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Submitted Business Plan and the Actual Business

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

Moderators: Casa, archigabe, CR001, push, JAJ, ca.funke, Amber, zimba, vinny, Obie, EUsmileWEallsmile, batleykhan, meself2, geriatrix, John, ChetanOjha

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jafersadeq
Senior Member
Posts: 682
Joined: Sat Jun 20, 2015 2:14 am
Location: LONDON
United Kingdom

Submitted Business Plan and the Actual Business

Post by jafersadeq » Wed Jan 13, 2016 9:50 pm

Dear Members,
I have Tier1-Ent 200k visa, I applied in 2014, in the beginning when I applied for getting the visa, I submitted a business plan, a British company has prepared it, I mentioned a plan for my future company trade as the following:
Year1 Year2 Year3 Year4 Year5
Total income 4.1 million 4.5m 5.4m 5.8m 6.3m
Net Profit 158k 200k 240k 276k 317k
When I came to the UK, I started a limited company and I transferred the 200k to the business account, then I started trading, but I could not reach the turnover I mentioned in the business plan, for example, in the business plan I mentioned the turnover in the first year is 4.1m, but actually it is 160k. There is big difference between what is in the business plan and the actual business. Other items in the business plan all is ok, I achieved all, just the turnover.
Will that affect my extension?
Kind regards
Jafer

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zimba
Moderator
Posts: 23274
Joined: Mon Aug 11, 2014 6:13 pm
Location: UK
Mood:
United Kingdom

Re: Submitted Business Plan and the Actual Business

Post by zimba » Thu Jan 14, 2016 9:58 am

jafersadeq wrote:Dear Members,
I have Tier1-Ent 200k visa, I applied in 2014, in the beginning when I applied for getting the visa, I submitted a business plan, a British company has prepared it, I mentioned a plan for my future company trade as the following:
Year1 Year2 Year3 Year4 Year5
Total income 4.1 million 4.5m 5.4m 5.8m 6.3m
Net Profit 158k 200k 240k 276k 317k
When I came to the UK, I started a limited company and I transferred the 200k to the business account, then I started trading, but I could not reach the turnover I mentioned in the business plan, for example, in the business plan I mentioned the turnover in the first year is 4.1m, but actually it is 160k. There is big difference between what is in the business plan and the actual business. Other items in the business plan all is ok, I achieved all, just the turnover.
Will that affect my extension?
Kind regards
Jafer
Why should this affect your extension ? There are no guarantees for a business to achieve everything on its business plan and this is normal in business world. Immigration rules also demand nothing of such sort. You are fine
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

Momi
Senior Member
Posts: 644
Joined: Tue Jan 08, 2013 2:08 pm
United Kingdom

Re: Submitted Business Plan and the Actual Business

Post by Momi » Thu Jan 14, 2016 10:18 am

jafersadeq wrote:Dear Members,
I have Tier1-Ent 200k visa, I applied in 2014, in the beginning when I applied for getting the visa, I submitted a business plan, a British company has prepared it, I mentioned a plan for my future company trade as the following:
Year1 Year2 Year3 Year4 Year5
Total income 4.1 million 4.5m 5.4m 5.8m 6.3m
Net Profit 158k 200k 240k 276k 317k
When I came to the UK, I started a limited company and I transferred the 200k to the business account, then I started trading, but I could not reach the turnover I mentioned in the business plan, for example, in the business plan I mentioned the turnover in the first year is 4.1m, but actually it is 160k. There is big difference between what is in the business plan and the actual business. Other items in the business plan all is ok, I achieved all, just the turnover.
Will that affect my extension?
Kind regards
Jafer
Zimba88 is 100% right. Business takes years to establish. Some people do have patience and some people just give in the middle. I think you probably heard about HSMP applicants. Most HSMP Holders got in trouble because they mentioned in their initial application that they will pay that amount in taxes whereas they haven't. In entrepreneur it's something different. HO can't even challenge even if you don't have a single client on your extension. Dont confuse yourself from these things.

jafersadeq
Senior Member
Posts: 682
Joined: Sat Jun 20, 2015 2:14 am
Location: LONDON
United Kingdom

Re: Submitted Business Plan and the Actual Business

Post by jafersadeq » Thu Jan 14, 2016 12:14 pm

Many thanks for (momi and Zimba88).

Dear other members....your opinions please

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