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Venture Capital (VC) funding evidence changes from Jan 2018

Only for UK Tier 1 (Entrepreneur) points system

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marcnath
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Venture Capital (VC) funding evidence changes from Jan 2018

Post by marcnath » Tue Jan 23, 2018 8:55 pm

HO made a small but significant change in the evidence required for VC funding in the January 2018 amendment.

The change is in Clause 45 of Appendix A.

Point (g) was added as below:

(g) if the applicant is claiming points for investment from a venture capital firm, they must also provide an original, dated letter from the venture capital firm, on its headed paper, confirming:
(i) the applicant’s name,
(ii) the date(s) the money was transferred to the applicant or invested in their business, and
(iii) that the venture capital firm was registered with the Financial Conduct Authority on the date(s) in (ii) above;


Also, the Point (h) changed from the earlier 45-SD (iv)
This particular clause has been very subtly but importantly changed in the latest revision - they changed the phrase "....and has not been awarded points in a previous application for having those funds available, he must provide..." to "....and has not been awarded points for those funds in a previous application, they must also provide...".

The removal of the word available, shows they now expect (h) even if you have shown the funds to be available at application.

Clearly, HO is concerned about VC funding because some people have been misusing it. That causes problems for all applicants, unfortunately.

The explanatory notes for the recent changes mentions the following:

Applicants relying on investment from a venture capital firm will now be required to also provide a letter from the firm confirming the date(s) the funds were transferred to the applicant or invested in their business and that the firm was registered with the Financial Conduct Authority at the time. This requirement is added to counter ongoing abuse relating to venture capital funding.
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.

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Re: Venture Capital (VC) funding evidence changes from Jan 2018

Post by Ibru1414 » Wed Jan 24, 2018 4:16 am

What about applicants who are waiting for home office decisions on their initial tier 1 applications? Do they need to take any actions? Thanks

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marcnath
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Re: Venture Capital (VC) funding evidence changes from Jan 2018

Post by marcnath » Wed Jan 24, 2018 6:10 am

Ibru1414 wrote:
Wed Jan 24, 2018 4:16 am
What about applicants who are waiting for home office decisions on their initial tier 1 applications? Do they need to take any actions? Thanks
No proactive actions needed for applications in process.
However,HO can always ask for additional documents and you only need to provide them in that case.
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.

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Re: Venture Capital (VC) funding evidence changes from Jan 2018

Post by Ibru1414 » Wed Jan 24, 2018 6:20 am

Thank you...

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Re: Venture Capital (VC) funding evidence changes from Jan 2018

Post by Hadi2008 » Wed Jan 24, 2018 2:58 pm

What about those applicants who have successfully received extension under this category (through Venture Capital Route) and at the point of ILR application, do they still need this letter from VC, even though the investment (Transferred) has been made in full before Extension application? Is this apply to ILR applicants too?

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Re: Venture Capital (VC) funding evidence changes from Jan 2018

Post by marcnath » Thu Jan 25, 2018 8:18 am

Hadi2008 wrote:
Wed Jan 24, 2018 2:58 pm
What about those applicants who have successfully received extension under this category (through Venture Capital Route) and at the point of ILR application, do they still need this letter from VC, even though the investment (Transferred) has been made in full before Extension application? Is this apply to ILR applicants too?
No, it appears to be only when you are showing VC investment. For ILR, you don't need to produce any investment documents at all.
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.

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Re: Venture Capital (VC) funding evidence changes from Jan 2018

Post by Hadi2008 » Mon Apr 16, 2018 6:25 am

marcnath wrote:
Thu Jan 25, 2018 8:18 am
Hadi2008 wrote:
Wed Jan 24, 2018 2:58 pm
What about those applicants who have successfully received extension under this category (through Venture Capital Route) and at the point of ILR application, do they still need this letter from VC, even though the investment (Transferred) has been made in full before Extension application? Is this apply to ILR applicants too?
No, it appears to be only when you are showing VC investment. For ILR, you don't need to produce any investment documents at all.
Sorry, I have missed your reply and noted with thanks

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Re: Venture Capital (VC) funding evidence changes from Jan 2018

Post by Hadi2008 » Mon Apr 16, 2018 6:31 am

I am due to submit my ILR application in January 2018, I do understand that HO will assess two full time Jobs created for 12 months and will also calculate number of absence which should not be more than 180 day in any 12 months. However, I was just wondering if there is any other major requirements listed that must require my attention, specifically, do I require to submit all 5 years full accounts or atleast 17/18 accounts? I am in discussion with my Accountant who is now preparing our accounts, I just want to make sure the accounts must produce as per the requirement if there is any?

Look forward to your prompt help

Thank you

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Re: Venture Capital (VC) funding evidence changes from Jan 2018

Post by CR001 » Mon Apr 16, 2018 6:38 am

Hadi2008 wrote:
Mon Apr 16, 2018 6:31 am
I am due to submit my ILR application in January 2018, I do understand that HO will assess two full time Jobs created for 12 months and will also calculate number of absence which should not be more than 180 day in any 12 months. However, I was just wondering if there is any other major requirements listed that must require my attention, specifically, do I require to submit all 5 years full accounts or atleast 17/18 accounts? I am in discussion with my Accountant who is now preparing our accounts, I just want to make sure the accounts must produce as per the requirement if there is any?

Look forward to your prompt help

Thank you
This topic was started regarding the VC changes only. It is not a general advice topic to continue asking questions related to job creation or absences.

Kindly start your own topic in the ILR sub forum with your further non VC related questions related to Set(O) ILR.
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Re: Venture Capital (VC) funding evidence changes from Jan 2018

Post by Hadi2008 » Mon Apr 16, 2018 6:39 am

CR001 wrote:
Mon Apr 16, 2018 6:38 am
Hadi2008 wrote:
Mon Apr 16, 2018 6:31 am
I am due to submit my ILR application in January 2018, I do understand that HO will assess two full time Jobs created for 12 months and will also calculate number of absence which should not be more than 180 day in any 12 months. However, I was just wondering if there is any other major requirements listed that must require my attention, specifically, do I require to submit all 5 years full accounts or atleast 17/18 accounts? I am in discussion with my Accountant who is now preparing our accounts, I just want to make sure the accounts must produce as per the requirement if there is any?

Look forward to your prompt help

Thank you
This topic was started regarding the VC changes only. It is not a general advice topic to continue asking questions related to job creation or absences.

Kindly start your own topic with your further non VC related questions.
Noted with thanks. I will create an new topic accordingly.

Cheers

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Re: Venture Capital (VC) funding evidence changes from Jan 2018

Post by CR001 » Mon Apr 16, 2018 6:40 am

Hadi2008 wrote:
Mon Apr 16, 2018 6:39 am
CR001 wrote:
Mon Apr 16, 2018 6:38 am
Hadi2008 wrote:
Mon Apr 16, 2018 6:31 am
I am due to submit my ILR application in January 2018, I do understand that HO will assess two full time Jobs created for 12 months and will also calculate number of absence which should not be more than 180 day in any 12 months. However, I was just wondering if there is any other major requirements listed that must require my attention, specifically, do I require to submit all 5 years full accounts or atleast 17/18 accounts? I am in discussion with my Accountant who is now preparing our accounts, I just want to make sure the accounts must produce as per the requirement if there is any?

Look forward to your prompt help

Thank you
This topic was started regarding the VC changes only. It is not a general advice topic to continue asking questions related to job creation or absences.

Kindly start your own topic with your further non VC related questions.
Noted with thanks. I will create an new topic accordingly.

Cheers
Note my edited post. ILR questions must be asked in the ILR sub forum and not in the Tier 1 Ent sub forum please.
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Re: Venture Capital (VC) funding evidence changes from Jan 2018

Post by Patto » Thu May 03, 2018 12:46 pm

If i dont have maintenace funds for fresh application can vc funding can cover maintenance for fresh application

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Re: Venture Capital (VC) funding evidence changes from Jan 2018

Post by CR001 » Thu May 03, 2018 12:50 pm

Patto wrote:
Thu May 03, 2018 12:46 pm
If i dont have maintenace funds for fresh application can vc funding can cover maintenance for fresh application
No you cannot use VC funds to cover your maintenance. Please continue your questions in your own topic you already have. This topic was started regarding the VC changes only. It is not a general advice topic to continue asking questions related to extension applications.

uk-tier-1-entrepreneur-visas/tier-1-ext ... l#p1629358
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