Tier 1 PSW to Tier 1 Enterpreneur : How to plan the process?

Dear All,

I am currently under Tier 1 PSW visa that expires on Dec, 2012. I have started working as contractor since last month. I do have limited company registered, and myself as director of the company.

I am thinking to switch from Psw to Entrepreneur visa. But, Don't know how to work this out...But my annual income is not £50,000 currently....I am not sure that income is important in this case ..I think it's the money on hand that is important....It would be great if senior/expert people can clarify this....I don't know as its all new things coming up very fast.....

Also,

I have read the new Guidance policy for Tier 1 Entrepreneur Visa availabe after 6 April, 2012 . It was good to see relaxed approach for people who already hold the PSW visa currently. The content is as below for PSW holder;

You have access to not less than £50,000 and:

are applying for leave to remain; and
have, or were last granted, leave as a Tier 1 (Post-study work) migrant; and
were registered with HM revenue and Customs as self-employed, or a registered director of a new or existing business no more than 3 months before your application; and
are engaged in business activity, other than the work necessary to administer your business. Your occupation must appear on the list of occupations at the National Qualifications Framework level 4 and above, as stated in the codes of practice for Tier 2 sponsors.

I am confused regarding what it means by access to £50,000. Is this mean that the company should had earned £50000 before applying OR it is the amount of money on hand at the time of application, no matter how this money has come from, either from friends or family member?

it would be great if anyone could explain this and solve my confusion......

Thanks in Advance

Forget all about your previous earnings.

You need to have £50,000 cash. It can be in your own account anywhere in the world or it can be in anyone's else account (third party funding).

If third party funding, then you will have to get some extra documentation that the third person will be giving your this £50,000.

It will be a lot better to have £50K cash in your own account because that will make the process simple and swift.

You need to satisfy the NQF Level 4 requirement as well.

If you can manage these two, mean funding and NQF Level 4, then should not be a problem.

Also you need maintenance funds for consecutive 90 days. I think £800 at the minute but will be £900 if you apply on or after 14th June 2012.

Thanks usman for the reply!

Regarding NQF Level 4, I do have UK MSc degree and contracting in the field of my education....So there should not be any problem...right?

Yes, I read in ukba website, after 14 June, its £900 fee..

Regarding cash in hand, is there any time duration for which £50,000 should be there in the account before the the submission of application...for example...it 50000 has come into my account just before 1 week of submission of application..would that be ok?

Also, can we use this money immediately after getting the tier 1 Entp. Visa?

Regards

Gorgeous_worrier

NQF level 4 list can be seen from UKBA website. Again it is not related to your previous degree, but it is related to your current occupation which might be different or same to the degree.

Find occupation codes of list under Tier-2 category and your will find all the occupations which are considered for this level. See if you can put yourself under some category.

There is no requirement for that £50K cash to be IN for some particular length of time. So what I perceive, it can be even same day you put the cash into account and get the bank letter or any other required documentation that you have got or have access to that much amount.

Off course you can use that cash any time after you get the visa.

For all those struggling from PSW to Tier-1 Entrepreneur visa,

Please continue in one topic under the link

http://www.immigrationboards.com/viewtopic.php?t=99490

This will help to focus on the problems/misunderstandings which are still not clear and on one thread.

Thanks

saeedusman wrote:For all those struggling from PSW to Tier-1 Entrepreneur visa,

Please continue in one topic under the link

http://www.immigrationboards.com/viewtopic.php?t=99490

This will help to focus on the problems/misunderstandings which are still not clear and on one thread.

Thanks

Hi Saeed,

Call me and we can discuss what can be done in your case, £50, 000 no problem.
07411779151
Thanks
Sunil