Tier 1 Entrepreneur Extension in March 2016

Thanks . have they mentioned this on the guidelines.

shaf2008 wrote:Thanks . have they mentioned this on the guidelines.

No..Not at all.......

HI Everyone,

can i have 10,000 of share capital and 40,000 of directors loan as investments.

Yes, You can invest simultaneously,

Thanks,

what about investing 10,000 as share capital. from the profit the company made. i meant reinvestment to the company, is it considered as an investment.

shaf2008 wrote:Thanks,

what about investing 10,000 as share capital. from the profit the company made. i meant reinvestment to the company, is it considered as an investment.

According to the conditions of your visa, you need to have access to all your money you showed during your initial grant until it is invested in the business. This means that the original money should be invested in the business not the profits generated.

Thank you very much Zimba. this is a very good details you provided.

so, i was actually planning to show 10,000 as share capital, which was profits reinvested and remaining 40,000 as directors loan which was transferred into the business in financial year 2014-2015. so it means this will not work.

i have also transferred another 20,000 into the business in October 2015. can i show this in my management account to claim the points.

Thanks for your advise about the directors loan agreement , i met a solicitor and got it sorted. he said we do not need a witness in the agreement .

things are getting closer to the date of application. getting a bit nervous.

shaf2008 wrote:Thank you very much Zimba. this is a very good details you provided.

so, i was actually planning to show 10,000 as share capital, which was profits reinvested and remaining 40,000 as directors loan which was transferred into the business in financial year 2014-2015. so it means this will not work.

i have also transferred another 20,000 into the business in October 2015. can i show this in my management account to claim the points.

Thanks for your advise about the directors loan agreement , i met a solicitor and got it sorted. he said we do not need a witness in the agreement .

things are getting closer to the date of application. getting a bit nervous.

Management account is acceptable as long as your have the share certificates/loan agreement sorted.

@Humv, it is considered inappropriate & rude to hijack another thread - it is also confusing.

Question moved to:
http://www.immigrationboards.com/uk-tie ... 03676.html

samaygrg wrote:Are you self employed or company director?

hI samaygrg,

my Tier 1 entrepreneur visa is expiring in june 2016,
-when should i apply for extension ,28 days before june 2016 or 28 days when i complete my 3 years after entering the UK first time.
-my partner passed away we were both directors of company and part of entreprenuer team do i have to invest another 1k of my own?
-the 2 full time employees are going to complete their 12 months each period in march 2016 ,do i need to further employee for the last year same or another 2 employees till expiry of my entrepreneur visa?
-my brother has added himself in the same company as a director of 50% but his visa is 50k route entrepreneur converted from PSW he can stay or should be removed before i apply for extension?as he is not allowed to do type of business activity our company is doing.
-can you suggest a good accountant who is well aware of tier 1 entrepreneur pros and corns.
- i traveled for pilgrimage for 8 days on return i was questioned at heathrow by UKBA rep.that how much i have invested individually into my business ,what is the best answer to this question?
-i and my brother (50k Route) have been drawing salary from company account but my accountant has not declared tax on it yet as he said that he can do it before year end ,this salary cannot be shown as dividend as the company is making loss for last 2 years.due to high business expenses.how can we justify this salary?

thanks in advance

my Tier 1 entrepreneur visa is expiring in june 2016,
-when should i apply for extension ,28 days before june 2016 or 28 days when i complete my 3 years after entering the UK first time.

Up to 28 days before your visa expires.

-my partner passed away we were both directors of company and part of entreprenuer team do i have to invest another 1k of my own?

Mention this in a cover letter with your application but you still need to show full investment evidence.

-the 2 full time employees are going to complete their 12 months each period in march 2016 ,do i need to further employee for the last year same or another 2 employees till expiry of my entrepreneur visa?

You simply have to show you hired two full time employees for at least a year. You can maintain their jobs after your extension period for another 12 months or you should hire two new ones to be eligible for ILR.

-my brother has added himself in the same company as a director of 50% but his visa is 50k route entrepreneur converted from PSW he can stay or should be removed before i apply for extension?as he is not allowed to do type of business activity our company is doing.

It is up to you. If he does not resign, you must mention his name and the date he became the director on the section N of the application form (complete table 3b2b)

-can you suggest a good accountant who is well aware of tier 1 entrepreneur pros and corns.

Accountant are not required to know anything about immigration rules. Ask them if they had any experiences with this. The documents you need from them is usually straightforward. Do not expect your accountant to know immigration rules or give you any advice.

- i traveled for pilgrimage for 8 days on return i was questioned at heathrow by UKBA rep.that how much i have invested individually into my business ,what is the best answer to this question?

Ignore questions at airports border. You invested using shared funds. You can say 50% and move on.

-i and my brother (50k Route) have been drawing salary from company account but my accountant has not declared tax on it yet as he said that he can do it before year end ,this salary cannot be shown as dividend as the company is making loss for last 2 years.due to high business expenses.how can we justify this salary?

You can withdraw salary from your company but if you are paying salary from the money you invested and not from your profits, HO will NOT accept your invested funds as a legitimate investment.
(accepted investment = original money invested + profits - any director's remuneration)

HI,

1, we have almost done with our final account. But it is showing huge losses after investments are made. for the first two years when we did not make investments the Profits were good. After investment we employed two people , but did not make enough money to pay the wages, so it was going from investments. is that going to be a problem for the visa extension application.

2, On final accounts the accountant said that they can not mention director loan at the creditors column as their software do not permit. instead they wrote just above that there is a directors loan investments from myself to the business.

All comments are welcome.

1, we have almost done with our final account. But it is showing huge losses after investments are made. for the first two years when we did not make investments the Profits were good. After investment we employed two people , but did not make enough money to pay the wages, so it was going from investments. is that going to be a problem for the visa extension application.

There is no requirement for your business to be in profit. Many successful businesses are in loss for years

shaf2008 wrote: 2, On final accounts the accountant said that they can not mention director loan at the creditors column as their software do not permit. instead they wrote just above that there is a directors loan investments from myself to the business.

As long as it is clearly links your name with the amount you invested in the business.

hi there,
I have some queries regarding employees
1.can i employee person with ILR STATUS?
2. can i employee another staff with refugee status?
plz help
thankx

Marishres wrote:hi there,
I have some queries regarding employees
1.can i employee person with ILR STATUS?
2. can i employee another staff with refugee status?
plz help
thankx

You can hire individuals who has settled status in the UK (permanent residence) for the award of points towards Tier 1E job creation requirements. This means ILR holders as well as individuals who have been legally granted refugee/asylum status.

Thankx
really appreciate for your response

Hi
I am going to apply for Tier 1 Ent extension in couple of days, I have already invested £50K before my previous leave to remain( and everything was sent to HO in last application). So question really is :

1- Do I have to show the accountant letter stating that I have already invested £50K? or only job creation letter would do the job?

2- I have put the employee rates on the letter as well along with total hours & rates etc as rates are not printe on payslips. My requirement is 3120 hours however I have 4600+ hours. Do I have to submit the job descriptions?

3- Is employee payment record (which is also called Employer's payment record) need to be submitted as I am only submitting the FPS/RTI and wmployee wages for whole duration.

Would appreciate a quick reponse as i am planning to submit the application tomorrow.

kind regards
Mo

Hi Guys,

Just to update I have now submitted my Tier 1 Extension Application.
I have only submitted required documentation. Nothing extra.

Lets hope it all goes well. Will keep you guys posted.

Humv wrote:Hi Guys,

Just to update I have now submitted my Tier 1 Extension Application.
I have only submitted required documentation. Nothing extra.

Lets hope it all goes well. Will keep you guys posted.

wish you good luck ! Hope for the Best.

Please can you list the documents you submitted this time.

Thanks

Here is the list of Documents I posted. Like I mentioned these are the documents I sent. Everyone is different and can post extra documents if they like.

Identity documents:

a. Passport & BRP card.
b. Application form with 2 recent photographs.

Investment

a. Accountant letter confirming the amount of investment in the business.
b. Un-audited accounts of last three years
c. Share certificates- I invested money as share capital
d. Bank letter confirm business is trading and I am the signatory of the business

Job Creation:

a. Accountant letter confirming the creation of jobs, hourly rate and summary of total hours by eligible employees for last 24 months.
b. Copies of passports of employees showing their settled status.
c. Monthly Pay slips of employees signed by myself
d. Monthly RTI submissions for last two years signed by myself
e. P11 showing the start date of all the employees signed by myself.

Company documents:

a. Certificate of incorporation
b. Latest Current appointment report
c. Latest CT600 showing the business is subject to UK taxation.
d. Print out of HMRC Corporation Tax reference number.
e. HMRC letter of PAYE reference number.


English language: UK Degree Certificate

Maintenance funds: Personal bank statement for last 90 days

Humv wrote:Here is the list of Documents I posted. Like I mentioned these are the documents I sent. Everyone is different and can post extra documents if they like.

Identity documents:

a. Passport & BRP card.
b. Application form with 2 recent photographs.

Investment

a. Accountant letter confirming the amount of investment in the business.
b. Un-audited accounts of last three years
c. Share certificates- I invested money as share capital
d. Bank letter confirm business is trading and I am the signatory of the business

Job Creation:

a. Accountant letter confirming the creation of jobs, hourly rate and summary of total hours by eligible employees for last 24 months.
b. Copies of passports of employees showing their settled status.
c. Monthly Pay slips of employees signed by myself
d. Monthly RTI submissions for last two years signed by myself
e. P11 showing the start date of all the employees signed by myself.

Company documents:

a. Certificate of incorporation
b. Latest Current appointment report
c. Latest CT600 showing the business is subject to UK taxation.
d. Print out of HMRC Corporation Tax reference number.
e. HMRC letter of PAYE reference number.


English language: UK Degree Certificate

Maintenance funds: Personal bank statement for last 90 days

Hi Humv

The documents I submitted were almost identical. I also used share capital. But I noticed some slight differences-

I did not submit my certificate of incorporation because I do not think it was stated as one of the required documents.

I also did not submit my UK degree certificate because I indicated that I had claimed points for it during the initial application so do not need to prove it at this stage.

I did not submit an accountants letter confirming the amount of investment in the business, although I submitted my last unaudited annual accounts (my year end is 31 Dec) which also includes an Accountants Compilation Report.

My means of payment was via Bankers Draft for myself and my dependants.

I understand UK Home Office no longer send Acknowledgement Letters. Please how long does it take before a Biometric Enrolment Letter is sent as my wife who is my dependant requires it at her place of work.

Very sorry if it seems this thread is being hijacked.

Many thanks

Napoleon77 wrote:
Hi Humv

The documents I submitted were almost identical. I also used share capital. But I noticed some slight differences-

I did not submit my certificate of incorporation because I do not think it was stated as one of the required documents.

I also did not submit my UK degree certificate because I indicated that I had claimed points for it during the initial application so do not need to prove it at this stage.

I did not submit an accountants letter confirming the amount of investment in the business, although I submitted my last unaudited annual accounts (my year end is 31 Dec) which also includes an Accountants Compilation Report.

My means of payment was via Bankers Draft for myself and my dependants.

I understand UK Home Office no longer send Acknowledgement Letters. Please how long does it take before a Biometric Enrolment Letter is sent as my wife who is my dependant requires it at her place of work.

Very sorry if it seems this thread is being hijacked.

Many thanks

Hi Napoleon

I have only submitted my application 3 days ago. Not sure how long does it take Bio-metric letter to come through, sorry.

Anyone else can help on this?

hi ,

How can i get . Bank letter confirm business is trading and I am the signatory of the business

when i check with the bank, they told me to provide statement as a proof. and they will not issue such letters it seems.

shaf2008 wrote:hi ,

How can i get . Bank letter confirm business is trading and I am the signatory of the business

when i check with the bank, they told me to provide statement as a proof. and they will not issue such letters it seems.

Hey,

They don't issue such letters in the branch. You will need to call them up and speak to your business account relationship manager. He/She can issue the bank letter for you.

Humv wrote:Here is the list of Documents I posted. Like I mentioned these are the documents I sent. Everyone is different and can post extra documents if they like.

Identity documents:

a. Passport & BRP card.
b. Application form with 2 recent photographs.

Investment

a. Accountant letter confirming the amount of investment in the business.
b. Un-audited accounts of last three years
c. Share certificates- I invested money as share capital
d. Bank letter confirm business is trading and I am the signatory of the business

Job Creation:

a. Accountant letter confirming the creation of jobs, hourly rate and summary of total hours by eligible employees for last 24 months.
b. Copies of passports of employees showing their settled status.
c. Monthly Pay slips of employees signed by myself
d. Monthly RTI submissions for last two years signed by myself
e. P11 showing the start date of all the employees signed by myself.

Company documents:

a. Certificate of incorporation
b. Latest Current appointment report
c. Latest CT600 showing the business is subject to UK taxation.
d. Print out of HMRC Corporation Tax reference number.
e. HMRC letter of PAYE reference number.


English language: UK Degree Certificate

Maintenance funds: Personal bank statement for last 90 days

Hi,

My entrepreneur visa (50k route) is expiring in April 2016 and I am going to submit my application soon. If you don't mind, can I ask for some clarification? I've invested the entire £50k as share capital, do I need to send my business bank statements and personal bank statements to show that the money was transferred to the business account?

Also, in relation to the HMRC letter, the latest CT600 I have is from 2015. Is that a problem? Does it have to be within some timeframe from when you're applying? And how do I get a print out of HMRC Corporation Tax reference number?

Many thanks,
Raj