Tier 1 Graduate Entrepreneur to Entrepreneur

Hi,

My graduate Entrepreneur visa was just approved couple of days ago and I am now starting my own business. I plan to switch to the main category next year.

My question is since my business is in technology sector, first year revenue will be very small (about £1,000) while expenses would be about £10,000. Would it be a problem when I want to switch next year? Do I even have to provide management accounts? I plan to invest the full 50k as a share capital next week.

Thank You

Hi, I'm in a similar situation. I understand you do NOT have to be profitable in order to switch to T1E. You have to show you invested money into the company (or have the money ready to invest). Plus have a solid business plan.
I understand we will have to provide unaudited accounts.
Would appreciate other comments.

ekbe01 wrote:Hi, I'm in a similar situation. I understand you do NOT have to be profitable in order to switch to T1E. You have to show you invested money into the company (or have the money ready to invest). Plus have a solid business plan.
I understand we will have to provide unaudited accounts.
Would appreciate other comments.

Thank You.
I think they can not refuse our application because of genuine test because the university has already confirmed our businesses are innovative and genuine. Can I ask how much your business is having in revenues? I am sure they don't care about profit as most innovative businesses are not profitable in the first several years even a decade. I think they will ask for management accounts. Can I also please ask whether you are using your own money or have raised funds? (I am using my own money.)

Ali272 wrote:Can I ask how much your business is having in revenues?

It hardly covers its costs )

Ali272 wrote:Can I also please ask whether you are using your own money or have raised funds? (I am using my own money.)

Unfortunately, I'm using my own money.

Ali272 wrote:the university has already confirmed our businesses are innovative and genuine.

Well... I'm going to join an existing business (this means my new business plan was not confirmed by the Uni).
I will appreciate any comments on my situation )

Can I also please also ask if there is such a thing as annual management accounts? My business is at very early stage and quarterly or monthly accounts doesn't make any sense. Can I provide annual management accounts?

Thanks.