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.....
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