During the first quarter of 2019, the Home Office outlined a series of important changes to Tier 1 of the PBS. The most pressing of which were as follows:
Transitional arrangements have been put in place for individuals who submitted their Tier 1 (Entrepreneur) applications prior to midnight on March 28, which will enable qualifying applicants to apply for permit extensions until April 5, 2023. Those covered under these transitional arrangements will also be able to submit settlement applications until April 5, 2025.
Applications submitted after the March 29 deadline that would previously have fallen under the Tier 1 (Entrepreneur) should be redirected to the new ‘Innovator’ visa category.
Anyone who submitted an application via the Tier 1 (Graduate Entrepreneur) pathway before midnight on July 4, 2019 will be able to apply for a switch to the new Start-up visa or the Tier 1 (Entrepreneur) category upon expiration of their initial visa, until July 5, 2021. Individuals who submitted new clearance applications on or after the July 4 deadline are encouraged to use the new ‘Start-up’ visa pathway.
The New Tier 1 ‘Innovator’ Visa
The government’s official documentation on the new Tier 1 ‘Innovator’ visa program outlines several key differences from the existing Tier 1 (Entrepreneur) route, which include the following:
The New Tier 1 ‘Start-up’ visa
The most important differences between the existing Tier 1 (Graduate Entrepreneur) pathway and the new Start-up visa include the following:
The Tier 1 (Investor) Visa
Alterations to the Tier 1 (investor) visa pathway include an extension of the duration for which funds must be held prior the application’s submission – up from 90 days to 2 years. Buying of UK National debt in order to qualify as an investor is no longer permitted, while the purchase of UK government bonds is no longer considered a qualifying investment.
Individuals with Tier 1 (investor) visas can apply to extend their visa until 05 April 2023 and will have until 05 April 2025 to apply for settlement. Successful Tier 1 (Investor) migrants submitting extension applications from overseas will be granted 2 years and 4 months leave, up slightly from the current 2 years.
If you have any questions or concerns regarding your eligibility or status under the new rules, we’re standing by to help. Contact a member of the team at Aristone Solicitors today to book your obligation-free consultation with a member of the team.
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