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Entrepreneur Team- Non serious

Only for UK Tier 1 (Entrepreneur) points system

Moderators: Casa, JAJ, ca.funke, Amber, Zimba, vinny, Obie, EUsmileWEallsmile, batleykhan, geriatrix, John, ChetanOjha, archigabe, push

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ZKshinvari
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Entrepreneur Team- Non serious

Post by ZKshinvari » Wed Mar 30, 2016 1:36 am

Hi All.. I am new here but i found this forum very useful and helpful. i am in very stressful and complex situation, please share your views and possible solution.

my Ent team member is not taking too much interest and am fed up. we are going for extension in few months and after extension one granted IA his 10 years completing and will go for ILR. i cant separate my ways from him now coz its too late but what are the possible options for me after extension.
I really want to start my own separate company now and so my questions are:



(1) if i start company now and employee a person to work for me, will i be able to claim points for this employment after 5 years on this visa as guidelines say after extension you have to either keep same employees or create new jobs. so will be able to claim points for this emp or I shud create employment after getting extension?

(2) Do i have to invest money again in my new company ?

(3) will that make any problem if a start new company now but leave directorship of joint compant after extension or shall i keep directorship of that company as well?

(4) lastly Can i apply for extension separately while we are 2 ent team memebrs.

or any other possible solutions in your mind pls share,so stressful for me coz he is not doing his job properly and i have to do more coz if i dont it will effect me as well.

Regards
Zk

seasky
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Re: Entrepreneur Team- Non serious

Post by seasky » Wed Mar 30, 2016 8:48 am

ZKshinvari wrote:Hi All.. I am new here but i found this forum very useful and helpful. i am in very stressful and complex situation, please share your views and possible solution.

my Ent team member is not taking too much interest and am fed up. we are going for extension in few months and after extension one granted IA his 10 years completing and will go for ILR. i cant separate my ways from him now coz its too late but what are the possible options for me after extension.
I really want to start my own separate company now and so my questions are:



(1) if i start company now and employee a person to work for me, will i be able to claim points for this employment after 5 years on this visa as guidelines say after extension you have to either keep same employees or create new jobs. so will be able to claim points for this emp or I shud create employment after getting extension?

(2) Do i have to invest money again in my new company ?

(3) will that make any problem if a start new company now but leave directorship of joint compant after extension or shall i keep directorship of that company as well?

(4) lastly Can i apply for extension separately while we are 2 ent team memebrs.

or any other possible solutions in your mind pls share,so stressful for me coz he is not doing his job properly and i have to do more coz if i dont it will effect me as well.

Regards
Zk
You can start a new company no problem at all. Post extension you must have the 2 years worth of employment but can be current employees. No need to invest more money. You can be registered in multiple directorships and you can apply for extension separately (the entrepreneur team means you can both claim the same investment and employees but that's it. It's separate application no matter what)

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Zimba
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Re: Entrepreneur Team- Non serious

Post by Zimba » Wed Mar 30, 2016 9:21 am

(1) if i start company now and employee a person to work for me, will i be able to claim points for this employment after 5 years on this visa as guidelines say after extension you have to either keep same employees or create new jobs. so will be able to claim points for this emp or I shud create employment after getting extension?
Starting a new company is perfectly fine. However for new jobs to be counted for your ILR, you need to create those jobs only after your extension is granted. Job creation requirement always applies to the LAST period of your leave.
(2) Do i have to invest money again in my new company ?
You need to show investment as part of your extension application. If granted extension, you do not need to show any investment evidence for your ILR. This is clear in the guide.
(3) will that make any problem if a start new company now but leave directorship of joint compant after extension or shall i keep directorship of that company as well?
During your extension obviously you need to be the director of a company in which you registered within 6 months, invested and created jobs. After extension is granted, you can resign if you wish.
(4) lastly Can i apply for extension separately while we are 2 ent team memebrs.
Technically you have to apply separately for extension but the investment and job creation evidence can be shared between team members. You also have to tell HO about your team members in the form.
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

ZKshinvari
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Re: Entrepreneur Team- Non serious

Post by ZKshinvari » Wed Mar 30, 2016 6:03 pm

Thank you zimba for your response, so if a start company end hire employee then I can't claim points for this at all or i can only claim his employement from the time of extension granted?

And separately applying means only i have to mention him in the form or his signatures at every place with mine as director will be required as well? I mean how much i will be depended on him if i apply separately, many thanks in advance

ZKshinvari
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Re: Entrepreneur Team- Non serious

Post by ZKshinvari » Thu Mar 31, 2016 6:39 am

Hi Zimba88..... pls put some light One thing which i forgot and is important as well that what is gonna happen to the money invested via director loan? can i just settle that with my business partner or will they ask later about this and how do i sort this out now it does not make any issue for me in future.

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Zimba
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Re: Entrepreneur Team- Non serious

Post by Zimba » Thu Mar 31, 2016 9:43 am

so if a start company end hire employee then I can't claim points for this at all or i can only claim his employment from the time of extension granted?
You can claim it for extension as well as your ILR. However you should know after your extension is granted, you still need another 24 months of full employment. So you either have to retain your full time employees for another 12 months or create two new jobs. Think about it this way: when you get your extension, all the job creation time before extension is discarded and you have to build 24 extra months.
And separately applying means only i have to mention him in the form or his signatures at every place with mine as director will be required as well? I mean how much i will be depended on him if i apply separately,
As a team you two are allowed to share your investment and job creation evidence, that is all. If he is not going to apply, you alone can use the evidence on your own. You better write a covering letter for your extension application to tell the case worker that your partner is not extending because he has ILR.
His signature is only required if you want to use something that discloses information about him, like a joint personal bank account. On other documents like accounts or loan letters, signature of any of the directors is sufficient
ZKshinvari wrote:what is gonna happen to the money invested via director loan? can i just settle that with my business partner or will they ask later about this and how do i sort this out now it does not make any issue for me in future.
You either can withdraw the money from the company you shared with your partner (obviously when you both agreed) and transfer it to your own personal account. Then you have to transfer it personally to your new company with new loan agreement and prepare the accounts showing your name as the lender.

However if you cannot recover the money or if the money is already spent, you must remain the director of your current business and claim the investments on that shared company. The director's loan agreement must have your name on it and the loan must be shown in the accounts under your name.

When your extension is granted, you can move on to your new business completely after extension, as the investment evidence will not be required any more.
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

ZKshinvari
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Posts: 25
Joined: Sat Mar 26, 2016 9:04 pm

Re: Entrepreneur Team- Non serious

Post by ZKshinvari » Thu Mar 31, 2016 7:48 pm

zimba88 wrote:
so if a start company end hire employee then I can't claim points for this at all or i can only claim his employment from the time of extension granted?
You can claim it for extension as well as your ILR. However you should know after your extension is granted, you still need another 24 months of full employment. So you either have to retain your full time employees for another 12 months or create two new jobs. Think about it this way: when you get your extension, all the job creation time before extension is discarded and you have to build 24 extra months.
And separately applying means only i have to mention him in the form or his signatures at every place with mine as director will be required as well? I mean how much i will be depended on him if i apply separately,
As a team you two are allowed to share your investment and job creation evidence, that is all. If he is not going to apply, you alone can use the evidence on your own. You better write a covering letter for your extension application to tell the case worker that your partner is not extending because he has ILR.
His signature is only required if you want to use something that discloses information about him, like a joint personal bank account. On other documents like accounts or loan letters, signature of any of the directors is sufficient
ZKshinvari wrote:what is gonna happen to the money invested via director loan? can i just settle that with my business partner or will they ask later about this and how do i sort this out now it does not make any issue for me in future.
You either can withdraw the money from the company you shared with your partner (obviously when you both agreed) and transfer it to your own personal account. Then you have to transfer it personally to your new company with new loan agreement and prepare the accounts showing your name as the lender.

However if you cannot recover the money or if the money is already spent, you must remain the director of your current business and claim the investments on that shared company. The director's loan agreement must have your name on it and the loan must be shown in the accounts under your name.

When your extension is granted, you can move on to your new business completely after extension, as the investment evidence will not be required any more.
thanks zimba88 for the detailed reply. He is not on ILR yet rather he will apply after extension may be i did not explain properly. in this case does he has to sign accounts,P11,FPS etc or just my sign is enough?
i am very grateful for ur time and sharing views

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Zimba
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Re: Entrepreneur Team- Non serious

Post by Zimba » Fri Apr 01, 2016 9:30 am

ZKshinvari wrote:thanks zimba88 for the detailed reply. He is not on ILR yet rather he will apply after extension may be i did not explain properly. in this case does he has to sign accounts,P11,FPS etc or just my sign is enough?
i am very grateful for ur time and sharing views
Signature of one director is enough. You just need to give his name in table 3b2b on the form.
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

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