The government of United Kingdom (UK) is offering a wonderful opportunity to non-European Union (EU) graduate students, under which they can apply for a Tier 1 Graduate Entrepreneur Visa through UK-based universities.
The UK government policy will enable aspirants to apply for the visa post completing their studies from the universities, provided their institutes endorse them.
The University of Essex was granted 20 places for 2014-15 to help entrepreneurial students gain an extension of their stay in the UK to start their own business ventures, which have the potential to benefit the domestic and overseas economy.
According to officials of Essex Business School (EBS), students of the business school (B-school) are eligible to forward their applications to the UK government to acquire the Tier 1 Graduate Entrepreneur Visa.
The students are selected on the basis of the quality of application, an individual action plan (IAP) and professional experience. Focus is also given on how the students are projecting themselves as business leaders of tomorrow for innovative enterprises, sustainable businesses as well as intelligent societies, the officials added.
All the applicants need to submit a business plan, which is examined by experts at the B-school along with external representatives. If the application process receives a nod, that validates the application to acquire the visa.
The application is sent to the UK Border Agency, which conducts complete checks on the application for overall eligibility. Moreover, the applicants need to show that they have adequate resources to support themselves if they are applying from within the UK, that is, 945 pounds in deposit for a minimum of 90 days.
Once they receive the visa, the applicants can remain in the UK for one year, during which they can look for legitimate options to mobilize their resources to start a business venture. It is also possible to gain an extension for another additional year, subject to approval.
Although no other financial obligation is needed for entry, it is expected that within two years, the business would have been kicked off and developed. A successful venture has the potential to receive funding and secure a permanent place in UK.
At Essex, the applicants are mentored on developing a business plan. The management programs at the institute also include content on business formation, business planning skills, critical understanding of the business ecosystem, etc., which help the candidates in preparing viable business plans.