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spending the 50k?

Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.

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nasiaziz
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Posts: 280
Joined: Mon May 18, 2015 1:25 pm

spending the 50k?

Post by nasiaziz » Fri Jan 29, 2016 9:31 pm

hi i invested 50k in an already running business of which i am the director.but i havent spend any of the money yet and its sitting in the company bank account..the reason is because its an already running business and the sales we are generating are really good which are enough to cover all the business wages and costs..
so what can i do we cant force ourselves to just spend the money on unnecessary things which we even dont need, and as i said the turnover is already really good and enough to cover all the costs..the company accounts show it as a 50k share capital and since i have transferred into the business we havent taken it out for our personal use or anything its solely sitting there in the company.

any advice please

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zimba
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Re: spending the 50k?

Post by zimba » Mon Feb 01, 2016 11:46 am

nasiaziz wrote:hi i invested 50k in an already running business of which i am the director.but i havent spend any of the money yet and its sitting in the company bank account..the reason is because its an already running business and the sales we are generating are really good which are enough to cover all the business wages and costs..
so what can i do we cant force ourselves to just spend the money on unnecessary things which we even dont need, and as i said the turnover is already really good and enough to cover all the costs..the company accounts show it as a 50k share capital and since i have transferred into the business we havent taken it out for our personal use or anything its solely sitting there in the company.

any advice please
This question is being asked almost everyday sometimes more than once a day here. The guide and rules do not say anything about this unfortunately.
They only tell you what you should NOT spend your money on like paying back the money to yourself as salary, invest in residential property and property management, or purchase a business from previous owner.
They also tell you that merely transferring money from your account to a business is NOT considered investment. I think they seem to be satisfied if you show that you have spent all or large portion of it to pay your expenses and you are planning to continue to do so. I really think this needs proper clarification from HO.
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

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