Tier 1 entrepreneur visa funds for partners(Tier2 ICT & PSW)

Hi

We are 2 friends one with Tier2 ICT(till feb 2015) 7 one with PSW (till june 2014).
we are planning to start software outsourcing business.
we have few questions in mind

1) What would be the amount of funds needed ? 50k or 200K
2) Incase visa is rejected do we have right to appeal ?
3) Incase visa is rejected what happens to tier2 ict visa which is still valid ?
4) Can we work as employees under the company we own as outsourced employees.
5) We plan to hire few resources from abroad, Is it easy to get Tier 2 COS

Thanks in advance

Can any please look at my queries and reply please

Answer please

@ poorna,

1) What would be the amount of funds needed ? 50k or 200K
You will have to apply through 200k route since only one team member is on PSW. But if you guys can get 50k funding from Venture capital firms, Seed capitals and govt department then you can go for the 50k route.

2) Incase visa is rejected do we have right to appeal?
It depend when application is decided, whoever still have leave to remain as at the time of decision wont get appeal right.

3) Incase visa is rejected what happens to tier2 ict visa which is still valid ?
If tier1 entrepreneur visa is rejected, then existing visa will continue with all the previous conditions attached to it.

4) Can we work as employees under the company we own as outsourced employees.
Yes you can work as employee in your business, but as a director of your business you are actually not expected to be an employee but its not against the law.

5) We plan to hire few resources from abroad, Is it easy to get Tier 2 COS
If you meet the general requirement of Tier 2 COS sponsor then you will be able to get a license.