If you’re a non-EEA or Swiss citizen and you’re investing at least £200,000 in an existing or new business in Scotland and the rest of the UK, you may be eligible for a Tier 1 (Entrepreneur) visa. In some cases, a £50,000 investment also qualifies for this visa category if the funding is from one of the following:
- UK government, devolved government department or intermediary public body
- A venture capital firm regulated by the Financial Conduct Authority (FCA)
- An endorsed entrepreneurial seed funding competition
The entrepreneur visa allows you to share the investment funds with another person if you form an ‘entrepreneurial team’. This means two entrepreneurs can obtain a visa using the same investment fund. To do this, both applicants must be directors of the business and the business is expected to create at least two new full-time jobs as a result of the investment.
You can come to Scotland and the rest of the UK with a Tier 1 (Entrepreneur) visa which will usually last initially for three years and four months. You can then apply to extend this visa for another 2 years as long as you meet the eligibility criteria. Once you’ve been in the Scotland or the rest of the UK for five years on this type of visa, you may be eligible to apply for indefinite leave to remain.
An endorsed entrepreneurial seed funding competition which is listed as endorsed on www.gov.uk