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HNYpiercebody wrote: ↑Wed Jan 09, 2019 6:39 pmHello Macrath & Experts,
With all your support and guidelines I got my Tier 1 Entrepreneur Visa and later I got approved for my family as well and settled in UK and and concentrating full focus on my business. Even though I have long time to worry or plan for the extension I just want to get certain things cleared to avoid any tension/frustration in the last time. I am fully aware of Investing 200K and creating local jobs. I see lot of posts regarding the extension like complex, and takes long time for any further decision making.
Can you please suggest me how the HO decide a business as complex, longer processing time for the extension. If I know these in advance I will make sure to not give any chance in running my business and I am trying to avoid any further interview as well. Running really a successful business with reliable investment and having enough job creations and proper bank accounts and Tax & VAT filing in the best way to save this frustration in the extension time..??
I hope you have seen many cases. In the initial application the HO may suspect everyone and they don't have the proper record to track and differentiate a genuine application and some application for the purpose of staying in the UK. But in the extension it is not going be like this as they have a proper track of any business we do in the UK. Can you please suggest/advise in what ways we keep our business profile as very strong to avoid any inconveniences in the extension.
Appreciate your thoughts from your experience so that I will follow from now onwards to run the business in the proper style to not worry too much about the extension.
Thanks in advance.
piercebody wrote: ↑Thu Jan 10, 2019 10:19 pmThank you Marcnath for your as usual great suggestions. I got your point.
Let us keep this post as a useful note to all Entrepreneurs who is planning ( pre) for their Tier 1 Ent Extension. Experts who got succesfully extended,other experts please correct/add your suggestions. Today I discussed with a solicitor and got few points.
For the Succesful T1 Ent Extension ECO will make the process easier if we follow the below rules/guidelines.
1.Keep your application clean with fewer necessary documents. Dont miss any important document and dont add any document which is not asked or not useful which may add the application to a complex status.
2.HO value your business based on the Tax ( including all Employees, business taxes) you pay back. More you pay you will get more "LOVE"" from HO.
3. VAT also plays as an important factor. I hope all these business payment factors trigger a favour in the visa extension.
4. Try your agreed investment 50K/200K as soon as you can. Dont wait for the last 6 months and transfer to your company which will clearly expose that you invest just for the visa extension.
5. Profit/Loss also plays a major factor. Losses are accpeted but provided with valid explanation from accountant/experts to prove it is as a temporary loss.
6. Try your best to apply with any good experienced solicitor.If you do it on your own you may miss out anything or it may delay your application.
7.Dont travel a lot and stay in other countires to count your 180 days. The more you stay outside may affect in negative way unless your outside stay is a must to run your business.
8.In terms of features, There is no big difference between Tier 1 Investor and Tier 1 Entrepreneur. Tier 1 Ent visa has everything with 10% of the Tier 1 Investor fund and the investment goes to your own business. So the HO office expect the proven business in the extension time rather than trying business.
9.Try to strict with your initial business plan.You are free to start any business but it should be an extra business or initialy you should have tried with the proposed business. If your business plan is about opening an IT company and after the visa if you immediately start a restaurant business it will affect your extension no matter how well your business is running.
9.Keep your credit check at your best without any criminal offenses.
( all the above points given to me from the Solicitor. Please keep adding any extra points or correct anything.)
1. You NEED to transfer 200K from personal account to company account to meet the requirements for extension. There are specific evidence that you need provide depending on whether it is a Director loan or share capital - read the guidance.piercebody wrote: ↑Tue Mar 12, 2019 7:36 pmHi,
I am running my business successfully after the Initial Tier 1 Approval. Now I am thinking of investing 200K now to secure the points in the extension which is due in 2021.
Can you please clear this point as I don't want to make any mistake.
1. Can I transfer 200K from my personal account to my company account as Director Loan/Capital Investment. ( any valid remarks/descriptions to add.?
2.Basically I don't need this fund to be kept in my company bank account for any expansion or additional expenses as everything can be covered with my current sales. If it is case can I take back the money or will it cause a problem again..?? If can be taken back please suggest the best way to do it.
Thanks in advance.
For jobs, it is not about investment. Only jobs created after you were nominated as Director counts.piercebody wrote: ↑Sun Mar 31, 2019 12:38 pmJust want to double confirm this.. I hope the jobs we create before we make an investment of 200K also considered as valid jobs right..?? Or Do we need to create the Jobs after our investment..?
I read this and confused. Please confirm this..
When must the Tier 1 Entrepreneur qualifying jobs be created?
After your start-up or new business is set up, or after you have taken over or invested into an existing business
The jobs are created as a direct result of your £200,000 or £50,000 Tier 1 Entrepreneur investment
Thanks a lot.
You are required to submit FPS submissions and the guidelines specify what information should exist in them - Gross pay, deductions, etc. So, check the documents and choose the one that has all that information as specified.piercebody wrote: ↑Mon Apr 13, 2020 7:34 amHello @Marcnath/Experts,
I am going through the compliances service check in a regular interval to make sure my business follows all the Tier 1 Extension guidelines properly to avoid any last time rush. I have a question about "Real Time Payment FPS Submission".
I am using Xero software for my accounts and my accountant offered the XMl file of FPS submission for each month and HMRC responses. All are XML format and I hope no one can figure out the details from it as it is not easily readable. Can you please help me do we need to submit these XML files..?? or Login to HMRC portal and it has details for the year and for each month it has some details also.
I read failing to submit these causes trouble in the decision. Can you please advise me what is the best format submit with my application..?? So that I will start preparing it for every month to use it in the time of my extension.
Stay safe and thank you all for your great supports.
Unless you are going for accelerated ILR, company Turnover is not a criteria in Tier 1 Entrepreneur route.piercebody wrote: ↑Thu Jul 02, 2020 9:27 pmHi Marcnath & Experts,
I hope you are doing well. I have a basic ( may be one more beginner question again ). Please suggest your best. I am doing my best and invested money and fulfilling the required job specifications for my next year extension with my main company.
Now I have started my second company ( my own brand company) and getting reasonable sales. In the extension time can I show the turnover from both companies or HO will consider only one one company.? I have my investments and jobs on my main company. If they don't consider the sales, VAT, Corp Tax Paying on my second company ( I mean if it don't add any value to my application) I can concentrate/merge most of my sales with my main company.
Please suggest how HO office will consider the applicant activities ( all companies I am being a part) or only one company where my investment and have employment.
Thanks again for your genuine supports.