How much time does the dependent visa take for me?
In India, it usually takes 5-8 working days for any type of dependent Visas. (for Tier 1 dependent Visa, it may be more, 15 working days is published time).
Since I came to know that after my wife goes to uk first she will send me a letter after 2 months for dependent visa application
This is not necessary. You can apply for dependent Visa while your wife is in India. However, when you apply as student dependent instead of Tier 1 Visa, you will have significant disadvantages. (See comparison below)
shall I apply for HSMP from here in India?While in UK is there any difference job prospects for Dependent or HSMP visa holders? If I wish can I convert my dependent status there itself in Uk?
HSMP has been phased out from India. If you want you could apply for Tier 1 visa.
Some pros and cons for each of above approach:
If you apply as student dependent:
1. It will usually difficult to convince (ignorant) consultants and employers about the fact that student dependents are allowed to work full time for any employer. Tier 1 visas are more popular and helpful for finding jobs compared to Student dependent Visas.
2. Student dependent visas are generally valid for lesser time ( depends on visa duration of main applicant, for example, 16 months only, assuming your wife is doing a masters degree), another disadvantage compared to Tier 1, which is valid for 3 years.
3. If you want to get your own Tier 1 Visa at later point of time, you will need to come back to India.
4. Your time in UK as student dependent won't count for ILR purpose.
5. You will need to show "maintenance fund" for whole period of time (1 year) when you are with your wife as dependent (which would amount to 5-6 lacs minimum, the source of that money, etc.
While if you apply for Tier 1, you need to show only 2800 GBP for last 3 months, (and usually) no other questions asked.
I will be applying for Mba in Uk next year. In that case will I have to come back to India or can i apply from there itself?
Here is a strategy for you. Apply for Tier 1 now (if you have enough points): Valid for 3 years. Work in the first year. Do your MBA in second year(Tier 1 Visa does allow you to study also). Work in 3rd year. Apply for extension at the end of 3rd year.
Some major points to note for above approach.
Risk
1. You need to be very confident that you will get a job and work in 3rd year(and earn enough salary to reach threshold points). This is because you will need points from previous earnings when you extend your leave to remain as Tier 1 migrant. Otherwise you will be kicked out of UK
2. If UK government decides to make retrospective changes to Visa rules, then your leave may come in jeopardy. Right now it is not restricted to study while you are on Tier 1.
3. If you earn a degree while you are on Tier 1, this degree cannot be used to claim (5) points under "UK Experience" section for Tier 1 extension application. This means that if you work and study both during Tier 1 duration, you can claim (5) points under "UK Experience" section only for your earnings and not your degree(earned while Tier 1 visa).
Advantages
4. If you want to study while on Tier 1, a lot of hassles(related to obtaining student visa) would get reduced. You dont need to show that you have obtained admission in your university, that you have funds for whole of next year, etc. This is because you already have Tier 1 Visa.
5. If you want to study while on Tier 1, another advantage is that your ILR clock is still clicking. This means that your time as a student (during Tier 1 visa) is valid for ILR purposes. Where as if you are on student Visa, this studying time is not considered valid for ILR.
In summary, Tier 1 Visa is the best for you. Also it is your decision to study or not during Tier 1 visa duration.
