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Tier 1 Ent Extension 200K Route - Money Transferred Vs Money Spent

Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.

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Ent2021
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Joined: Thu May 06, 2021 12:15 am

Tier 1 Ent Extension 200K Route - Money Transferred Vs Money Spent

Post by Ent2021 » Thu May 06, 2021 12:26 am

Hello every one

I need some advice regarding Tier 1 Entrepreneur extension 200k route

Question 1

I have introduced 120K to Business as share capital and this amount has already been spent towards meeting business expenses, the remaining £80K which I have in my Indian account, am I required to "SPEND" this 80K to meet Tier 1 Extension requirement OR can I just transfer this amount and leave it there in business account? without spending it ? and could you please also advise me should I transfer this 80K as share capital as I have been doing or shall I introduce this 80K as a director’s loan which one of these methods will be considered as money invested. Please note my business no longer require any further investments due to it being sustained on revenue generated and due to on going covid crisis I am a bit sceptical to invest in any other business.


Question 2

May 2017 - I made my first money transfer from India to UK personal account for my business as self-employed

November 2018 - I applied for Tier 1 Entrepreneur Visa claiming points for previous 12 months going back November 2017, these points were awarded to me for the money I “SPENT” towards the business expenses.

November 2018- at this point the total money I transferred and spent from India to UK was 105K but because of missing the deadlines I was able to only claims points for 70K out of 105K towards money spent

My question is at the time of extension will I be awarded points for the share capital I introduced before 12 months of date of application OR any money transferred prior to 12 months of date of application will be disregarded and will not be counted.

Thanks in advance to everyone.

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marcnath
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Joined: Tue Jul 03, 2012 2:27 pm
Location: Milton Keynes

Re: Tier 1 Ent Extension 200K Route - Money Transferred Vs Money Spent

Post by marcnath » Thu May 06, 2021 12:37 pm

Ent2021 wrote:
Thu May 06, 2021 12:26 am
Hello every one

I need some advice regarding Tier 1 Entrepreneur extension 200k route

Question 1

I have introduced 120K to Business as share capital and this amount has already been spent towards meeting business expenses, the remaining £80K which I have in my Indian account, am I required to "SPEND" this 80K to meet Tier 1 Extension requirement OR can I just transfer this amount and leave it there in business account? without spending it ? and could you please also advise me should I transfer this 80K as share capital as I have been doing or shall I introduce this 80K as a director’s loan which one of these methods will be considered as money invested. Please note my business no longer require any further investments due to it being sustained on revenue generated and due to on going covid crisis I am a bit sceptical to invest in any other business.


Question 2

May 2017 - I made my first money transfer from India to UK personal account for my business as self-employed

November 2018 - I applied for Tier 1 Entrepreneur Visa claiming points for previous 12 months going back November 2017, these points were awarded to me for the money I “SPENT” towards the business expenses.

November 2018- at this point the total money I transferred and spent from India to UK was 105K but because of missing the deadlines I was able to only claims points for 70K out of 105K towards money spent

My question is at the time of extension will I be awarded points for the share capital I introduced before 12 months of date of application OR any money transferred prior to 12 months of date of application will be disregarded and will not be counted.

Thanks in advance to everyone.
1. There is no requirement for you to spend the money. The require is for you to invest it only. It does not matter whether you do share capital or Director's loan.
2. Yes, you can use money invested (or spent) 12 months before application date towards evidence of investment points.
My comments are in no way meant to be advisory. I have no professional knowledge of immigration. These are based on my own experience, convictions and personal interpretation of publicly available information.

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