Extension business going bankrupt..looking for options

[HappyChap2021]

would appreciate any advice on this one:
I established a car maintenance business and managed to meet all critirea to get the extension.. i kept the business for 7months after the extension with one employee. now after 7months i have no option but to close the business as i am loosing a lot of money and cant sustain.
What are my options given my ILR application is in 12 months?
Can i establish a total new business ? thinking of somethign in food hospitality with low cost, and hiring two staff.
can i make use of the 7months i had hired an employee in my old business, so i only need to hire one employee for 5months (to make up for the 12 month requirments for ILR?)
What is the current minimum monthly wage (need to make calculation to see how much the 12 months of employee 2 will cost me).
any other idea would be very much welcome. thank you all in advance.

[marcnath]

would appreciate any advice on this one:
I established a car maintenance business and managed to meet all critirea to get the extension.. i kept the business for 7months after the extension with one employee. now after 7months i have no option but to close the business as i am loosing a lot of money and cant sustain.
What are my options given my ILR application is in 12 months?
Can i establish a total new business ? thinking of somethign in food hospitality with low cost, and hiring two staff.
can i make use of the 7months i had hired an employee in my old business, so i only need to hire one employee for 5months (to make up for the 12 month requirments for ILR?)
What is the current minimum monthly wage (need to make calculation to see how much the 12 months of employee 2 will cost me).
any other idea would be very much welcome. thank you all in advance.

Yes, you can establish a totally new business.
Unfortunately you cannot use the 7 months as the requirements specify that the "job" has to exist for 12 months and in this case it won't.
Minimum wage can be found at https://www.gov.uk/government/publicati ... ge-in-2023
You don't have to necessarily close the business. You can just change what the business does e.g. food hospitality. In that case, it may be possible to use the 7 months if the role remains the same. e.g sales person or administrative staff.

[HappyChap2021]

thank you very much for your swift response. always apprecaited.
Do i have to justify the application with a new business when the ILR time comes? most likely it will have a different name and company registration.

[amit9827]

I am not an expert but I think may be you can keep the same company name and start a new division dealing into Hospitality Sector.

[marcnath]

thank you very much for your swift response. always apprecaited.
Do i have to justify the application with a new business when the ILR time comes? most likely it will have a different name and company registration.

No

[zimba]

The OP already has a thread on the ILR forum: indefinite-leave-to-remain/applying-for ... 41366.html