need advice for the extention application

I am on tier1 entrepreneur visa( entry clearance , initial application) for the last one year and doing business in the uk. I got the visa last year in july 2015. My resident permit date shows (BRP) 06-07-2015 TO 06-11-2018. My first entry in the uk was on 12 july 2015 and immediately I became director of a limited company on 25 july 2015. I opened my bank account in November 2015 and transferred gbp 985000 in jan 2016. Now the remaining payment 116000 gbp I could transfer only in july 2016 as there are too many restrictions sending money abroad from india .(RBI does not allow to remit more than $250000 per person per year) So is there any time limit in the rules that the money should come in certain time period to invest in your business in the uk. For extention application I have more than 2 years in my hand.

omkarsg,

Are you on 200k route?

Than you already invested more than required, so you don't need to worry about 116000 gbp and you can invest any time during the 3 years.

Hope it helps

Dear regularuser
yes, my route is 200k.
Thanks for your reply. That means the funds of gbp 200k which we show available during our initial application can be transferred any time during the first 3 years to your uk business.Only thing is this funds should be invested in your business before extension.

you are right. you need to invest £200K in to your business before your extension.

The money can be invested within the first 3 years. No restrictions apply

Thanks a lot Zimba. Also I have one question about the dependents.I have 3 dependents my wife and 2 sons , who got visa in april and they arrived here in the uk. Can my wife work full time here in the uk .Thank you very much once again.

omkarsg wrote:Thanks a lot Zimba. Also I have one question about the dependents.I have 3 dependents my wife and 2 sons , who got visa in april and they arrived here in the uk. Can my wife work full time here in the uk .Thank you very much once again.

Yes, she can

regularuser wrote:omkarsg,

Are you on 200k route?

Than you already invested more than required, so you don't need to worry about 116000 gbp and you can invest any time during the 3 years.

Hope it helps

I am guessing OP meant he transfered 85,000 not 985,000 and should be concerned about the 116K left

But has three years

As a side not I think you may have had to show access in UK to the 200K so suddenly not having access is a problem. So try and get it in when possible.

as long as you have the access to 200K (unless invested in business) you should be fine, money can be abroad or in the UK.

Dear members
I have a question for you. I am on 200k route. I have transferred gbp 116k from my company of which I am proprietor ( which is in my home country) to the uk company. Is that ok.

Hi Members
I am on 200k route. I have transferred 100K from my personal account and 116K from my company account , of which I am proprietor in home country to my uk business company account .I read on this forum that funds transferred from a limited company can not be accepted as an investment. During the initial entry I have shown 100k in personal account and 116k in company account of which I am proprietor. And the same funds I have transferred to my uk business bank account.So my question is if any one send funds from a company account which is a proprietor firm ( not a private company or limited company) will that count towards investment , which is required during extension.

Not if you invested it as director's loan. you need to show you personally invested as a director

Dear Zimba
thanks for the answer.
But in case of proprietory firm the proprietor is the sole owner of that business.So that proprietor company and the person who is proprietor are not separate entity. The owner personaly is liable for everything .
Also now if I can not show this investment in the form of directors loan can I show this as share capital,because my final accounts for the first year is not yet submitted and are due in the next 3 months.

omkarsg wrote:I am on tier1 entrepreneur visa( entry clearance , initial application) for the last one year and doing business in the uk. I got the visa last year in july 2015. My resident permit date shows (BRP) 06-07-2015 TO 06-11-2018. My first entry in the uk was on 12 july 2015 and immediately I became director of a limited company on 25 july 2015. I opened my bank account in November 2015 and transferred gbp 985000 in jan 2016. Now the remaining payment 116000 gbp I could transfer only in july 2016 as there are too many restrictions sending money abroad from india .(RBI does not allow to remit more than $250000 per person per year) So is there any time limit in the rules that the money should come in certain time period to invest in your business in the uk. For extention application I have more than 2 years in my hand.

In my case i transferred money after 2 years from my arrival,I applied entererenuer tier 1 visa extension in june and my solicitor told me that i should transfer money with 3-6 months from my arrival in Uk.

Idealy this money should be transferred witin short time once you here in UK. so avoid any issue on extension of visa. Plz read visa policy OR ask discuss it with solicitor if you can't;t make transfer money now.
HN

Hi Members
Please guide me on the above question.

omkarsg wrote:Dear Zimba
thanks for the answer.
But in case of proprietory firm the proprietor is the sole owner of that business.So that proprietor company and the person who is proprietor are not separate entity. The owner personaly is liable for everything .
Also now if I can not show this investment in the form of directors loan can I show this as share capital,because my final accounts for the first year is not yet submitted and are due in the next 3 months.

A direct cash investment is only accepted if the transaction shows that it came from you personally under your name in business bank accounts. If not, going for the share investment is a safer option

Dear members
I am on a 200k route. In case If some of the invested funds are not accepted by HO towards investment , for example 40000 pounds, In the three years of business if we earn profit of 40000 pounds through salary or dividend and if we put back that in the business account , will that be counted towards initial investment shortfall of 40000 pounds.

omkarsg wrote:Dear members
I am on a 200k route. In case If some of the invested funds are not accepted by HO towards investment , for example 40000 pounds, In the three years of business if we earn profit of 40000 pounds through salary or dividend and if we put back that in the business account , will that be counted towards initial investment shortfall of 40000 pounds.

No, as per HO the money which you invest 50k or 200k that has to be from your pocket not from business. Also you can only take the money from your business either in form of salary or dividend on top of 50k or 200k, you must have to keep the specified limit in your business which should only be consumed by business only.

Dear awan905
If profits are not allowed or accepted then can we put our own money to fill that shortfall of 40000 pounds and get points for investment.

omkarsg wrote:Dear awan905
If profits are not allowed or accepted then can we put our own money to fill that shortfall of 40000 pounds and get points for investment.

Investment = your money injected in the business
Profits = money generated by business

Dear Zimba88
I did not understand what you mean. Please read my earlier thread which awan905 replied then you can understand what I wanted to ask. Please reply .

omkarsg wrote:Dear Zimba88
I did not understand what you mean. Please read my earlier thread which awan905 replied then you can understand what I wanted to ask. Please reply .

It is dead easy to understand. If you are not putting the cash yourself in the business, it is NOT investment. If you do it, IT IS INVESTMENT.

Dear Members
As in first posts I have mentioned I transferred 3 payments to my business account , but as suggested by Zimba88 my first 2 transfers which are from my company account( proprietory firm) in home country to business account in the uk should be shown as share capital. Now these transfers to be shown as share capital , I need to show equivalent amounts of shares allotted on my personal name. But I have not updated it to companies house and my accounting year ends on 31 july 2016 and it shows share capital gbp100 .And the transfers are in dce 2015 , jan 2016 and aug 2016 (this is from personal account), so my question is can I still prepare my annual accounts to show investment in the form of share capital ( which will be total 215000 shares, from 3 transactions), as the share capital on companies house beta website shows as on today gbp100.

Yes, HO does not care what has been submitted to companies house. Your accountant needs to prepare the accounts in accordance with the HO requirements as given in the guide

Dear members
My accountant is preparing first years annual accounts. As per Zimba88 suggestion the investment is being shown as share capital. Now my accounts details are as follows
share capital 215500
turnover 143000
gross profit 30000
Tax 4445
profit 20500
Now I have personally withdrawn 15200 and car purchase is 3850, so the directors remuneration is addition of these two and that's 19050. So will this remuneration of 19050 will be subtracted from profit 20500 , so finally the profit will remain 1450 and share capital will remain intact.