Tier 1 Visa
Tier 1 Visa: UK New Entrepreneur and Investor Visas in 2024
The Tier 1 visa is one of the most popular investment programs in the world and is in high demand because it is a process that extends to British citizenship. The Tier 1 visa program is a program that appeals to high-value immigrants who want to own a business in the UK, investors who have sufficient funds to invest, and entrepreneurs who think they have significant talent in their field of expertise.
The number of UK Tier 1 visas issued between 2017-2021 is as shown in the table.
| Year | Number of visas issued to main applicants | Number of visas issued to dependents |
|---|---|---|
| 2017 | 350 | 531 |
| 2018 | 376 | 590 |
| 2019 | 360 | 565 |
| 2020 | 261 | 375 |
| 2021 | 211 | 353 |
Does the UK issue Tier 1 visas?
The UK no longer issues Tier 1 visas. Following the UK’s withdrawal from the European Union, it has been announced that the UK Visas and Immigration Department will no longer accept Tier 1 visa applications, and only those currently in the UK with a Tier 1 visa will be able to extend their visas and apply for permanent residence until 2023.
As Tier 1 visa applications are not accepted, entrepreneurs and investors who want to set up a business in the UK must apply for one of the new visa types.
What are the New UK Tier 1 Visa Types?
The new UK Tier 1 visa types are listed in the table below, along with their old names.
| Pre-Brexit visa types | Post-Brexit visa types |
|---|---|
| UK Tier 1 entrepreneur visa | UK innovator visa |
| UK Tier 1 graduate entrepreneur visa | UK start-up visa |
| UK Tier 1 investor visa | has been repealed. |
| UK Tier 1 exceptional talent visa | UK global talent visa |
What is the UK Innovator Visa?
The UK innovator visa is a work visa. The UK innovator visa is granted to those who want to establish and run an innovative business in the UK, provided that the necessary conditions are met. The business planned by those who apply for the innovator visa must be approved by certain organizations, not a random idea, and must be different from existing businesses in the market, original and have growth potential.
People with an innovator visa can stay in the UK for 3 years. After completing 3 years with an innovator visa, a person can apply to extend their stay for another 3 years. After staying in the UK for 3 years, an application can be made for permanent residence. If the person is married and has children, they have the right to bring their spouse and children with them as their dependents.
What is a UK Startup Visa?
The UK start-up visa is a type of visa granted to individuals with innovative and original business ideas. The applicant for the start-up visa must be over 18 years of age and be able to prove that they speak English sufficiently. Before applying for a start-up visa, the business idea must be approved by an organization authorized by the UK government.
With a UK start-up visa, you can stay in the country for 2 years and the start-up visa cannot be extended. The person can continue the job they planned and work in another job. Some different visa types offer the opportunity to switch to the UK start-up visa type. If the applicant has dependents, they can bring them with them.
What is the UK Global Talent Visa?
The UK global talent visa is a type of visa that can be applied by people with leadership potential in the fields of academia, research, arts and culture, and digital technology. Before applying for a visa, the person must prove their leadership skills and receive approval from an authorized institution. If the person has a valid award in the specified fields, they can apply for a visa without needing approval.
The UK global talent visa application is made online. Also known as the UK global talent visa, this visa allows you to stay in the UK for up to 5 years. Leaders who come to the UK with a UK talent visa can obtain indefinite residence permit; however, they must live and work in the UK for 5 years before applying for a residence permit. Permanent residence in the UK offers the opportunity to work, study and apply for social rights under appropriate conditions.
How to Apply for the New UK Tier 1 Visa?
For the new UK Tier 1 visa application, the applicant must first receive approval from an approval body recognised by the UK Home Office. After receiving the approval letter from the recognised body, an online application for the Tier 1 visa type must be made via the Gov.Uk website within 3 months; in the online application, the application form is filled out, the visa fee and the immigration health surcharge are paid.
After the fees to be paid and the application form is completed, a confirmation email is sent to the applicant’s email address and a visa appointment must be made from the authorized intermediary institution’s internet address. On the appointment date, biometric procedures are carried out at the intermediary institution visa center and the passport is delivered.
How Much Are UK Tier 1 Visa Fees?
UK Tier 1 visa fees are given below.
| Types of visas | Application fee | Immigration health surcharge |
|---|---|---|
| UK innovator visa | 1,036 British pounds | 1,872 British pounds for 3 years |
| UK start-up visa | 378 British pounds | 1,248 British pounds for 2 years |
| UK global talent visa | 623 British pounds | 624 British pounds sterling per year |
How Long Are New UK Tier 1 Visas Granted?
The new UK Tier 1 visas include the innovator visa, which is granted for 3 years, and the talent visa, which is granted for a maximum of 5 years and can be extended, depending on preference. The start-up visa is granted for 2 years and cannot be extended.