Can I show the money I earn through my registered company?

[sk10aaa]

Hello,

I'm currently on PSW visa. I have registered a company and working for that company. To apply for Tier 1 Entrepreneur, it says 50K is needed as investment. I earn 5k Pounds a month and take that money for my expense. Assume that after 10 months, my company gross sales is above 50K, can I apply for Tier 1 Entrepreneur Visa? (Even if 50k is not maintained in the account).

Please advice.

[Lucapooka]

You need to show that you have 50K at the time of applying, and then invest that sum (or a sum from another source) into that business. You can't simply make an operating profit of 50K and declare that as the investment. The 50K sum needs to be seeded.

Obviously, if you are able to earn 50K and take that out of the company, that money can be invested in the company, but you would have to earn this money in the first 3 months of operating, as that is the threshold period for applying for PSW.

[sk10aaa]

thanks for your reply

[James.Dunlop]

Hi

In order to take the money out of the company you will first need to pay tax.

If you dont have other funds, but are making £5k pcm pre tax
a) How much can you save on a post tax basis pcm?
b) When does your visa expire?

workpermit.com has a lot of experience with contractors who want to take this route. Once we determine if there is a way it can work, we can help with the application and structure

Kind regards


James

[sk10aaa]

Thanks for you reply.

I take a net salary of 1500. After tax I shud say I'm able to save 2k post tax. My Visa expires Dec 2013

[James.Dunlop]

Hi

On that basis, you will save c£26k by the time your visa expires.

It sounds asif you would need external funding to some extent unless you already have c£20-24k in hand

Do you expect your rate to increase over the next year?

Kind regards


James