Entrepreneur visa extension

kunleoyewo wrote:

JohnOhn wrote:

kunleoyewo wrote:Hi n8net,

I think dnf's post is explicit and clear enough tbh. He/she stated that the business has been profitable from day one i.e. other funds were probably injected into the business prior to getting the Initial Grant of Leave and didn't have any REASON to expend the £50k as investment.

In addition, employees were probably paid outside of the £50k investment funds too with profits from the business. Ideally, that's what a viable and profitable business would avail you. Capital of £50k+ is very well intact and unspent as must be evidenced on the balance sheet!

It was confirmed also that the £50k was moved to the business account as DL as evidence of investment. Please bear in mind that there's no rule that states you MUST expend all the investment funds (£50k/£200K) within 3yrs or at all. As long as you have evidence of a profitable and genuine business as well as evidence of the funds, readily available and at your disposal.

As for me there is no confusion here at all and HO was not confused either , [u]extension granted already[/u]. Happy days!

Cheers,
Kunle

Kunle can you give us a timeline of when you applied for extension and when it was granted?

Hi JohnOhn,

Extension granted was just a reference to dnf's extension that was granted. I just submitted my extension application last week and awaiting favourable result from HO, fingers crossed!

Cheers,
Kunle

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 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 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.

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.