the most desirable user experience. By continuing to browse this website you are giving implied consent. Find out more.

Home Office Reminds Tier 1 Entrepreneur Visa Holders About Extension Deadline

The Home Office reminded holders of Tier 1 Entrepreneur visa about the necessity to apply to the immigration authorities for either option: visa extension, getting a visa of another type, or applying for an indefinite leave to remain (ILR). The first two options are available till 5 April 2023 while applications for ILR are accepted till 5 April 2025.

This issue is urgent as Tier 1 Entrepreneur visa has been replaced with newer types of visa:

Entrepreneurs who obtained their visas before the changes in the immigration system were allowed to stay on their visas. Entrepreneur visa is expected to be gradually replaced with new visas.

What Are Requirements for Visa Extension?

The Entrepreneur visa was designed for those who plan to develop a business of their own, which is why it is vital to prove to the authorities that your business is trading and flourishing. You can do it in the following ways:

  • you have invested at least £200,000 in it
  • you have a positive financial balance
  • you have created at least two jobs for British residents.

These jobs should exist for at least 12 months; that is why the Home Office reports about it now so that the visa holders could take necessary measures.

When Is ILR Granted?

Tier 1 Entrepreneur is a settlement visa, i.e., you will be able to apply for both a visa extension and for ILR after having lived in the country for five years if you comply with the above mentioned conditions.

Besides, in some cases you can apply for IRL in only three years if you comply with either of the following requirements:

  • you have created at least 10 jobs for British residents, each of which has existed for 12 months or longer
  • you have earned profit of £5,000,000 within three years.

It is worth remembering that you are expected to stay in the UK for at least 180 days per year in order to get ILR. Besides, you are expected to pass tests proving your knowledge of British culture and traditions as well as of the language.

Visas Replacing Tier 1 Entrepreneur Visa

Two visas, Start-up and Innovator, were created instead of the Entrepreneur visa. The first one is connected with fewer financial risks but is not a settlement visa while the second one is more suitable for those who plan to stay in the UK for a long time.

VisaMinimal contributionValidityPossibility to extendPossibility to get ILR
Start-upno2 yearsnono
Innovator£50,0003 yearsyesyes

Both visas are mainly intended for business projects that create products and services based on modern technology, innovative developments and advanced methods. If necessary, a Tier 1 Entrepreneur visa holder can switch to an Innovator visa if, for some reason, he or she considers it more suitable for them.

If you are in doubt about which visa is right for you, feel free to contact us. Imperial & Legal specialists will help you understand immigration laws and find the best option for obtaining a British visa. We are also ready to support your business processes in the UK and provide legal support in matters such as registering a new company, opening bank accounts and optimising tax costs.

Tired of getting general advice?

We will work with you to find a customised solution for your immigration, second citizenship, business, tax and other needs.