Tier 1 Business Plan
If you wish to apply for a Tier 1 Entrepreneur Visa, a Tier 1 Investor visa, or a Tier 1 Graduate Visa, then you need to submit a business plan. This is an important component of the Genuine Entrepreneur Test. This document outlines proposed business activities and the methods through which you plan to build a successful UK-based business.
Set up in 2013, the Genuine Entrepreneur Test is designed to ensure that Tier 1 Entrepreneur Visa applicants are genuine about plans to invest in the UK and have the skills and knowledge needed to do so. At the moment, about only half of all applicants pass the test.
While a standard business plan is important to the success of all business, as it gives a clear outline of how goals will be achieved and it provides potential investors with a well-defined goal, it is not likely to sway a Home Office official towards approval.
Essentially, the business plan is meant to convince Home Office officials of the viability of your business. As such, a standard business plan will likely not impress Home Office officials. It is prudent to have an experienced immigration lawyer ensure that your business plan is up to standard, and can perform the function it is meant to. Do not make the mistake of copying another business plan. Immigration officers know of this sham and notice it. It is best to prepare your business plan carefully and properly. At Optimus Law, we will ensure your business plan is well detailed and it covers all requirements. Our team of experienced lawyers will ensure that that information detailed in the business plan matches that of accompanying documentation. We will make certain that figures and projections given in the business plan are realistic, accurate and consistent.
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A good Tier 1 Business plan needs to show that
- You have access to the needed funds;
- You can establish, assume a managerial position, or take over one or more businesses in the United Kingdom six months after their application has been approved;
- You have access to enough funds to support themselves without relying on public funds;
- You do not intend to work anywhere else;
- You are proficient in the English language; and
- You are conversant with the industry and has the required qualification and skills to thrive in the industry.
In addition, the application should be unique to your situation and should convince Home Office officials of the viability of your proposed business.
While there are several templates on the internet, it is not advisable to use that as your only source. When creating a business plan specifically for the Genuine Entrepreneur Test, you must ensure that the business plan is tailored to your needs. Expert help is important if you wish to create a top-notch tier 1 business plan. Your business plan needs to convince immigration officers that you know the industry you wish to invest in and you have the expertise needed to be successful. Your vision should be precise and bold. At Optimus Law, we will help you
- Describe the business, and the products and services offered;
- Describe how the required funds will be used;
- Include a financial forecast, the needed qualifications, and expertise;
- Include in-depth market research, the target market;
- Include the location of the business, and particulars of the commercial lease; and
- Include profit, turnover and sales projections.
Here at Optimus Law, we will ensure that your business plan is convincing and shows the individualisation that will set you apart from the rest.
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