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There are two separate aspects here.Aaina wrote: ↑Tue Feb 25, 2020 9:37 pmThe reason I ask is because of this paragraph under the extension section on page 26.
(i) If you have bought property as part of your business investment, the value of any residential
accommodation cannot be included. You must provide an estimate of the value of the residential
accommodation if it is part of the premises also used for your business. The valuation must be from
a surveyor who is a member of the Royal Institution of Chartered Surveyors dated within the three
months before the date of application
Can't see why not. Whether a business is genuine or not has nothing to do with the type of business.Aaina wrote: ↑Wed Feb 26, 2020 6:45 pmThanks Marcnath,
The situation is we have already invested 150k with a partner, created two jobs and I need to invest the rest of 50k.
I was also thinking maybe I can open a business management consultancy via a limited company route as I have been in market research for a long time. I can invest money in that consultancy and help businesses/individuals by doing their research and plans . Do you think it will pass the genuine entrepreneur test.
Sorry, I know this is a tricky question but I just don't want to take any chance.
I have merged the users topics so that you have the history. Query is for the father.
There is no restriction on you being a co owner. But if your Dad is going to be only a financial partner/investor and not actively involved/contributing to the business, then it is obvious that is not an "entrepreneurial" activity for him - it is an investment activity.
No, that is not necessary. The accountant can prepare and certify a set of management accounts for any partial period.Aaina wrote: ↑Wed Feb 26, 2020 10:13 pmOh okay,
Thanks for the explanation... Also, if he invests rest of the 50k in a new business, then will he need to wait for a year after the new business is established so that he has the set of accounts? He is already midway in the third year - invested 150k and created two jobs - just the rest of the money that needs to be invested . Thanks
Aaina wrote: ↑Thu Jul 23, 2020 10:45 amHi,
My father is on Tier 1 Enterpreneur visa and will be finishing his three years in August. In an earlier query, someone said that he can apply for extension anytime after 3 years as long as he is meeting the requirements. He has employed 5 people during this time, although after March he had to furlough the employees due to being in hospitality sector which has the hardest hit.
Employee 1 was employed in January 2019 and Feb 2019 (2months)
Employee 2 was employed from May 2019 to Feb 2020 (10 months) after which he is still here but furloughed.
Employee 3 was employed from May 2019 to July 2019 (3 months) after which he went on sick pay and was on SSP.
Employee 4 was employed from June 2019 to August 2019 (3 months)
Employee 5 has been employed from Sep 2019 to Feb 2019 (6 months) after which have been furloughed
He also has a partner director who takes some sort of directors salary but that director is not on Tier 1 enterpreneur visa. Please note my father has not taken any form of remuneration from the company.
I have a few queries and will be grateful for someone to answer:
- If we combine all these jobs, it easily makes up the two twelve months blocks but can we do that when some of them have been in parallel? employee 1 and 2 can be combined makes 12 months - these are consecutive even though a gap inbetween. Employee 3, 4 and 5 can be combined and makes twelve months but some periods are overlapping.
- Secondly, the other director taking a salary - can her job be shown too as a job creation? also the salary she is taking - would that investment be deducted by the home office when seeing the investment criteria even though she is a British citizen and not a tier 1 entrepreneur applicant. She is just a partner my dad started the business with.
Your impression is correct. If you buy a property and use it for Bed and Breakfast, that will be considered an investment. However, if you bought an existing Bed and Breakfast business which included the property, then it would not be.
Zimba wrote: ↑Thu Jul 30, 2020 12:52 amYes. Under the COVID relaxation of the Tier 1E rules, you do not need to strictly create two separate positions for 12 months
https://www.gov.uk/guidance/coronavirus ... -residentsIf you’re on a Tier 1 Entrepreneur visa and your business has been disrupted
You no longer need to employ at least 2 people for 12 consecutive months. The 12 month period you’re required to employ someone for can be made up of multiple jobs across different months.
Time when your employees were furloughed will not count towards the 12 month period.
If you’ve not been able to employ staff for 12 months by the time your visa expires, you’ll be allowed to temporarily extend your stay to give you time to meet the requirement.
These arrangements will continue for applications made after 31 May 2020, where the jobs you’re relying on were disrupted due to coronavirus.
The section on the Tier visa has a clear statement "These arrangements will continue for applications made after 31 May 2020..." which overrides the original heading of expiry before 31 July 2020.Aaina wrote: ↑Thu Jul 30, 2020 11:07 amThank you for your reply.
Just that - the link on the reply says -
"If you’re in the UK and your leave expired between 24 January 2020 and 31 July 2020"
This wont be true for my dad right as he is going to apply somewhere in Sep/Oct time or will it still apply? He has a 3.5 year visa till Jan next year, however we were hoping to apply right after he completes 3 years which will be somewhere in Aug/Sep
Or am I just reading the govt link incorrectly..