Tier-1 Entrepreneur visa query

[i_m_in]

Can someone advise me on my following queries please:
1. Can a Tier-1 Entrepreneur visa holder do IT contract jobs in UK? I mean, if I get Tier-1 Entrepreneur visa, and if I am the sole employee and sole director of my UK limited company, then can I do IT contract jobs for other companies by being employee of my own company?
2. I understand that while applying for this visa, I have to prove that I have access to 200,000 pound. My question is:
2 a) I have a UK bank account. Do I have to show 200,000 pound as being present in my bank account? Or, can it be in my friend/relative’s bank account, and I take letter from them that I have access to that money? If it is allowed to let the money remain in friend/relative’s bank account, then does that friend/relative’s account have to be a UK bank account?
2 b) After getting the visa, for how long does one have to keep 200,000 pound in one’s bank account?
Many thanks

[James.Dunlop]

Hi

If you have £200k you are probably in a position to form a consulting business, but you would have to comply with the rules

a) You must actually deploy the £200k in your business. It can not simply be kept in the bank but needs to be used as working capital. The way you describe it sounds asif you might have borrowed money just to show you have it available, and plan to repay it asap, rather than use it in your business

b) A one person IT consultancy would not need £200k working capital (see above)

c) You need to employ 2 local staff, so can not just sell your own time

You can use a friend or relative's £200k with their support, but you must plan to actually use the cash in the business, and deploy it as working capital. Otherwise you and they may be party to a fraud.

If you just want to work as an It consultant, you could work for a consultancy. The rewards are slightly lower, but so are the risks.

If you have a genuine business that meets the criteria, workpermit.com can help

Kind regards


James