£50 k in savings or in revenues from T1 GE to T1 E

Hi All,

I will be forever grateful if someone who's already experienced can answer me that showing £50k in revenues in the 2 years of T1 Graduate Entrepreneur acceptable or having £50k in savings is what they require to switch to T1 Entrepreneur visa?
Raised the same question to my UK HEI who endorsed me but even they were not so sure.

Any guidance will be much appreciated.

Best Regards

I was on the Tier 1 Graduate Entrepreneur and switched to T1E using third party funds.

Based on my interpretation, YOU have to invest the money in the business (your funding can come from any source since you are on T1GE as long as it is not from another T1E migrant, their business or family).

Assuming your business has £50k net profit in its account from its activities, you cannot count that as YOU investing in the business.

You can withdraw the 50k and show access to it in your personal bank account or withdraw them and re-invest them in the business prior to applying for your T1E.

Thank you very much for your reply mate.

In the worst case, if i'm not able to earn and save 50k in my personal savings from my business activities during the two years, I can ask my client, family member or anyone to lend me 50k for the visa switch simply?

Many thanks

You can't ask someone to "lend" you the money. It can come from family members etc. but the money MUST remain available until you invest it fully in the business.

In other words, you need to genuinely have permanent/complete access to the money and can't just show it to get the visa.