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Urgent Advice needed?

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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mdomarfaruk
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Joined: Sun Nov 27, 2016 6:23 pm

Urgent Advice needed?

Post by mdomarfaruk » Sun Nov 27, 2016 8:33 pm

Dear respected seniors,

I am on 50,000 route. I got visa on 15th January 2015 (Pre April 2014). Going to apply for extension first week of January 2017.

Job Creation Scenario:

Employee 1: Marketing Assistant (ILR Holder)
Part time: 100hrs/month
worktime: March 2015 - June 2015 (3month) = 100*3 = 300 hrs

Employee 2: Web Developer (British Citizen)
Fulltime: 130hrs/month
Worktime: June 2015 to till now, so after Dec will be 19 month in total. = 19*130 = 2470hrs

Employee 3: Graphic Designer (Italian Citizen)
Fulltime: 130hrs/month
Worktime: june 2016 to August 2016 = 3*130 = 390hrs

Employee 4: Graphic Designer (British Citizen)
Fulltime: 130hrs/month
Worktime: Sep 2016 to till now, so after Dec will be 4 month in total. = 4*130 = 520hrs

In total = 3680 hrs which well above the equivalent of 3120hrs.

Question 1: as a pre april 2014. do i meet the job creation requirements? Bit confused? Please advice me?

Investment Scenario via Director Loan:

Transfer 1: £10,000 feb 2014
Transfer 2: £4,000 Dec 2014
Transfer 3: £10,000 Mar 2015
Transfer 4: £10,000 Mar 2016
Transfer 5: £10,000 Aug 2016
Transfer 6: £6,000 Oct 2016

My Financial Account year Start and End from December - November.

All of the transfer fall in to different Financial year. and I have seen that first two year accounts doesn't show the as a director loan and under my name.

Question 2: Could you please advice me, is it okay if third year account shows the all director Loan amount? How do i do the DL agreement for all 6 transfer? Is okay to make one agreement saying 50,000 and dated before the first transfer?

Account Scenario:
My company first year was in loss of £6600 and Second year was in loss of £2800 and this is the third year approximately profit will be £2000. But I have taken the director Salary £800 each month through out the three years. I paid approximately £28,000 staff salary in 3 year apart from other expenses.
Question 3: Please advice me after assessing the scenario, did I met the investment Requirements? or Do i need to inject more money as a director Loan.

Please advice me specially Zimba.

Thank you in advance.

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Zimba
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Re: Urgent Advice needed?

Post by Zimba » Sun Nov 27, 2016 9:15 pm

I am on 50,000 route. I got visa on 15th January 2015 (Pre April 2014). Going to apply for extension first week of January 2017.
How ? Did you apply successfully before 6 April 2014 ??
Question 1: as a pre april 2014. do i meet the job creation requirements? Bit confused? Please advice me?
Yes, based on what you wrote you have enough full-time hours
Question 2: Could you please advice me, is it okay if third year account shows the all director Loan amount?
Sending last year accounts is fine + all the business bank statements showing the transfers
How do i do the DL agreement for all 6 transfer? Is okay to make one agreement saying 50,000 and dated before the first transfer?
Yes
My company first year was in loss of £6600 and Second year was in loss of £2800 and this is the third year approximately profit will be £2000. But I have taken the director Salary £800 each month through out the three years. I paid approximately £28,000 staff salary in 3 year apart from other expenses.
Question 3: Please advice me after assessing the scenario, did I met the investment Requirements? or Do i need to inject more money as a director Loan.
If in any year, you paid yourself money from your investments rather than your turnover, then it will not be counted
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

Mrchaany
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Re: Urgent Advice needed?

Post by Mrchaany » Sun Nov 27, 2016 9:16 pm

Director salaries will be excluded from investment which means you need to calculate all the director salaries.
I think you took £800.00 every month in last three years so 800x36=28800.
You will put all those money back to your investment
Strong commitment, extreme faith and honesty will recognize your existence.

mdomarfaruk
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Posts: 15
Joined: Sun Nov 27, 2016 6:23 pm

Re: Urgent Advice needed?

Post by mdomarfaruk » Sun Nov 27, 2016 9:56 pm

Thank you for your valuable comments.

sorry, typing mistake, I got visa on 15th January 2014 (Pre April 2014).

Let Me explain it bit better:
My business Account final balance showing £31,000

First Year Loss: £6600
Second year Loss: £2800
Third year: No Loss

That means, Do I need to Put £6600+£2800 = £9400 as a director Loan to cover up?
I am bit confused, I have spent on Rent+Staff Salary+Buying Software+Furnitures from the Revenue and Investments.

I worried, what is right things to do now? My final year account closing date on 30th Nov 2016.

Please advice

mdomarfaruk
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Posts: 15
Joined: Sun Nov 27, 2016 6:23 pm

Re: Urgent Advice needed?

Post by mdomarfaruk » Mon Nov 28, 2016 9:26 am

Please advice, I am running out of time.

Thank You

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aby00156
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Re: Urgent Advice needed?

Post by aby00156 » Mon Nov 28, 2016 9:51 am

mdomarfaruk wrote:Thank you for your valuable comments.

sorry, typing mistake, I got visa on 15th January 2014 (Pre April 2014).

Let Me explain it bit better:
My business Account final balance showing £31,000

First Year Loss: £6600
Second year Loss: £2800
Third year: No Loss

That means, Do I need to Put £6600+£2800 = £9400 as a director Loan to cover up?
I am bit confused, I have spent on Rent+Staff Salary+Buying Software+Furnitures from the Revenue and Investments.

I worried, what is right things to do now? My final year account closing date on 30th Nov 2016.

Please advice
From what I understand is if your turnover of the financial year is more than the total directors salary of that year then you are fine.

Profit or loss does not matter for Tier 1 Ent visa.
So verily, with every difficulty, there is relief.

Kerim90
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Re: Urgent Advice needed?

Post by Kerim90 » Mon Jan 16, 2017 2:02 pm

I had a chat with one lawyer and he said for tier1 Entrepreneur extension the company overall must be in profit. Applicant will have a problem if the company is in loss.
Please advise if anybody got the extension with loss .
thanks


aby00156 wrote:
mdomarfaruk wrote:Thank you for your valuable comments.

sorry, typing mistake, I got visa on 15th January 2014 (Pre April 2014).

Let Me explain it bit better:
My business Account final balance showing £31,000

First Year Loss: £6600
Second year Loss: £2800
Third year: No Loss

That means, Do I need to Put £6600+£2800 = £9400 as a director Loan to cover up?
I am bit confused, I have spent on Rent+Staff Salary+Buying Software+Furnitures from the Revenue and Investments.

I worried, what is right things to do now? My final year account closing date on 30th Nov 2016.

Please advice
From what I understand is if your turnover of the financial year is more than the total directors salary of that year then you are fine.

Profit or loss does not matter for Tier 1 Ent visa.

noajthan
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Location: UK

Re: Urgent Advice needed?

Post by noajthan » Mon Jan 16, 2017 2:10 pm

Interesting to know how much that lawyer charged for his 'insights'.

Kindly note, this is not a general "I got extension with loss" topic.

Profitability is not a requirement.
Plenty of examples in forum - search past topics.
All that is gold does not glitter; Not all those who wander are lost. E&OE.

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Zimba
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Re: Urgent Advice needed?

Post by Zimba » Mon Jan 16, 2017 3:09 pm

Kerim90 wrote:I had a chat with one lawyer and he said for tier1 Entrepreneur extension the company overall must be in profit. Applicant will have a problem if the company is in loss.
That is pretty much nonsensical. There is no such requirement
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

babaty2k02
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Nigeria

Re: Urgent Advice needed?

Post by babaty2k02 » Wed Jan 18, 2017 2:52 am

I think its just a scare tactics used by the solicitor for you to 'appreciate' the money he's charging you :)

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