It’s key to your UK Tier 1 Entrepreneur Visa application that you have a credible business plan.
The published guidance sets out the matters you need to address. That is all very well but actually putting together a decent plan is much harder than it looks. The consequences of an inadequate plan is a failed application.
So what is really important? Well, explaining the management of the business is crucial, as is your role. Showing how jobs are going to be created is very helpful. Demonstrating you understand the competitive pressures and where they come from is vital. You need to get detailed financial information into the plan and it’s very useful to get a professional person to help you do it, ensuring forecasts look serious and well considered. After all, you are going to be questioned on it. Have you done your market research? That can be hard if you are not in the UK. You may need assistance here. Have you considered basics like where your business will be situated?
There is a distinction to be drawn here. You could be setting up your own business but you could be investing in someone else’s business. If it’s the latter it could well be that the business itself will have a plan. However, that is not the end of the story as almost certainly it will not have been prepared for an immigration application. More likely it will have been prepared for other equity investors or for the Bank to get a loan. So the plan needs to be reconsidered and may require substantial reworking by somebody who knows the immigration rules and can suggest suitable amends or additions. It’s very important that your plan does not look as if it’s been prepared from a template or read as if written by computer. The plan must bear your individual stamp as you have to defend it. It’s good if your advisers can look at the plan critically and find any faults before they are found for you in your interview.
Just paying someone who makes a living from business plan writing to help you may not be the whole answer. You need a combination of skills, particularly somebody who really understands what is needed under the rules and what you are all about, so delivering a plan that shows how you relate to the business. If you are joining another company then your adviser can act as the intermediary talking to the company agreeing the terms of your investment and your role in the company. The end result needs to be something that covers the ground, is easily read, and not so complex the Home Office cannot understand it.
Visa Kings Global’s comprehensive “Kingdom Plans” include assistance creating a professional business plan that’s ideally suited to your Tier 1 Entrepreneur application. Learn more about our UK visa services…