In new immigration rules laid before Parliament today, the following changes have been introduced:
- A provision is being made to allow an applicant applying with funding from one or more UK Seed Funding Competitions or one or more UK Government Departments to supply a letter, confirming that the money was transferred to them less than 90 days before the date of the application. This removes the need for the applicant to supply a third party declaration and legal confirmation if they have not held the funds for this duration;
- A provision is being made to allow applicants who have received investment from a UK Seed Funding Competition or UK Government Department to produce financial accounts which show that the investment was made in the name of the source of funds, providing they supply a supplementary letter from the source, confirming that this investment was on their behalf. This removes the need for the specified financial accounts evidence to confirm that the investment was made on the applicant’s behalf.
- In order to “reflect normal business practice“, an amendment is being made to allow Tier 1 (Entrepreneur) applicants to provide financial accounts which show that the qualifying investment in their businesses was made in the name of an investing entity, other than one or more UK Seed Funding Competitions or one or more UK Government Departments, providing that they supply a supplementary letter from UK Trade and Investment (UKTI) which confirms the investment was made on behalf of the applicant.
- In order to “address concerns about abuse“, the evidential requirements for applicants applying using funding from venture capital firms has been expanded.
- The rules relating to indefinite leave to remain (ILR) are being clarified so that applicants applying under the accelerated provision are able to appropriately demonstrate that, firstly, they have registered their business within six months of their specified date and, secondly, their business, if it was being taken over, has resulted in a net increase of at least £5 million (should they be applying for accelerated ILR on this basis).
- Further minor clarifications are also made to existing immigration rules around the job creation requirement.
- Minor “technical changes” are being made to clarify various evidential requirements and to correct minor drafting errors in previous rules.
For assistance with your Tier 1 (Entrepreneur) application and how they may affect you, please contact us on +44 20 3743 1700.