akap12 wrote:Hi marcnath,
One last question:
If i have a active business with around 30k in funds and I am predicting to have up-to 45k in my business account (as a sole trader/bank statements have my name) in about 3.5 months which is the time I will be applying for my Entrepreneurs visa, can I show my business bank statements along with my personal?
Im not sure I will have the full 50k in my personal.
Or is it okay to transfer my business money to my personal before tax? (I am allowed to use my business money even before tax right?)
On these issues, I always go back to the intent of this route - which is to bring new money and new jobs into the economy and hopefully spur further growth. The requirements are therefore that you have fresh funds of your own.
The criteria is set up in a way that it is tough to beat the system. But there will still be some loopholes and I am not going to be advising on the loopholes.
I realised that even the suggestion I made earlier is possibly wrong. If you take the money out of the business after taxes, it is the equivalent of you taking remuneration from the business. And so, that cannot be part of your investment. Apologies for that.
For your case, you are switching from T1GE to T1E. Which means you only need to show access to funding, not actual investment (obviously it is easier for the next extension if you show investment).
If you will have the money in your account for 90 days before application, you could use the money to show access to fund
. But that will only buy you time. You will still need to find 50K of your own funds in the next three years as new investment.
So, sorry, even if I congratulate you on having a good business, there is no easy way out that I can see to avoid having some new money of your own.
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.