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Tier 1 Entrepreneur Extension

 
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daYZman
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Joined: 07 Jul 2007
Posts: 50
PostPosted: Sun Oct 14, 2012 2:51 am    Post subject: Tier 1 Entrepreneur Extension Reply with quote
Hi,

Suppose I start my own company on a Tier 1 Entrepreneur visa and take up the post of Director, but then not extend the Tier 1 after 3yrs because I probably won't want to make a £200k injection. Can I then switch to Tier 2 since I will take up employment as Director? If so, does that mean that my company will need to apply for a Sponsorship License and that the post will need to be advertised in order to pass the Resident Labour Market test? I'd be making the recruitment decisions though, so would that not create conflicts of interest?

Thanks

Last edited by daYZman on Sun Oct 14, 2012 4:14 pm; edited 1 time in total
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PaperPusher
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Joined: 22 Apr 2007
Posts: 1909
Location: London
PostPosted: Sun Oct 14, 2012 6:51 am    Post subject: Reply with quote
A person cannot get a COS if they own more than 10% of the shares and they cannot issue a COS to themselves.
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daYZman
Member


Joined: 07 Jul 2007
Posts: 50
PostPosted: Sun Oct 14, 2012 12:31 pm    Post subject: Reply with quote
PaperPusher wrote:
A person cannot get a COS if they own more than 10% of the shares and they cannot issue a COS to themselves.


Right. So if they own more than 10% of the shares, extending Tier 1 Entrepreneur seems to be pretty much the most natural option...

With the £200k, if it's money 'made available by other people', does the applicant have to own the shares or could the owner(s) of the £200k own the shares in return for the injection? If these 'other people' were external investors, it's not likely they would exchange their money for shares not in their own names.

According to the Guidance #105:

"Audited or unaudited accounts must show the investment in money made directly by you, in your own name. If you have invested by way of share capital the business accounts must show the shareholders, the amount and value of the shares (on the date of purchase) in your name as it appears on your application."

It sounds like it has to be applicant's investment, so if there were any shares issued, then they'd need to be in the applicant's name -- for both the £200k and £50k cases. I can't quite imagine that venture capitals or seeding competitions would give someone £50k and let the shares be in their name instead though. Am I missing something?

Thanks
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