Urgent:Tier 1 Extension Application Queries

OhmV wrote:Dear members
I am applying for Tier 1 Extension in next week or here is an overview of my situation.

I am director of a Ltd company since it's incorporation with 100% shareholding , however there are other 2 directors, my sister who is with me since the day of incorporation and my brother in law, appointed an year later. Now from last 13 months my sister is getting a salary against 40hrs of employment and a full time employee(director) of my company and along with that there is a manager who is an Indian national on ILR since 2013 and been employed full time with us for more than 12 months.

I have transferred over £210K into company business account with Barclays over last 3 years from my personal account.

Ltd company recently purchased a retail convenience store which has got a flat upstairs for over 400K, with help of commercial mortgage provided by Barclays, also company has got assured shorthold tenancy agreement in place with a director (my sister) for paying monthly rent towards residential flat

Queries

Kindly advise if following documents will be accepted :

1.For investment of 200K, I intend to provide bank statements of my personal & company's business accounts along with a director's loan agreement. My query is (1a) Are these documents enough or do I need to provide anything else (1b) I have a Director's loan agreement signed by me as lender and other director as borrower on company's behalf, with witness, does this need any solicitor involvement or is it sufficient

kaps: I don't have the direct answer to your question. Rather I will ask you questions: Is your transaction document that you have made is completely legal? Will you give me(a friend or an unknown person) an unsecured loan with the similar documentation or will you involve a solicitor in our transaction?

2. Following recent purchase of freehold property (convenience store) do I need to (2a) provide separate valuation report of residential accommodation contained with in the property even though am not using it as my living accommodation and part of the transaction was funded through commercial mortgage (2b) Is it OK if I just provide assured shorthold tenancy agreement, between tenant & company implying that this is providing an income to the company and hence treated as commercial.

Kaps: Is your sister also on ILR or a british citizen? As per my understanding, If you are not using this new property for your own (TI (Ent) visa holder) residential purpose, i believe you need not provide any further documentation. Your company can buy property (as long as it is for business (existing or new) purpose) but can not use it towards your (T1E visa holder) own residential accommodation.

3.For employment generation I am submitting accountant's letter confirming creation of new posts, FPS , copy of P60 for both employees, covering last 10 months of claimed 12month period as well as wage slips for last 13 months. my query is that (3a) My sister is one of the director with me since company was incorporated in 2012,however we only start paying her since last 13 months so will this be acceptable (3b) Another employee who is the manager is an Indian National who has got ILR status before we employed him with our company and his BRP states his status as Settled so is that OK (3c) In last 3 months we have got more including some new employees on company's payroll as part of purchase of business, shall I provide their details as well

> expert advise is needed. Point (3b) is OK. Point (2c) Again as per my understanding, a business can be taken over but you have to prove that after taking over that business, your investment has increased the number of employees (overtime) in that business.

4. A silly mistake on my part was that due to recent purchase of freehold business, my personal UK bank account dipped below £945, however I have got an overseas bank account with international debit card which I have used here in UK and which has got sufficient balance so (4a) Is it OK if I provide original copy of bank letter from overseas bank confirming that the funds have been held in that account along with any statements, it's a reputed overseas bank acknowledged and accepted by UKBA

> your investment funds only needs to be in UK. Rules do not talk about the maintenance funds to be in UK.

5. I am also providing a certificate of VAT & Corporation Tax along with abbreviated accounts for last tax period, (5a) Is that sufficient or do I have to provide any other documents

> expert advise is needed.

Any response & feedback to above queries are greatly appreciated.

Many thanks
Ohm