Can I start my business in the second year?

Dear friends, I got in difficulty and I really need help!

I got my Tier 1 E visa on 2013.12.03 through an agent. And they promised me to find a profitable project to invest but finally everything gone bad and drive me crazy. Now I forget about the agent and plan to start my own business which I could control everything. I plan to launch a organic skin care brand but I'm still in product development stage.

If I launch my brand in the early 2015, will it to be too late? My visa expired on 2016.12.03

I have registered my company on 2013.3

Hope you guys can give me some advice! Thanks a lot

Though I am not expert, what I reckon is, this should be absolutely fine because simply you are working on marketing, research and product development for your business to make it more viable and you have not broken any given rules.

Anyways, wait for other's viewpoints too.

@ IGisele, did you apply through the 50k/NQF level 4 business route? If yes, then you need to think very well about ''organic skin care business'' as it doesn't seem to meet HO requirement.

You can start your business at your own time before the 3yrs, but its very risky as you might be question if you encounter any HO officers before your business is operational.

I will advice you to start any small business for the main time as you can change business to whatever you like at any time during the 3yrs period as long as it meet HO requirement.

Olasunkanmi wrote:@ IGisele, did you apply through the 50k/NQF level 4 business route? If yes, then you need to think very well about ''organic skin care business'' as it doesn't seem to meet HO requirement.

You can start your business at your own time before the 3yrs, but its very risky as you might be question if you encounter any HO officers before your business is operational.

I will advice you to start any small business for the main time as you can change business to whatever you like at any time during the 3yrs period as long as it meet HO requirement.

Thank for your advice, I will think about it. I applied 200K one so does it mean the skincare business I plan to do is totally fine?

IGisele wrote: Thank for your advice, I will think about it. I applied 200K one so does it mean the skincare business I plan to do is totally fine?

Yes, it should be fine! There is no NQF level restriction for the 200K route.

Olasunkanmi wrote: You can start your business at your own time before the 3yrs, but its very risky as you might be question if you encounter any HO officers before your business is operational.
I will advice you to start any small business for the main time as you can change business to whatever you like at any time during the 3yrs period as long as it meet HO requirement.

Just wondering whether OP will face any queries at the time of extension? As his first year accounts will not show any turnover or income and at the time of extension one has to submit 3 years accounts.

@ MTZ510, your point is very important and the OP need to be very careful and start trading as little as possible to avoid dormant account for his first year.

I don't see an issue here. You already started your business, many companies spend a year or more in product developing phase before they launch their product in the market. I assume you are spending the money you invested from your company account on product development. I which case I don't see any issues about dormant accounts, as your company is active and there are transactions on the account.
Good luck with your business, it sounds very exciting.

GLL wrote:I don't see an issue here. You already started your business, many companies spend a year or more in product developing phase before they launch their product in the market. I assume you are spending the money you invested from your company account on product development. I which case I don't see any issues about dormant accounts, as your company is active and there are transactions on the account.
Good luck with your business, it sounds very exciting.

Thank you so much for your advice!

Dear IGisele

Can you please send me a pm with your email address?

Regards

IGisele wrote:Dear friends, I got in difficulty and I really need help!

I got my Tier 1 E visa on 2013.12.03 through an agent. And they promised me to find a profitable project to invest but finally everything gone bad and drive me crazy. Now I forget about the agent and plan to start my own business which I could control everything. I plan to launch a organic skin care brand but I'm still in product development stage.

If I launch my brand in the early 2015, will it to be too late? My visa expired on 2016.12.03

I have registered my company on 2013.3

Hope you guys can give me some advice! Thanks a lot

I have a little doubt to your business as well. Sorry for that. Though it has not been mentioned by the laws and rules, it seems that the UKBA requires some "new" businesses. I got a friend engaging in 3D printing business and his company scale is large. Still the UKBA refused his application and said "there are enough 3D printing business in the UK". However, you may distinguish how your business is different from your competitors in the UK

sonheaven wrote:

IGisele wrote:Dear friends, I got in difficulty and I really need help!

I got my Tier 1 E visa on 2013.12.03 through an agent. And they promised me to find a profitable project to invest but finally everything gone bad and drive me crazy. Now I forget about the agent and plan to start my own business which I could control everything. I plan to launch a organic skin care brand but I'm still in product development stage.

If I launch my brand in the early 2015, will it to be too late? My visa expired on 2016.12.03

I have registered my company on 2013.3

Hope you guys can give me some advice! Thanks a lot

I have a little doubt to your business as well. Sorry for that. Though it has not been mentioned by the laws and rules, it seems that the UKBA requires some "new" businesses. I got a friend engaging in 3D printing business and his company scale is large. Still the UKBA refused his application and said "there are enough 3D printing business in the UK". However, you may distinguish how your business is different from your competitors in the UK

Hi, but my business plan application has been approved straight away without interview when I applied the visa. But I actually don't what's their standard.

I actually began invoicing in my second year as my first year was busy setting everything up. Just make sure you register as a director within the first 6 months and you file your annual tax returns as an active company...