1st Limited Co ( Say Co A) Created Jul 2013. Iam the only director
I mentioned in the application that i have plans of doing a few other business activities not shown as a part of the plan on this application, separately on a hand written covering letter and I have given my reasoning. i didn’t say i will open another company. Please note this point *
Funds 50k Shown as My dad holding funds overseas.
Applied for Entrprenur Visa in Dec 2013
Congrats to me - Entrepreneur Visa Received : Feb 2014
Now the play begins:
Co A trading - No Investment done. In Sep 2014 Interacts with a client co xyz . Generates revenue. Xyz pays into Business account of 1st company. Co earns income this way for some time.
In Aug 2015 - 2nd Limited company created ( Co B). again Iam the only director just like the co A. *Please note this co B is not registered within the 6 months of entering the visa. However I did mention as a part of my previous application that I did intend to carry out other business activities which is what Iam doing in co-B. I formed this company as the nature of business activities could be kept separately and at this time I realised I can do multiple business activities by adding codes. However I had created this co by then so I continued with Co B.
I Transferred cash around 35 k from 1st Co-A to my personal bank account. This money transferred has been taxed and corporation tax paid. The money is moved to my personal account in the form of Loan from Co A : What loan is this called : Co-A to personal - Directors loan ?
Then from my personal account I transferred this to my Co-B.
Also I called in 24k funds from overseas into my personal acc and Invested that into the second .
Since my second co was opened in aug 2015 and I have done the investment the way i have explained above. Is that Okay or not ? Its too late for me to undo this as I havent registered the co within 6 months of my visa. However My point is I have my old co to cover that up for points. However My investment is in my second co majorly.
I havent seen anywhere regarding this situation or a scenario. Nor any documentation of multiple cos like the one I have done. Iam new to business and I got caught up in my own world keeping in mind Investment and two employees as min criteria. The two employees are in my new co-B along with me.
Please advise Am I good ? I havent seen any documentation so as to not to do the investement in a second co the way I have done. also they have specified that they understand businesses close and open but we need proof that money is invested. and also a section that the co needs to be registered within 6 months from a specified date - i meet that condition with my first co and I havent closed it. Nowhere it says you cant open a co after 6 months or so. If they understand businesses close and open they should not have a problem with me opening a new co after a year and half I suppose.
So Investment Wise as I have only called in around 25 K from overseas as opposed to 50k as shown in my initial application . Why should this be a problem if I take the funds out of Co A after paying taxes ? and a you can see I didn’t want t bother calling the rest of the funds from overseas as I got this from my own co-A.
Also someone within a circle of friends who appears to be a bit knowledgable proposed why can’t you get this done this way : as if Co A buying co-B. I can still do this as my accounts haven’t been done for the 3rd year for my first co yet.. This way It would look like Co A has brought this Co-B and the investment criteria would be met along with 6 Montsh criteria as Co A Is registered since 2013.
Please advise on all questions I may have asked above at every section . Please
Also Since only 25k Funds were called in - Will Have a problem . Say if i have a problem and I don’t get points for investment and I will be refused. One of them proposed saying within 14 /28 days whatever criteria I have make a fresh Application not for entrepreneur extension but for Initial Application for entrepreneur as the investment is already done in second co B. Is this even possible? Makes sense? Does the Entreprenur Visa initial application route still open ? If yes, Can i apply again as Honestly my funds are all stuck and I have paid a lot of taxes . I feel like a looser and this would be unfair. Ian inexperienced in this business field however i get focussed on to something , that i won’t realise the problems building up or around me until that moment comes in picture as in the case Iam right now. Also Bad experiences with people in this business world kind of slow you down - Well we try doing something with sincerity it doesn’t work I guess
. I was totally ignorant about the 6 months criteria however I feel that should not apply to me as I meet the criteria with my co A but the investment has been done in co B. i can’t do anything as its too late with regards to investment . Please advise. jam really capable of pulling through despite what I have gone through . All My money is genuinely stuck and its unfair If Iam not going to be recovering .
My extension is due in 2 weeks of feb 2017. Iam tired tbh a lots of ups and downs. Mental torture.