Tier 1 Entrepreneur Visa - Taking over existing start up

[vizi23]

Hi! New to board -would love some input.

A startup that's closed 400K in funding within the last 12 months, including institutional sources, is offering to bring me on as a director. I will not be investing money of my own.

- Do I qualify as a Tier 1 Entrepreneur if the investment has already been invested into business? Does it still have to be cash?

- Also I am currently in the UK as a visitor - do I have to leave the country and reapply?

Thanks everyone!

[CR001]

You cannot switch to any other visa category within the UK if you are currently here on a visitor visa.

Tier 1 Ent requires YOU to invest £200k in a business.

Suggest read through the Tier 1 Ent guidance thoroughly to understand the requirements. HO are strict about this route and meeting the requirements.

[zimba]

- Do I qualify as a Tier 1 Entrepreneur if the investment has already been invested into business? Does it still have to be cash?

To be eligible for Tier 1 Entrepreneur visa, you have to show that you either personally have access to the investment required or a third party has made it available to your personally to be invested.
Read the Tier Entrepreneur visa guidance for more information:
https://www.gov.uk/government/publicati ... trepreneur

- Also I am currently in the UK as a visitor - do I have to leave the country and reapply?

Yes, you are not allowed to switch. Apply from home country only

[vizi23]

Thanks for this.

So essentially I personally would need to invest 50K or obtain 50K in funding for a business plan to qualify for the Tier 1E?

Can't the amount already raised just be attributed to me given it's within the last 12 months and I would be a director in the company?

[zimba]

So essentially I personally would need to invest 50K or obtain 50K in funding for a business plan to qualify for the Tier 1E?

Depends on your circumstances. It is either min 50K or 200K. Read the guide

Can't the amount already raised just be attributed to me given it's within the last 12 months and I would be a director in the company?

The money must be made available to you by the third party and they also need to provide you with a declaration for making an investment available to you. Again, read the guide !!