I am on the 200k route and got my first T1 Entrepreneur visa in 2012.
I am applying for a 2nd extension now. I invested the money using a directors loan.
Can I repay the DL before I transfer to ILR, or is it required to remain there while I am subject to the T1 Entrepreneur visa rules?
Reading the Guidance and Immigration rules has made me wonder. I had previously assumed (perhaps incorrectly) that the loan can not be repaid until I get ILR?
The general idea is that you should keep it invested.
Though you are right in that there is no explicit requirement to do so in the immigration rules/guidance that I have been able to spot either.
And you will not be submitting any business related documents for your ILR, so the CW is going to need to get the information from other sources.
I would think it is safe to pay back if the business has made enough money to pay back the loan. If not, you may fall foul of the condition below in the guidance:
we may curtail your leave if the funds you have used to apply cease to be available to you (unless you have spent them in the establishment or running of your business or businesses).
This gives them the ability to curtail your leave if you just pay back the DL.
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.