BEIS White Paper on Audit Reform: Will Kwarteng's reforms really unchain entrepreneurs?
On 30 January 2013, the UK Border Agency (UKBA) made a number of changes to the Immigration Rules for the Tier 1 (Entrepreneur) category to introduce a ‘genuine entrepreneur’ test. The changes will take effect on 31 January 2013 and will affect all applications decided after this date, even if they were submitted prior to 31 January 2013.
The changes can be summarised as follows:-
Where the UKBA has concerns, it may ask the applicant to demonstrate that the funds relied on to make the application remain available beyond the date of the application and the full amount continues to be held in the manner specified in the guidance until invested in the applicant’s business in the UK (see also the Tier 1 (Entrepreneur) Policy Guidance Note for further details).
The guidance sets out what checks will be carried out during the application process but it is unclear how ongoing checks will be undertaken to ascertain whether or not the funds remain available to the applicant until invested in the UK business.
For more information, please contact a member of the immigration team.
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