If you are a budding or seasoned Entrepreneur seeking to settle in the Isle of Man in order to set up or take over a Manx business the Isle of Man Immigration Rules provide a potential route for you as a Tier 1 Entrepreneur.
In order to qualify as a Tier 1 Entrepreneur, you need to be able to show that you have at least £200,000.00 available for investment into a new or existing business.
If you already have leave to remain under another type of visa you can only switch to Tier 1 Entrepreneur visa in limited circumstances. If you do not have a type of visa that allows you to switch the entrepreneur category you will need to make a new application from your country of residence. If that is necessary you will need to satisfy the authorities that you have sufficient English language ability and personal funds to support yourself and any family which you are bringing with you.
You will also need to demonstrate you are a genuine entrepreneur by providing good information about the business you intend to invest into and your personal background. It is important to be able to show the research you have done into your business and that this is a kind of business you are suited to running including any experience you have had.
If you are successful in your application a visa will be granted for 3 years and 4 months. You may extend your visa by a further two years by application and if you have maintained your visa for 5 years you may qualify for indefinite leave to remain. If you have indefinite leave to remain that means that you have permanent residence in the Isle of Man.
You may qualify for accelerated indefinite leave to remain after 3 years if:
- Your business has generated 10 or more jobs or has generated income from business activity of at least £5 million during a 3 year period.
- You have taken over or invested in an existing Isle of Man business and your services or investment have resulted in a net increase in income from business activity to that business of £5 million during the 3 year period in which you have had leave to remain under your visa, when compared to the immediately preceding 3 year period.
- An Isle of Man Work Permit would be required if you hold a Tier 1 (Entrepreneur) Visa, the MannBenham team have experience in dealing with Work Permit applications.
If you have any query regarding immigration law in the Isle of Man, then please contact a member of our team for further assistance details of which are below.