Tier 1

Hi Everyone,
I am from India doing ACCA in UK. Me and my friend who is a british citizen, we are planning to start an Accounting firm after i finish my ACCA. Could anyone tell me what is the next thing i should do?
Thanks in advance.

Godwinc46 wrote:Hi Everyone,
I am from India doing ACCA in UK. Me and my friend who is a british citizen, we are planning to start an Accounting firm after i finish my ACCA. Could anyone tell me what is the next thing i should do?
Thanks in advance.

Research.

I did some research. https://www.gov.uk/tier-1-entrepreneur/overview. I have read this but one of my friends told me that it is not easy to get tier 1 to start an Accounting firm he also told me that i need to complete a degree from UK before i apply. I could not find these things in the link which i mentioned.

Are there any changes to Tier 1 rules ? a friend of mine told me they are putting up Visa controls on Indian applicants. ?

Godwinc46 wrote:I did some research. https://www.gov.uk/tier-1-entrepreneur/overview. I have read this but one of my friends told me that it is not easy to get tier 1 to start an Accounting firm he also told me that i need to complete a degree from UK before i apply. I could not find these things in the link which i mentioned.

Tier 1 is not an 'easy' route to UK.

To practise as an accountant in UK you would have to meet UK regulatory/licensing requirements for accountants - whatever they may be.
Suggest start with appropriate professional body to find out.

I am a qualified accountant from India, and ACCA UK would make be eligible to work as an Accountant in UK. My friend is also a qualified accountant. We also have the required experience. I am sure we meet all professional body requirements.

Godwinc46 wrote:I am a qualified accountant from India, and ACCA UK would make be eligible to work as an Accountant in UK. My friend is also a qualified accountant. We also have the required experience. I am sure we meet all professional body requirements.

Great! Now start reading the guide and see the requirements: https://www.gov.uk/government/publicati ... trepreneur

Thank you for your reply.
i have been reading the guidlines and i have a doubt. I have got a business partner who is a British citizen so does he come under Entrepreneurial team ? What will be the amount of Investment i will be required to show ? is it 200k pounds or 100k pounds
Thanks in advance

No, a British Citizen is not considered part of the entrepreneurial team as they don't require a visa or need to meet immigration rules.

You would require £200k.

Thank you so much for your reply, i have got two doubts. One, is it necessary to show on my name or can i show it in my Dad's name? second, my friend has already registered his firm here, so when i apply for tier 1 which is good should i create a new company to acquire the existing firm or should i join as a partner in his firm ?

Thanks in advance

Could someone please clear my doubt ?

Godwinc46 wrote:Thank you so much for your reply, i have got two doubts. One, is it necessary to show on my name or can i show it in my Dad's name? second, my friend has already registered his firm here, so when i apply for tier 1 which is good should i create a new company to acquire the existing firm or should i join as a partner in his firm ?

You should have access to the money, if you are getting it from your dad then he is a third party (read on it in the guide)
You also have both the option of joining him in the UK or start a new company.

Thank you Zimba, If i am joining his business i will have to contribute to the capital and goodwill, is this included in £200k investment ?. When i read the guide i found this "
buying the business from a previous owner, where the money ultimately goes to
that previous owner (irrespective of whether it is received or held directly or
indirectly by that previous owner) rather than into the business you have bought.
This applies regardless of whether the money is channelled through the business
en route to the previous owner. For example, by means of you or your business
purchasing ‘goodwill’ or other assets which were previously part of the business
you have bought,"

Sir, I have one more doubt what is the difference between tier 1 General visa and Tier 1 Entrepreneur visa. When i searched internet i could not find any differences but the IELTS score requirements are different for each visa.
thanks for your help

Godwinc46 wrote:Sir, I have one more doubt what is the difference between tier 1 General visa and Tier 1 Entrepreneur visa. When i searched internet i could not find any differences but the IELTS score requirements are different for each visa.
thanks for your help

Tier 1 General is no longer available. It was closed in April 2015.

Thank you Zimba, If i am joining his business i will have to contribute to the capital and goodwill, is this included in £200k investment ?. When i read the guide i found this "
buying the business from a previous owner, where the money ultimately goes to
that previous owner (irrespective of whether it is received or held directly or
indirectly by that previous owner) rather than into the business you have bought.
This applies regardless of whether the money is channelled through the business
en route to the previous owner. For example, by means of you or your business
purchasing ‘goodwill’ or other assets which were previously part of the business
you have bought,"

That means buying a company from someone else. In your case you are going to join and invest him not to buy the business from him

Godwinc46 wrote:Thank you Zimba, If i am joining his business i will have to contribute to the capital and goodwill, is this included in £200k investment ?. When i read the guide i found this "
buying the business from a previous owner, where the money ultimately goes to
that previous owner (irrespective of whether it is received or held directly or
indirectly by that previous owner) rather than into the business you have bought.
...

Purchasing 'goodwill' is instant #fail.

Thanks Noajthan, " That means buying a company from someone else. In your case you are going to join and invest him not to buy the business from him " so it means Capital and goodwill contribution are included in Investment in my case?

Godwinc46 wrote:Thanks Noajthan, " That means buying a company from someone else. In your case you are going to join and invest him not to buy the business from him " so it means Capital and goodwill contribution are included in Investment in my case?

Investing as Director's loan or via shares YES, goodwill and paying previous owners NO

Thanks Zimba Is there any requirement on turnover ? i could not find any such requirements in the guide all i could find is 2 full time jobs and proofs for 200k investment. Is there any other requirements?
i have one more doubt. There is some called "genuine business test" in the guide which you have given me. what does it mean ? there are only few lines under this heading in the guide
Many thanks

Godwinc46 wrote:Thanks Zimba Is there any requirement on turnover ? i could not find any such requirements in the guide all i could find is 2 full time jobs and proofs for 200k investment. Is there any other requirements?
i have one more doubt. There is some called "genuine business test" in the guide which you have given me. what does it mean ? there are only few lines under this heading in the guide
Many thanks

Readily available in public domain!
- an aspiring entrepreneur needs to be up to speed with a good handle on all of this:
https://www.gov.uk/government/uploads/s ... ur-v17.pdf