Steps after landing for Tier 1 entrepreneur

Hi,

I have got my Tier 1 entrepreneur visa as a team about four months ago, I came in a short visit to UK in end of Feb.

I know that a company registration within six months is mandatory, I tried to register through but need some advice regarding some terms during registration.

Then after this step:

Do we have to register to HMRC immediately even if the real activities may take sometimes.
DO we have to open Bank account immediately.

Thank you

Regards.

if you open company then your company automatically get registered with hmrc and hmrc will send you CT41G with your tax reference number. you can try to open business account asap, as its good to do all your business transactions through ur business account.

NabilElsayed wrote:Hi,

I have got my Tier 1 entrepreneur visa as a team about four months ago, I came in a short visit to UK in end of Feb.

I know that a company registration within six months is mandatory, I tried to register through but need some advice regarding some terms during registration.

Then after this step:

Do we have to register to HMRC immediately even if the real activities may take sometimes.
DO we have to open Bank account immediately.

Thank you

Regards.

Thank you so much for your reply, If I go to companies house site and try to register the company myself and answer these points as follows:
1. What Class of shares (Ordinary/Preference etc.) : Ordinary
2. How much Amount paid up on each share: 1
3. What is the Number of shares: 100
4. How much Aggregate nominal value: 100

and register me and my team partner as directors;
Would that comply with the visa extension after three years?

yes ofcouse, but remember to divide shares between you and ur partner as 50/50 as holder of shares is real owner of business not directors...

NabilElsayed wrote:Thank you so much for your reply, If I go to companies house site and try to register the company myself and answer these points as follows:
1. What Class of shares (Ordinary/Preference etc.) : Ordinary
2. How much Amount paid up on each share: 1
3. What is the Number of shares: 100
4. How much Aggregate nominal value: 100

and register me and my team partner as directors;
Would that comply with the visa extension after three years?

It would be in your favor to open a company and register it to HMRC and also open business account and make all the payments from the business account. Also register yourself as a director as per the UKBA guidance. It's a good practice to follow the guidelines, you wouldn't need to give any sort of explanation to the UKBA at the time of extension. Do not put yourself in a tough situation and follow the UKBA guidance. You may start the real activities a lil later but first thing first.

NabilElsayed wrote:Hi,

I have got my Tier 1 entrepreneur visa as a team about four months ago, I came in a short visit to UK in end of Feb.

I know that a company registration within six months is mandatory, I tried to register through but need some advice regarding some terms during registration.

Then after this step:

Do we have to register to HMRC immediately even if the real activities may take sometimes.
DO we have to open Bank account immediately.

Thank you

Regards.

its best to hire an accountant who will do all the necessary stuff for you and it is not very expensive as well.

Hi Nabil,

Are you still here? Can i send you an email?

Regards

NabilElsayed wrote:Hi,

I have got my Tier 1 entrepreneur visa as a team about four months ago, I came in a short visit to UK in end of Feb.

I know that a company registration within six months is mandatory, I tried to register through but need some advice regarding some terms during registration.

Then after this step:

Do we have to register to HMRC immediately even if the real activities may take sometimes.
DO we have to open Bank account immediately.

Thank you

Regards.