The UK Entrepreneur Visa is the visa recognized by the United Kingdom for Nigerian entrepreneurs who may wish to set up a business in the UK. It is required for immigrants who are from Nigeria, European Economic Area (EEA) including Switzerland and other countries. It is also called Tier 1 visa.
The initial visa is granted for a 3 year period, which is renewable after its expiration. You can apply to have it extended for another 2 years if you’re already in this Tier 1category, or 3 years if you are moving from another category to Tier 1.
To be eligible for the Entrepreneur Visa as a Nigerian, you must fulfill the following set of conditions. In addition you must have access to a minimum of £50,000 set aside for investment in the UK.
The funds needs to be:
- kept in one or multiple banks or other regulated financial institutions
- spent on business in the UK
- unused on another application with a different entrepreneurial team
- backed up adequately with necessary documents and your visa application
In addition, you must:
- -meet the English language requirement which is to a holder of accepted English language degree or pass accredited English language test with a score of at least 95%
- -be at least 16 years old
- -be able to support yourself during your entire stay in the UK
How much does the application fee cost? The fees you pay for visa application depend on your situation, where you are and how you choose to apply– whether online or you choose to apply in person outside the UK.
If you are applying for yourself, online or by post, you pay the sum £1,093. On the other hand, you will be required to pay £874 if you prefer to apply in person at the embassy. If you are applying for dependants by post or online, you will be required to pay the sum of £1,093 each person; or £874 each person if you prefer to apply in person at the embassy.
The UK Investor Visa allows you to
-bring your family members
-work for yourself or be self-employed
-Create or take over the leadership of an already established business or more
However, the UK Entrepreneur Visa doesn’t allow you to get public funds or do any work outside your business. So, this means you can’t work where you’re employed by another business.