For most busy, creative entrepreneurs, writing a business plan is an essential evil. Working out your future business plans and how you will achieve them is exciting; investing hours drafting a document isn’t.
However, in case you’re intending to apply for a Tier 1 Entrepreneur Visa the business plan of yours is going to be an important document. To enter the UK through the entrepreneur route, applicants need to pass the Genuine business owner Test. At present, around fifty % of applicants fail.
The Genuine business person Test was put in place in 2013 to assure those applying for a Tier one Entrepreneur Visa were sincere in the plans of theirs to begin or even invest in a UK business and then had the data and skills required to accomplish that.
The visa business plans are an easy way the Office at home is able to evaluate an entrepreneur’s dedication, ability and expertise to help the UK economy in ways that justifies them being given a Tier 1 Entrepreneur Visa.
But what do Home Office officials look for in a business plan designed for the Genuine entrepreneur Test? And exactly how can a seasoned Immigration lawyer provide the very best advice and London-based contacts to ensure your business plan is around scratch?
The average business plan and an Entrepreneur Visa business plan – primary differences
For every business person, a standard business plan is an important document. It sets out your vision for the company, future objectives, market analysis and profit projections, turnover and sales.
The average business plan is essential for providing a framework regarding how to achieve your company goals. It also gives confidence and clarity to possible lenders and investors.
But it is unlikely to impress Immigration officials much.
Home Office officials reviewing your business plan as part of the Genuine entrepreneur Test would like to determine that you can and will comply with the demands of the Tier one Entrepreneur Visa.
These requirements include:
you can and can establish, dominate or develop into a director of few businesses in the UK within 6 months of being given entry to the UK underneath the Entrepreneur Visa route
the necessary funds (£200,000 or £50,000) is genuinely available to you and can remain so until it is invested in a start up or existing company
you don’t plan to have Employment in the UK aside from working in the business of yours
you’ve money which is plenty of to support yourself, so you don’t need to count on public funds
you’ve the needed knowledge of English
These’re the standard requirements. A booming Tier 1 Entrepreneur Visa plan offers additional information, designed to convince Home Office that your internet business is able to offer full-time Employment to two persons’ settled’ in the UK. In this context,’ settled’ means British citizens or Anyone else who’s not subject to Immigration settings (i.e., somebody who has Indefinite Leave to stay status). Full-time is determined by the Home office as 30 hours per week.
Your business plan will need to reflect how you will develop these two full-time positions; a prerequisite for extending your Tier one Entrepreneur Visa and applying for Indefinite Leave to Remain.
The Home Office will even use your Entrepreneur Visa business plan to set the viability of your experience and information of the UK market segment in which the business of yours will operate. To fulfill this, the business plan of yours will need to show:
the experience of yours in working in the industry
the credibility and breadth of your market research
your academic qualifications that are related to the market of yours
the expertise of yours in working in the UK in the industry you are planning to launch the business of yours in
For instance, in case you’ve spent time the UK working in you selected sector on a Tier 2 (General) Visa or even a Tier two (Intra-company) Transfer Visa it’s vital you mention this in your business plan. It is able to work as proof you understand the UK market you intend to market the goods/services of yours in.
What your Tier one Entrepreneur Visa plan must contain
The best Entrepreneur Visa lawyers recommend the company plan you work with to pass the Genuine business owner Test mirrors that you have researched your proposed business in level. You have to demonstrate on the Office at home which you know who your customers, suppliers, and competitors will be.
To do this, preferably the business plan of yours will provide:
a description of the company of yours, its products, and services
what your investment funds (£200,000 or £50,000 will be used up on)
an economic forecast for the following three years
your previous experience and qualifications in related industries
comprehensive market research, incorporating a SWOT analysis
who your customers will be and a marketing plan for arriving at them
where your business will be based and details of the commercial lease
what licences and skilled registrations you will need
the staff of yours, and also the roles of theirs within the merchant (this should have a program for employing two’ settled’ people)
your professional advisors such as accountants, lawyers
Be sure that qualifications, experience, and any figures you give are accurate, consistent and match up with the proof you offer to accompany your application.