Some questions concerning the first three years.

[zxcv7000]

Dear friends. I’m planning to apply for Tier 1 (Entrepreneur),
Could you help me please, I have some questions to ask concerning the first three years.

1. After I have registered the company, do I have to transfer 200k into the account of my company not later then 6 months?
2. How long do we have to employ two British people – within all three years or within the last 12 months?
3. If I haven’t spent all the amount of 200k within 3 years, but have spent only part of it and the remaining part is still on the account on the company is it acceptable? Sell I been given scores?

Probably these issues have been discussed, so please give the reference.
Thank you in advance.

[Olasunkanmi]

@ zxcv7000,

1. After I have registered the company, do I have to transfer 200k into the account of my company not later then 6 months?
No, you can do the transfer anytime within 3yrs before your extension.

2. How long do we have to employ two British people – within all three years or within the last 12 months?
You can employ the 2 workers at anytime within the 3yrs visa but you will need to have employ the worker/s for at least total of 24months full-time to qualify for extension.

3. If I haven’t spent all the amount of 200k within 3 years, but have spent only part of it and the remaining part is still on the account on the company is it acceptable? Sell I been given scores?
This issue is still not clear, but hopefully HO will make clarification.

[therock]

@Olasunkanmi: I don't agree with your answer to point#2. You need to employee each two persons for 12 months each, not 24 months.

[Olasunkanmi]

@Olasunkanmi: I don't agree with your answer to point#2. You need to employee each two persons for 12 months each, not 24 months.

@ Therock, we are saying the same thing in different ways, if you look at my post you will notice that I typed worker/s. You can employ 2 workers for 12months each or 1 worker for 24months. I hope this clarify my last statement.

[zxcv7000]

Thank you for your explanation.
1. This point is clear.
2. So, within three years it is necessary to employ a worker/workers totally for 24 months and these 24 months can be summed up from any periods of time when they are employed and any number workers is acceptable, as it is seen from the example point 91 Tier 1 (Entrepreneur) Policy Guidance.

3. I ask this question, because there is in point 107 in Policy Guidance:

«If some of the money has been invested into a business in the UK, the balance of funds
must be held in a regulated financial institution and disposable in the UK. In this case you
should use the evidence required for the previous investment of money together with the
evidence required for your access to the balance of sufficient funds to meet the requirement.»

which can be interpreted that the remaining part is still on the account on the company.
What is your opinion?

What other explanations are there to the 1 (Entrepreneur) besides Policy Guidance и Reducing common errors in Tier 1 (Entrepreneur) applications?
Is there FAQ on the forum?

[Olasunkanmi]

@ zxcv7000

3. I ask this question, because there is in point 107 in Policy Guidance:

Paragraph 107 of the policy guidance only applies to those submitting initial application and need to proof that they have invested part of the 50k/200k into an existing business. For extension applicants, its still not very certain if money left in business account will be classed as invested funds or not.


What other explanations are there to the 1 (Entrepreneur) besides Policy Guidance и Reducing common errors in Tier 1 (Entrepreneur) applications?
Is there FAQ on the forum?

Read the section for Tier 1 entrepreneur in the Immigration Rules as well.