close business and bankruptcy

Faheemryk · Post by **Faheemryk** » Mon Jun 04, 2018 2:21 pm

hollan wrote: ↑
Mon Jun 04, 2018 1:09 pm
1- i wonder if can i take
One from the 5 jobs that we will hire . And when this hapen can i take the salary that we plane to in the busines plane for this job ?

Ans: Yes you can work for your Business and Draw the salary for yourself

2- can i make payslip for me , or it can be under any diffrant name insted of salary
And if it is ok what is the name for this to be

Ans: Yes you can be on your Business payroll and generate payslips

3- if its alright , can i take it cash or have to be with bank transfer or dosent mattar

Ans: Salary has to be done via Bank Transfer

Agree with you on all answers, except last one.

It’s much better to transfer salary via bank transfer. But it can be withdraw in cash as well.

karim12345 · Post by **karim12345** » Mon Jun 04, 2018 5:53 pm

thx u for your advice
But did the guide explane this or mention it in any section

Post by **marcnath** » Mon Jun 04, 2018 7:34 pm

karim12345 wrote: ↑
Mon Jun 04, 2018 1:01 pm
What happened here that i started the busines
With my partners . in our busines plane we have to hire about 5 staff ..And i want to be involve in the busines .

Interesting - maybe it is the language. Are you saying that in the original business plan, you were not supposed to be involved in the business ? And have you not been involved so far ?

karim12345 wrote: ↑
Mon Jun 04, 2018 1:01 pm

1- i wonder if can i take
One from the 5 jobs that we will hire . And when this hapen can i take the salary that we plane to in the busines plane for this job ?

Yes, there are no problems with that. But your job is not counted towards the required 24 month job creation.

karim12345 wrote: ↑
Mon Jun 04, 2018 1:01 pm
2- can i make payslip for me , or it can be under any diffrant name insted of salary
And if it is ok what is the name for this to be

Sure no problem. You can also pay yourself as dividends - up to you. Talk to your accountant.
If your business has not made enough sales to cover your salary, HO may deduct that amount from your investment.

karim12345 wrote: ↑
Mon Jun 04, 2018 1:01 pm

3- if its alright , can i take it cash or have to be with bank transfer or dosent mattar ..

Either one is fine. But bank transfer is always cleaner.

karim12345 · Post by **karim12345** » Sat Oct 06, 2018 12:17 pm

Morning all

now i opend my business from couple a month and i have 4 workers
- Manager
-Assistant manager
-and 2 sales
they are working for3 months until now

i want to replace the manager because he inst good in his job. but when i was reading in the guide in the worker section i found some confusing points ,

1- that the worker have to be in the job for 12 months continuously
2-do i have to create 1 full time and 2 part time ... or just 2 full time job

and for the worker if he was doing well performance and before i get prepared to the extension he is starting to be not as usual or not performing well or even he want to leave me to go another job and he didnt complete the 12 month continuously as he was working for 3 months and i want to apply for the extension i thought that if i will replace him it will be ok but it will take time for making interviews to choose manager and it may takes 2 or 3 weeks or more and this period will effect me in the time because i have short time to apply for my extension and if i found a manager after 2 weeks did the period that the old manager worked in my business will count in the 12 months or we will start new 12 month with the new manager

and do the home office count the 12 month in working hours or 52 weeks

thanks for all

Post by **marcnath** » Sat Oct 06, 2018 1:12 pm

karim12345 wrote: ↑
Sat Oct 06, 2018 12:17 pm

1- that the worker have to be in the job for 12 months continuously

Can you please type here the exact part that says this.

karim12345 · Post by **karim12345** » Sat Mar 16, 2019 11:18 am

Hello my frinds,
I wnat to share my setuation with u all . And if any one have any advise please let me know .

I have the tire 1 visa entrepreneur, I started my business after after i cam to the uk about 8 months because i was looking for good place for my business , the business was franchise for one of the famous franchises in uk , and they have standerd for the location , the space etc.

So i found good place they recommend it and agree for it and we started fitting the place and i payed lot of money may more than the £200k my self
And i looked for some one to share with him the business. After we opend we found that the contractors increas the fitting budget very high, and the franchise taking lot of money as service .

This summary about what happend .

The problem now that i m struggling now to pay more money to run the business as i payed all money i have over than £200k, and i fact the business still didn’t reach the break even, there is no profit yet , and i have to pay ,untile my extention . But I don’t have enough money to do thise and the franchise will not give me any support regarding the money, I don’t want to loose my money and the visa.
so if any one have any advice pleae let me know ,

Post by **marcnath** » Sat Mar 16, 2019 11:29 am

Please continue in your own thread. I have now merged all the topics

Post by **marcnath** » Sat Mar 16, 2019 11:32 am

karim12345 wrote: ↑
Sat Mar 16, 2019 11:18 am
Hello my frinds,
I wnat to share my setuation with u all . And if any one have any advise please let me know .

I have the tire 1 visa entrepreneur, I started my business after after i cam to the uk about 8 months because i was looking for good place for my business , the business was franchise for one of the famous franchises in uk , and they have standerd for the location , the space etc.

So i found good place they recommend it and agree for it and we started fitting the place and i payed lot of money may more than the £200k my self
And i looked for some one to share with him the business. After we opend we found that the contractors increas the fitting budget very high, and the franchise taking lot of money as service .

This summary about what happend .

The problem now that i m struggling now to pay more money to run the business as i payed all money i have over than £200k, and i fact the business still didn’t reach the break even, there is no profit yet , and i have to pay ,untile my extention . But I don’t have enough money to do thise and the franchise will not give me any support regarding the money, I don’t want to loose my money and the visa.
so if any one have any advice pleae let me know ,

Unfortunately, you seem to be looking for business advice and this is not the forum for that.
If you can state what are the options you are considering, it will be possible to look at the impact, if any, of those on your visa extension.

karim12345 · Post by **karim12345** » Thu May 02, 2019 10:40 am

Hi All ,
Now i spent the 200k as a full amount as the visa require and obviously i have spent more than this but what happened is i m now losing my business and there is no profit and all the study was done including the location,business plane,demographic for the area ,equipment , contractors,etc. and honestly they asked for lot of money for this , the situation now is nothing from what the business plane numbers r real and i think im gone a loss the business & my money as well im very desperate now and really dont know what to do to save my visa
my question is

1- this business dosent bring any profit and i dont have more money to put on to keep it running so if sell it or close it , still be able to apply for my extension ?
2- if i close it and i make bankrupt still be able to apply for my extension ?

if any one have any advice pleas let me know .
thanks.

Post by **CR001** » Thu May 02, 2019 10:45 am

CR001 wrote: ↑
Mon Mar 19, 2018 12:14 pm
Topics Merged (click)

karim12345 · Post by **karim12345** » Thu May 02, 2019 11:31 am

sorry it might happend by mistack

karim12345 · Post by **karim12345** » Thu May 02, 2019 11:43 am

Hi All ,
Now i spent the 200k as a full amount as the visa require and obviously i have spent more than this but what happened is i m now losing my business and there is no profit and all the study was done including the location,business plane,demographic for the area ,equipment , contractors,etc. and honestly they asked for lot of money for this , the situation now is nothing from what the business plane numbers r real and i think im gone a loss the business & my money as well im very desperate now and really dont know what to do to save my visa
my question is

1- this business dosent bring any profit and i dont have more money to put on to keep it running so if sell it or close it , still be able to apply for my extension ?
2- if i close it and i make bankrupt still be able to apply for my extension ?

if any one have any advice pleas let me know .
thanks.

teddybear79 · Post by **teddybear79** » Thu May 02, 2019 12:20 pm

1- this business doesn't bring any profit and I don't have more money to put on to keep it running so if sell it or close it, still be able to apply for my extension?

When is your extension due?

Regarding selling, you would be selling the business or assets?

2- if I close it and I make bankrupt still be able to apply for my extension?

You should be actively trasding existing business or new business at the time of an extension

karim12345 · Post by **karim12345** » Thu May 02, 2019 1:16 pm

my extension after 2 years
i will sell the whole business
i can open new company after that but i will not be able to put another 200k
but what will happen with the bankruptcy and how it will effect the visa?

Post by **marcnath** » Thu May 02, 2019 10:25 pm

karim12345 wrote: ↑
Thu May 02, 2019 1:16 pm
my extension after 2 years
i will sell the whole business
i can open new company after that but i will not be able to put another 200k
but what will happen with the bankruptcy and how it will effect the visa?

You do not need to invest 200K again.

But before you sell/close down the business, make sure you have all the required evidence documents (accounts, business bank statements, etc.)
The bankruptcy should not affect your visa.

Post by **Frontier Mole** » Thu May 02, 2019 11:35 pm

If you sell the business on be aware the Home Office will still want access to all the business records, accounts and bank statements to be able to verify your investment and investment expenditure. By the sounds of things you have exceeded the £200k by a considerable margin.

As advised you are required to be trading your business at the point you apply for your extension. Although the new business will not require a further £200k - based on the previous investment already made - you will have to demonstrate that the business is genuine and trading.

The barrier you will face if you become bankrupt is that it will impact on your ability to operate a bank account, obtain credit and a whole raft of other interventions. One intervention is that you are unable to be a director of a limited company, so that will be a major barrier to your visa extension.

Do what ever you can to avoid bankruptcy as the consequences to you personally are pretty dire.

I am surprised that you mention bankruptcy as I would have thought you would be protected from action against you personally as you will have operated through your limited company?

As an aside - surely you will recover a sizeable chunk of funds when you sell on the franchise? If you are somehow personally in debt I would hope that would resolve your debts?

Immigrationboards.com: Immigration, work visa and work permit discussion board

close business and bankruptcy

Re: As an entrepreneur can i take i take money as allowance

Re: As an entrepreneur can i take i take money as allowance

Re: As an entrepreneur can i take i take money as allowance

Replace worker

Re: Replace worker

My busines strugling

Re: My busines strugling

Re: My busines strugling

close business and bankruptcy

Re: make another busines

Re: close business and bankruptcy

Re: close business and bankruptcy

Re: close business and bankruptcy

Re: close business and bankruptcy

Re: close business and bankruptcy

Re: close business and bankruptcy