Tier 1 entreprenuer extension

[Humaira06]

Hi

I need some advice please, i have been on Tier 1 3year route, my extension is due in May 2021, i want to get some advice please:

1: The company i was using while this 3year time period has gone bankrupt as business went downhill and it happened around Sep, Oct time last year, I became a director of a new company and took over a business for extension in June 2020, how will i justify about the previous company if asked?

2: For the extension do I have to show £50,000 investment?

3: Do I still have to submit a business plan when applying for extension?

4: Can I.T and networking be included as future business plan extension?

Need your support, thanks.

[zimba]

1: The company i was using while this 3year time period has gone bankrupt as business went downhill and it happened around Sep, Oct time last year, I became a director of a new company and took over a business for extension in June 2020, how will i justify about the previous company if asked?

No, but if you take over a business, you must provide extra evidence to satisfy the rules as per the Tier 1E guide.

2: For the extension do I have to show £50,000 investment?

Yes. Either in the old business or the new one.

3: Do I still have to submit a business plan when applying for extension?
4: Can I.T and networking be included as future business plan extension?

There is no requirement for a business plan however the genuineness test applies. So the UKVI expects you to prove that you are running a genuine business and you did not just use the new business to stay in the UK

[Humaira06]

Thankyou for the reply, helped alot..

[Humaira06]

As you mentioned 'extra evidence' what does that include?

[marcnath]

As you mentioned 'extra evidence' what does that include?

It is specified in the guidance. It relates to employment before you took over

[Humaira06]

It was a family run business before we took over..

[zimba]

It was a family run business before we took over..

Read the guide. You are required to provide specific documents if you have taken over a business

[Humaira06]

Hi Zimba

I am bit confused, i was on graduate entreprenuer for 2years and then switched to tier 1 enterprenuer 3years which is about to end in May'21, does my graduate enterprenuer count towards tier 1 3years to make it 5years and apply for ILR, someone said it does, i want to double check please..

[zimba]

Hi Zimba

I am bit confused, i was on graduate entreprenuer for 2years and then switched to tier 1 enterprenuer 3years which is about to end in May'21, does my graduate enterprenuer count towards tier 1 3years to make it 5years and apply for ILR, someone said it does, i want to double check please..

NO. PLEASE READ THE Tier 1 GUIDE

https://assets.publishing.service.gov.u ... -_v.25.pdf

[Humaira06]

Hi Zimba

I have 2 full time staff employed, they are Spanish nationals and are on Pre-settled status, will they counted as 2 full time settled workers?

[zimba]

Hi Zimba

I have 2 full time staff employed, they are Spanish nationals and are on Pre-settled status, will they counted as 2 full time settled workers?

Yes
uk-tier-1-entrepreneur-visas/pre-settle ... l#p1998236

[Humaira06]

Thankyou!

[Humaira06]

Hi Zimba

I have got 4weeks left to apply for my extension on 21st of may, please can you give me guideline of the documents that i need to compile, your help will be much appreciated.

[zimba]

Hi Zimba

I have got 4weeks left to apply for my extension on 21st of may, please can you give me guideline of the documents that i need to compile, your help will be much appreciated.

Refer to the Tier 1E guide on what documents are required. I stressed this above

[Humaira06]

Hi Zimba

My company's corporation tax is due in June next month and i have to submit visa next week on 21st of may, ive only got quaterly VAT returns at the minute, will it be okay to submit VAT returns as corporation tax isnot due yet.

[zimba]

Hi Zimba

My company's corporation tax is due in June next month and i have to submit visa next week on 21st of may, ive only got quaterly VAT returns at the minute, will it be okay to submit VAT returns as corporation tax isnot due yet.

There is no requirement to submit such evidence. REFER TO THE GUIDE

[Humaira06]

Can Rent be included in £50,000 investment under expenses?

[marcnath]

Can Rent be included in £50,000 investment under expenses?

The question is not clear.

Investment is money INTO the business.

Rent is money OUT OF the business.

Have you been paying rent from your own pocket instead of the business bank account?