Entrepreneur visa extension

dnf · Post by **dnf** » Thu Mar 24, 2016 3:27 pm

Asim - Director Loan money was transferred by you to the company, which is why the director loan agreement will be between you and the company and you will need to sign it as the creditor. One director Loan would suffice. The date should be on or before the first payment made by you to the company. From the company point of view, as your partner was the director as well than I would suggest that both of you sign the loan agreement on behalf of the company.

Vfinancials - I assume you got the initial visa before April 2014? Yes, a cover letter would be needed to explain that one full time employee and 2 part timers fulfils the requirement.

I am only trying to help and suggesting as a gesture of goodwill so no suggestion should be deemed as advice and no responsibility shall be imposed on me due to any suggestions provided.

Hope145 · Post by **Hope145** » Sat Apr 16, 2016 1:09 pm

dnf wrote:I have now successfully extended my entrepreneur visa on £50k route and will clear here a number of misconceptions.

Timeline

Application sent - 15/02/16
Received - 16/02/16
Acknowledgement - 21/02/16
BRP request - 21/02/16 (Given the same day)
BRP received - 02/03/16 (decision date 29/02/16)
Passport and other documents - waiting

I have requested to expedite my case, which was approved on medical grounds. I provided my wife's doctors letters from Canada.

I am a Chartered Certified Accountant (FCCA), running an award winning practice.

Documents submitted

Application
1 year management accounts clearly showing director loan of £50k under creditors
Director Loan agreement (format below)
Proof of transfer of director loan (both business and personal statements)
Current appointment report
Employment documents (Payslips for the last 15 months - full payment submissions for the last 15 months, P46 for all the employees who started with my firm, the employees passport copies, P11'S)
Professional indemnity insurance (For genuine entrepreneur purpose)
Employers Liability insurance (For genuine entrepreneur purpose)
Invitation that I was invited as a guest speaker by Barclays Bank to discuss business growth (For genuine entrepreneur purpose)
Last 3 months business statements
Last 3 months personal statements (maintenance)
Corporation Tax letter from HMRC
Latest VAT filed with the payment

Employment

A number of people suggest here that apprentices are not employees, which is incorrect as apprentices are employees and receive national minimum wage. I had 1 apprentice, who worked for me full time. As my case is approved, which is why I believe that apprentice was accepted as an employee. I did provided a cover letter explaining the employment, which in my opinion, home office must have accepted due to my expertise in the industry.

The director loan was only transferred 2 months before the extension and stayed in the business account as my company is profitable and the money was not used.

In summary, this post should clear the misconception of apprentices being employees and the director loan, which does not have to be used by the company if not needed but yes need to be transferred, stayed in the business account and shown on the accounts.

-----

Director Loan agreement (I signed as myself and as the director and no witnesses)

THIS AGREEMENT is made on the 01 of January 2013

Between,

Lender: XYZ, Director of XYZ Limited
Borrower: XYZ Limited, 123456789
Amount of Loan: £ 50,000
Repayment Period of Loan: 60 Months after the initial 5 years
Amount payable: £ 50,000
Annual Percentage Rate: 0 %

Terms of the Loan
1. The lender shall lend or make available to the Company the sum of £ 50,000 (‘the Loan’) for a total period of 5 years. The loan, if not transferred at the date of this contract than must be transferred before 30th November 2015. The term of the loan will start immediately after the transfer.
2. The repayment period will starting at the end of the 5th year for a period of 5 years, amounting to 60 Monthly repayments.
3. In consideration of the Lender lending or making available the Loan the Company covenants and undertakes to repay the Loan to the Lender on the Repayment Date or on any earlier date on which the Loan may become repayable pursuant to this agreement.
4. The loan is unsecured and subordinated in favour of third-party creditors.
5. The lender must ensure that the Loan is available in lenders accounts on the signing date and credited to the company business account on or before 30th November 2015.
6. Notwithstanding anything else contained in this agreement the whole of the Loan or so much of it as for the time being remains outstanding and all interest accrued but unpaid shall immediately become repayable in any if the Company shall be unable to pay its debts within the meaning assigned to that expression by the Insolvency Act 1986 Section 123 or if the Company shall certify that it is unable to pay its debts as and when they shall fall due.

Signed on behalf of Company
Name: Mr. XYZ

Signed: …………………………………………………………………………………………
Position: Company Director
Dated: 01 January 2013

Lenders Full Name: Mr. XYZ

Signed: ……………………………………………………………………………………………
Dated: 01 January 2013

----

I applied for ILR on 10 years basis, 8 months before my entrepreneur visa expired (18/12/15). ILR was refused due to over 1300 days absences in 10 years. I appealed and the appeal rights exhausted on 27/01/16. I was therefore an over stayer from 28/01/16 and applied for extension on 15/02/16 i.e. within 28 days. As my extension was approved, which means that the overstaying time of under 28 days was disregarded. Also, the time between 18/12/2015 - 27/01/16 was classed as extension under section 3c.

Is there a database for certified accountants with tier 1 entreprenueur experience? HO requirement is different from the normal accounting. Tired of clueless accountants..

whiteroses · Post by **whiteroses** » Sun Apr 17, 2016 3:51 am

Hi Dnf

Congrats

What payroll software are you using?

helpingperson · Post by **helpingperson** » Sun Apr 17, 2016 7:02 am

dnf wrote:I have now successfully extended my entrepreneur visa on £50k route and will clear here a number of misconceptions.

Timeline

Application sent - 15/02/16
Received - 16/02/16
Acknowledgement - 21/02/16
BRP request - 21/02/16 (Given the same day)
BRP received - 02/03/16 (decision date 29/02/16)
Passport and other documents - waiting

I have requested to expedite my case, which was approved on medical grounds. I provided my wife's doctors letters from Canada.

I am a Chartered Certified Accountant (FCCA), running an award winning practice.

Documents submitted

Application
1 year management accounts clearly showing director loan of £50k under creditors
Director Loan agreement (format below)
Proof of transfer of director loan (both business and personal statements)
Current appointment report
Employment documents (Payslips for the last 15 months - full payment submissions for the last 15 months, P46 for all the employees who started with my firm, the employees passport copies, P11'S)
Professional indemnity insurance (For genuine entrepreneur purpose)
Employers Liability insurance (For genuine entrepreneur purpose)
Invitation that I was invited as a guest speaker by Barclays Bank to discuss business growth (For genuine entrepreneur purpose)
Last 3 months business statements
Last 3 months personal statements (maintenance)
Corporation Tax letter from HMRC
Latest VAT filed with the payment

Employment

A number of people suggest here that apprentices are not employees, which is incorrect as apprentices are employees and receive national minimum wage. I had 1 apprentice, who worked for me full time. As my case is approved, which is why I believe that apprentice was accepted as an employee. I did provided a cover letter explaining the employment, which in my opinion, home office must have accepted due to my expertise in the industry.

The director loan was only transferred 2 months before the extension and stayed in the business account as my company is profitable and the money was not used.

In summary, this post should clear the misconception of apprentices being employees and the director loan, which does not have to be used by the company if not needed but yes need to be transferred, stayed in the business account and shown on the accounts.

-----

Director Loan agreement (I signed as myself and as the director and no witnesses)

THIS AGREEMENT is made on the 01 of January 2013

Between,

Lender: XYZ, Director of XYZ Limited
Borrower: XYZ Limited, 123456789
Amount of Loan: £ 50,000
Repayment Period of Loan: 60 Months after the initial 5 years
Amount payable: £ 50,000
Annual Percentage Rate: 0 %

Terms of the Loan
1. The lender shall lend or make available to the Company the sum of £ 50,000 (‘the Loan’) for a total period of 5 years. The loan, if not transferred at the date of this contract than must be transferred before 30th November 2015. The term of the loan will start immediately after the transfer.
2. The repayment period will starting at the end of the 5th year for a period of 5 years, amounting to 60 Monthly repayments.
3. In consideration of the Lender lending or making available the Loan the Company covenants and undertakes to repay the Loan to the Lender on the Repayment Date or on any earlier date on which the Loan may become repayable pursuant to this agreement.
4. The loan is unsecured and subordinated in favour of third-party creditors.
5. The lender must ensure that the Loan is available in lenders accounts on the signing date and credited to the company business account on or before 30th November 2015.
6. Notwithstanding anything else contained in this agreement the whole of the Loan or so much of it as for the time being remains outstanding and all interest accrued but unpaid shall immediately become repayable in any if the Company shall be unable to pay its debts within the meaning assigned to that expression by the Insolvency Act 1986 Section 123 or if the Company shall certify that it is unable to pay its debts as and when they shall fall due.

Signed on behalf of Company
Name: Mr. XYZ

Signed: …………………………………………………………………………………………
Position: Company Director
Dated: 01 January 2013

Lenders Full Name: Mr. XYZ

Signed: ……………………………………………………………………………………………
Dated: 01 January 2013

----

I applied for ILR on 10 years basis, 8 months before my entrepreneur visa expired (18/12/15). ILR was refused due to over 1300 days absences in 10 years. I appealed and the appeal rights exhausted on 27/01/16. I was therefore an over stayer from 28/01/16 and applied for extension on 15/02/16 i.e. within 28 days. As my extension was approved, which means that the overstaying time of under 28 days was disregarded. Also, the time between 18/12/2015 - 27/01/16 was classed as extension under section 3c.

Please could you share wording/template of job creation letter?

Thank you.

dnf · Post by **dnf** » Sun Apr 17, 2016 6:35 pm

White roses - We use sage payroll and brightpay.

Job creation letter

December 14th, 2015

To whom it may concern

Re: XYZ Ltd

I can confirm that I act on behalf of XYZ Ltd, as a Registered and practising Accountant with Association of Chartered Certified Accountants (ACCA) with registration number xxxxxxx. I have been requested to provide this letter in order to verify the net creation of employment for XYZ, and therefore I am happy to confirm the content of this letter to the Home Office / UKVIS at their request.

The full address & contact details for XYZ, are as follows:

Company Registered Address:

Company contact details: ABC, 123456789, nfo@xyz.com

I can confirm that ABC is a Director & Shareholder of XYZ, which is an actively trading company and that he took over the company on 01/10/2012. Since he took over the company I can confirm that they have created an aggregate of 3 full time employment positions which have existed for at least 12 months.

The employee’s details are as follows in the following Table:

Name NI Start date End Date Hours Rate/Hour

Please note that we have used the per hour rate, which was processed as at 30/11/2015. The per hour rate was different before 01/10/2015 in line with national minimum wage. We would also like to confirm that LMN (per hour rate £2.73) and YQF (per hour rate £3.30) was as per national minimum wage applied to apprentices. Apprentices as per www.gov.uk and www.acas.org.uk are considered as employees and fall under the employment legislation which requires the employer to pay the national minimum wage. LMN left on 26/09/2015 and the apprentice minimum wage at that time was £2.73 per hour. We would also like to confirm that the above hours are on monthly basis and 130 hours are 30 hours per week, 173.33 hours are 40 hours per week and 69.33 hours are 16 hours per week.

We hope that the above information would be of assistance to you. However, should you need any further information, please do not hesitate to contact us.

Yours sincerely,

Accountant FCCA
Chartered Certified Accountant
Accountants Limited

Chartered Certified Accountants
On behalf of XYZ Limited

Mrchaany · Post by **Mrchaany** » Sun Apr 17, 2016 6:46 pm

great job

helpingperson · Post by **helpingperson** » Sun Apr 17, 2016 7:18 pm

DNF,

Thanks a lot.

tuhc · Post by **tuhc** » Tue Apr 19, 2016 9:00 am

Hi DNF

Could you please help me with that !

I am applying my extension next month,As i got my visa in may 2013 and i have my first full time employee started in July 2013 and second started in jan 2014 they both currently working.

For my extension i am thinking to claim points for these two, from APRIL 2014 TO MARCH 2016.

So my question is
Do i need to send all RTI which i did in last 3 years
or
Just the RTI's for these period from APRIL 2014 TO MARCH 2016 including the first one showing their start date(july 2013 & jan 2014)

Many thanks in advance!

helpingperson · Post by **helpingperson** » Tue Apr 19, 2016 9:35 am

Is RTI and FPS both same thing?

Every month we get RTI and FPS document, one with all employees names, taxes, NI and other just amounts.

Do we need to sign both?

What if there are two directors, do both need to sign?

Thank you.

dnf · Post by **dnf** » Tue Apr 19, 2016 1:02 pm

Hi TUHC - You send the FPS only for the period you claiming points i.e. April 14 - March 16.

Helping person - FPS is the part of RTI. Your accountant may send you RTI filing confirmation and FPS document outlining what was filed as RTI. Yes sign both and the applicant signature would suffice for Home Office.

helpingperson · Post by **helpingperson** » Tue Apr 19, 2016 1:47 pm

dnf wrote:Hi TUHC - You send the FPS only for the period you claiming points i.e. April 14 - March 16.

Helping person - FPS is the part of RTI. Your accountant may send you RTI filing confirmation and FPS document outlining what was filed as RTI. Yes sign both and the applicant signature would suffice for Home Office.

Thank you.
Do both directors need to sign each document?

We have stamped them with company stamp.

dnf · Post by **dnf** » Tue Apr 19, 2016 1:48 pm

If both directors are the applicants for Entrepreneur visa purpose than it is best that it is signed by both directors.

regularuser · Post by **regularuser** » Wed Apr 20, 2016 11:02 am

Hi Dnf,

Congratulations

we are using 12pay to run the payroll and it didn't produce the RTI or FPS but i spoke to their customer service and they advice me copy filling data and paste in excel sheet which did for from very first payroll submission. Is that ok to send that sheet to home office to fulfil FPS - RTI requirement ?

I have transferred more than 200k as i took director remuneration now bit confused with Loan agreement. Should i put only 200k on director loan agreement or exact value as per Balance sheet ?

Thanks

dnf · Post by **dnf** » Mon Apr 25, 2016 2:05 pm

Regular user - I am not certain on what would be included on 12pay data that you would copy paste. I would suggest that you speak to HMRC and they may be able to send you the RTI data as your payroll software is not generating it.

Director Loan and remuneration are 2 different things so why would the loan be different on the agreement and balance sheet if the company did not repay you the loan? I would strong suggest that the loan on the agreement i.e. £200k and the loan creditor on balance sheet should be £200k. If the company has repaid you part of it than remit it back to the company.

sm12 · Post by **sm12** » Fri Apr 29, 2016 6:31 pm

Do they usually send the BRP first? I thought the documents arrived first?

sm12 · Post by **sm12** » Fri Apr 29, 2016 6:37 pm

Also, how did you request that your case be expedited? Can we apply for this?

sheraz78 · Post by **sheraz78** » Fri Apr 29, 2016 9:01 pm

Hi Dears;

I have my TIE visa extension due next month. I have invested more than 50k in my business from my personal account into business account as director loan. However, the funds transfer from my personal account to business account shows my personal Account Number and sort code but does not show my name. I have a a small question that would it be a problem?????

dnf · Post by **dnf** » Wed May 04, 2016 8:50 pm

SM12 - I had a valid medical reason and I provided them the medical documents which assisted me to get my case expedited.

Sheraz - You will provide them with the personal statements that show the money transferred from your personal account and the business statements that shows money coming in from your personal account so that would suffice the requirement.

Ams2013 · Post by **Ams2013** » Fri May 06, 2016 12:13 am

Hi DNF,

I have few queries if you kindly respond at your earliest convenience:

1) Director Loan Agreement - In policy guidance it is stated that you need to provide a ''Legal agreement'' between you and the company for director loan, should the loan agreement be signed by the solicitor to make it a legal agreement , as having just director and lender (your) signature without solicitor signature may not be considered as legal agreement.

2) FPS - Sage Payroll softwae produce three pages for a single FPS i.e 1) FPS preview page 2) FPS Submitted page 3) submission receipt , this means we need to attached all three pages to claim a single FPS for a particular month ?

3) Director Loan spent - Although the unaudited Accounts will have the breakdown (in notes to the accounts) of all capital and revenue expenditures spent from investment made through director loan ,do we need to send all suppliers invoices against all expenses mentioned in accounts ?

Your assistance in above queries is highly appreciated.

dnf wrote:I have now successfully extended my entrepreneur visa on £50k route and will clear here a number of misconceptions.

Timeline

Application sent - 15/02/16
Received - 16/02/16
Acknowledgement - 21/02/16
BRP request - 21/02/16 (Given the same day)
BRP received - 02/03/16 (decision date 29/02/16)
Passport and other documents - waiting

I have requested to expedite my case, which was approved on medical grounds. I provided my wife's doctors letters from Canada.

I am a Chartered Certified Accountant (FCCA), running an award winning practice.

Documents submitted

Application
1 year management accounts clearly showing director loan of £50k under creditors
Director Loan agreement (format below)
Proof of transfer of director loan (both business and personal statements)
Current appointment report
Employment documents (Payslips for the last 15 months - full payment submissions for the last 15 months, P46 for all the employees who started with my firm, the employees passport copies, P11'S)
Professional indemnity insurance (For genuine entrepreneur purpose)
Employers Liability insurance (For genuine entrepreneur purpose)
Invitation that I was invited as a guest speaker by Barclays Bank to discuss business growth (For genuine entrepreneur purpose)
Last 3 months business statements
Last 3 months personal statements (maintenance)
Corporation Tax letter from HMRC
Latest VAT filed with the payment

Employment

A number of people suggest here that apprentices are not employees, which is incorrect as apprentices are employees and receive national minimum wage. I had 1 apprentice, who worked for me full time. As my case is approved, which is why I believe that apprentice was accepted as an employee. I did provided a cover letter explaining the employment, which in my opinion, home office must have accepted due to my expertise in the industry.

The director loan was only transferred 2 months before the extension and stayed in the business account as my company is profitable and the money was not used.

In summary, this post should clear the misconception of apprentices being employees and the director loan, which does not have to be used by the company if not needed but yes need to be transferred, stayed in the business account and shown on the accounts.

-----

Director Loan agreement (I signed as myself and as the director and no witnesses)

THIS AGREEMENT is made on the 01 of January 2013

Between,

Lender: XYZ, Director of XYZ Limited
Borrower: XYZ Limited, 123456789
Amount of Loan: £ 50,000
Repayment Period of Loan: 60 Months after the initial 5 years
Amount payable: £ 50,000
Annual Percentage Rate: 0 %

Terms of the Loan
1. The lender shall lend or make available to the Company the sum of £ 50,000 (‘the Loan’) for a total period of 5 years. The loan, if not transferred at the date of this contract than must be transferred before 30th November 2015. The term of the loan will start immediately after the transfer.
2. The repayment period will starting at the end of the 5th year for a period of 5 years, amounting to 60 Monthly repayments.
3. In consideration of the Lender lending or making available the Loan the Company covenants and undertakes to repay the Loan to the Lender on the Repayment Date or on any earlier date on which the Loan may become repayable pursuant to this agreement.
4. The loan is unsecured and subordinated in favour of third-party creditors.
5. The lender must ensure that the Loan is available in lenders accounts on the signing date and credited to the company business account on or before 30th November 2015.
6. Notwithstanding anything else contained in this agreement the whole of the Loan or so much of it as for the time being remains outstanding and all interest accrued but unpaid shall immediately become repayable in any if the Company shall be unable to pay its debts within the meaning assigned to that expression by the Insolvency Act 1986 Section 123 or if the Company shall certify that it is unable to pay its debts as and when they shall fall due.

Signed on behalf of Company
Name: Mr. XYZ

Signed: …………………………………………………………………………………………
Position: Company Director
Dated: 01 January 2013

Lenders Full Name: Mr. XYZ

Signed: ……………………………………………………………………………………………
Dated: 01 January 2013

----

I applied for ILR on 10 years basis, 8 months before my entrepreneur visa expired (18/12/15). ILR was refused due to over 1300 days absences in 10 years. I appealed and the appeal rights exhausted on 27/01/16. I was therefore an over stayer from 28/01/16 and applied for extension on 15/02/16 i.e. within 28 days. As my extension was approved, which means that the overstaying time of under 28 days was disregarded. Also, the time between 18/12/2015 - 27/01/16 was classed as extension under section 3c.

dnf · Post by **dnf** » Tue May 10, 2016 2:10 pm

AMS 2013

1. You don't need to get the document signed by a solicitor. A legal document is still valid without a solicitor being involved. The director loan is from you to the company. You will sign on company's behalf as well. If you have more than one director in the company than make sure the other director sign as well.

2. If I was you, I would provide all 3 as one FPS to ensure nothing is missing - make sure you sign every page.

3. When you transfer money from your personal account to the company account, the entire amount is shown as creditor on the accounts. You don't need to show how the company spent that money. Please ensure that the director loan was not used to pay your salary. Also ensure that you can show the transfer from your account (showing personal statements) to business account (showing business bank statements)

hina_pirzada · Post by **hina_pirzada** » Sat May 14, 2016 4:27 pm

Dear Dnf,

Many congratulation on your Extension. This is an big achievement. I have some questions if you have time please clarify. As your profession as Certified Accountant it is good for all of us to clarify about term "Business Investment".

Most of Entrepreneur including me confused either all 50K must be spend somewhere else from the business means buying goods and spend on marketing etc will be considered as "Investment".

In your case you stated that the funds were transferred from your personal account to Business in five installments last two months before your extension due. And the funds were still in your account when you applied for your extension and they were not used because your company was in profit.

In the above situation its mean the HO only consider the funds as an "Investment" if you successfully show the funds being transferred in shape of director loan either the all 50K remain in business account.

If this is the case so big confusion has been cleared because myself I am worried where I invest money. I am doing IT business so normally I can buy some computers and necessary stuff for my business and spend some money on marketing but to spend all 50K its to to difficult. All my company expenses normally cover from company income means staff salary + utilities bill etc.

Other thing is if i transfer 50K form my personal to Business Account in 20 Transaction so can I need to draft Director Loan agreement for each transaction or one agreement for 50K should be okay as same as you mentioned in DL draft. please confirm??

Secondly is this mandatory that I send my personal bank statement to HO at time of extension for showing that money transfer from my account to business. In business bank investment already my name mentioned there for example

Description CR DB Bal
Mr ABC (my name)
Business Invest 2500.00

please clarify?

Thirdly, at the time of extension can I need to send all three years business bank statements or only the current bank statement where the all funds showing INN should be fine. Please reply.....

As you mentioned you are certified account so can you help us out for preparing accounts as per HO requirement. If yes can you please inbox your detail then I will contact you.

Regards

Ams2013 · Post by **Ams2013** » Sun May 15, 2016 12:03 am

Hi Dnf,

Appreciate your response.

Further to your reply if you could answer them as well, really appreciate for your time !

2.FPS signed - Did you signed all Monthly FPS with their corresponding month date or with the latest date of application i.e Jan 2015 FPS was signed as 31 jan 2015 or signed as latest date before your application date of 2016.

3.If I have invested 50K cash through director loan and over three years I have spent total 90K in business expenditures this 90K included director salary of total 30K , would that be fine ? as this means out of 90K , 50K expenses paid by Director loan cash investment , rest of 10K expenses and 30K director salary was paid by cash received from Sales/turnover !

Thanking you.

noajthan · Post by **noajthan** » Sun May 15, 2016 4:05 pm

dnf wrote:If a business is profitable from day one than it can survive without the need of investment.

You are not required to spend the investment which is the misconception majority of people have hence the reason I wrote this post to clear up the misconception

Kindly re-read my original post as everything is clearly outlined.

It's still unclear how this sits with the T1E guidance that invested money has to be 'used'...

A21
...
Money deposited in a bank account, even if it is in a United Kingdom business bank account, is not counted as investment in business. The money should be used in the business to encourage growth or expansion, to improve services or products and to ensure the business is profitable

- page 72

dnf · Post by **dnf** » Mon May 16, 2016 4:05 pm

(Hina Pirzada)

Step 1 – Transfer the funds from your personal account to business account (Mandatory)

Step 2 – Prove that transfer in the form of statements both personal and business – highlight them (Mandatory)

Step 3 – Make one director loan agreement of £50,000 only, even if the funds were transferred in numerous transactions. The date on the agreement should preferably be on or before the date the first transfer was made (Mandatory)

Step 4 – Show the business loan on the company financial statements (Mandatory)

Providing business statements in not a requirement (except to show the director loan transfer in step 2). If I was you, I would show them the business statements covering the last 12 months.

(Ams 2013)

When signing FPS, you don’t need to put the date of signature. There would already be a date of filing on FPS. This is just to confirm the authenticity of the document.

You invested £50k – you spent £90k. The extra £40k was used from the revenue generated by business. If you paid £30k to yourself as a salary from the £40k generated in revenue than you did not use £50k of director loan to pay yourself wages.

(Noajthan )

The quote you mentioned already answers in itself. It says ‘Money should be used in the business to ensure the business is profitable’. In my opinion, this quote could be for those who have deposited money in one of their company account and use that to fulfil investment requirement while they use another company to fulfil all the other requirements.

Home office probably check as follows:

Money is transferred – yes
Business is profitable – yes

Condition fulfilled

In comparison, in a loss running business

Money is transferred – yes
Business is in loss but seems growing – yes

Condition fulfilled

Or

Money is transferred – yes
Business is in loss and does not seems to be growing – Yes

Condition not fulfilled – which is what Home Office means by money kept in business account does not fulfil the requirement.

helpingperson · Post by **helpingperson** » Mon May 16, 2016 8:50 pm

Hello DNF,

Thank you for your valuable comments.

If business has incurred losses in all 3 years, will this have negative effect on extension?

I have not come across anyone on this forum who has been refused because of losses. We have invested a lot more than required £200k, but still incurring losses, although 03rd year loss is less than previous year.

Please could you kindly advise/provide your thoughts on this as I am sure there will be many who will have similar situation.

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