Switching from Tier 2 General to Tier 1 Entrepreneur

[Mirrott]

Hi,

I am currently on a Tier 2 General visa which I have recently acquired. At the same time, a friend of mine and I have been working on a business idea, for which we'll soon be seeking an investment of £100k. Therefore, I should be able to satisfy the Tier 1 Entrepreneur eligibility criteria by having £50k investment from a registered venture capitalist.

I am currently considering the possibility of switching to the Entrepreneur visa, but have a few concerns that I would like to address.

1. How could I acquire the investment while still on the Tier 2 visa, given that I cannot own a business while sponsored by my current employer? That's a condition under Tier 2 General, which to me, seems to create a Chicken & Egg problem here.

2. What happens if after I switch to Tier 1 Entrepreneur, the company collapses?

3. Is it too risky? The business idea we're working on sounds brilliant, and the cash flow forecasts look extremely healthy while also very conservative. Yet, I am concerned about it being too risky to leave my Tier 2 sponsor. This kind of follows the last question, what if the company fails? What can I do then?

Thanks!

[Lucapooka]

1. The VC firm would only release the money to you after the leave to remain in that category were granted.
2. You would have change your immigration status if you hoped to remain in the UK
3. Is what too risky? If you are referring to the entity that you have not specified, then who could possibly say?

Why don't you simply remain on T2 and the director of the business venture? You can be a director as that is not considered as employment.

[Mirrott]

1. The VC firm would only release the money to you after the leave to remain in that category were granted.

I understand that, which is why I ask the question. I can't apply for Tier 1 Entrepreneur before I get the investment, but I can't ask for investment before I'm even allowed to run a business. At least that's what I understand.[/quote]

2. You would have change your immigration status if you hoped to remain in the UK

Sure. Does UKBA allow a specific number of days/months for the applicant to resolve this, before requiring the person to leave the UK?

3. Is what too risky? If you are referring to the entity that you have not specified, then who could possibly say?

I meant the risk of leaving the Tier 2 Sponsor for Entrepreneurship. This really follows the last question, as I said just wondering how serious a situation it would be if the company failed.

Why don't you simply remain on T2 and the director of the business venture? You can be a director as that is not considered as employment.

Am I allowed to own another business under T2? I seem to have been under the [maybe wrong] impression that I can't own another business while sponsored.

Thanks.

[Lucapooka]

The overwhelming majority of T1 (ent) applications are made before the company or the investment has been made and before the applicant is inside the UK. The only exceptions are those made by PSW migrants who wish to switch, in which case the business has to be established and trading. In no cases does the investment have to be made before the application.

Owning a UK business is not related to immigration status. Indeed, many UK companies are owned by people who have no UK immigration status. I think you are confusing ownership/directorship with employment. There are restrictions on your employment under T2.

Would you consider reading the T1(ent) guidance as it's clear that you have not yet done so?