Particularly the Government requested from the MAC to consider the following issues:
Whether the existing design of the Tier 1 (Entrepreneur) route is appropriate to deliver significant economic benefits for the UK and in particular whether:
- the initial eligibility criterion of access to funds is a sufficient determinant of entrepreneurial ability and whether other criteria, for example, assessment of previous entrepreneurial activity and/or testing the purpose of the investment, should be applied;
- the existing eligibility and extension criteria are aligned sufficiently with entrepreneurial and early stage business life-cycles, including consideration of the role angel investors and crowd-funding can play;
- the route utilises international best practice. As part of this, the MAC is requested to consider route design and incentives to ensure competitiveness.
As a result of the consultation, either the funds (£200,000) requirement could be increased/decreased and also thorough checks of work experience and credibility of applicants business. Obviously this is E&S Consultancy’s personal view on future potential changes that may be introduced this Autumn 2015.
If you are seriously considering to obtain a Tier 1 Entrepreneur it is advisable not to delay and apply as soon as possible.