Understanding the Graduate Entrepreneur Visa - Tier 1

Overseas students with practical entrepreneurial ideas qualify to own a start up in the UK through the Graduate Entrepreneur Visa - Tier 1. This visa authorizes applicants whose applications are successfully processed to reside in the UK after their degree to set up their business.

Overseas students who wish to apply for the authorization of graduate entrepreneur should not be from the European Economic Association and Switzerland. They should be authorized by a higher educational institution in the UK that is a legal authorizing agent or be authorized by the Department of International Trade.

The overseas students applying for this visa must also possess a qualification of higher education such as the graduate, post graduate or doctoral degree and satisfy the linguistic requirements for English.

The applicants must furnish sustaining documents which will vary depending upon if they have been authorized by a higher educational institution or the Department of International Trade.

Overseas students who wish to obtain the Graduate Entrepreneur Visa - Tier 1 must also furnish proof of having adequate financial resources. The amount of fund depends on the location of the applicant.

The applicants residing outside the UK need to have 1, 890 pounds and 945 pounds if they reside in the UK. In both the instances, the applicants must have had access to the respective amount of funds for a minimum period of consecutive three months or more, as quoted by Lexology.

Applicants who are successful in securing the visa are allowed to reside in the UK for a period of twelve months. Another extension of 12 months is available upon application. The application charges for processing graduate entrepreneur authorization depend on the circumstances of the applicants, their location, and manner of application. The applicants must also bear the levies for healthcare.

The processing time for Tier 1 Graduate entrepreneur authorization is three weeks. The authorization from the higher education institute can take a time of around 8 weeks.

The letter that recommends your application for the visa must mention that you will be devoting your maximum time for the entrepreneurial activities. The firm structure that is allowed under this visa is a partnership, or limited company or sole trader.

The family members are permitted to accompany the possessor of the graduate entrepreneur visa with charges of the fee applicable per person. There will be no access to the public funds through this visa.

The possessors of Tier 4 student visa, Student visa, student nurse visa, student reappearing for an examination, student writing a thesis, dentist or a post graduate doctor and Tier 2 migrant visas can apply to switch to the Graduate Entrepreneur Visa - Tier 1.

The Graduate Entrepreneur Visa - Tier 1 is not a means to settle in the UK.

The accredited universities will seek applications from overseas students to request for authorization under the Graduate entrepreneur visa – Tier 1. The number of authorization for every university is limited. This implies that there will be a process for selection of the applicants and they would be asked to furnish plans and presentation for business.

The details of the process for selection and the schedule will be available with the respective universities.

The Department of International Trade is collaborating with the association of private firms and charities to categorize and assist overseas graduate entrepreneurs regarding their business ventures in the UK.

The applicants who are successful in the selection will receive the facilitation of assistance package to increase the success of their ventures. The applications from overseas graduates are usually invited for processing in the autumn season.

For more news and updates, assistance with your visa needs or for a Free Assessment of your profile for Immigration or Work Visa’s just visit www.y-axis.com