Director of 2nd company

[FKS21177]

Hi All.....I am part of entrepreneur team and going to apply for extension in few months. I want to open a new company but not sure if this will make my extension application complicated in any way, I mean do I have to mention both companies/ declare both companies or just the one which I am claiming for extension.

If opening a new company is now not a good move at any way then i can wait and open once extension granted & Also if a open now and employ someone can i claim this employment to fulfil the requirement of 2 jobs after extension or do i have to create new jobs after extension.

please share your valuable input

[FKS21177]

Please share ur views.........

[zimba]

You are allowed to have as many companies as you want under Tier 1E. That should not affect your extension in anyway unless you do something which is not allowed under the rules.
You can hire new employees in your new company but if you want to count them for ILR, you have to wait until your extension is granted.

[FKS21177]

Thanks zimba for your response and help, so there is no mention of 2nd company in the application form ?
and you mean i can hire people now but their employment will only count from the time of extension granted ? or i have to hire fresh employees after extension?

[zimba]

Thanks zimba for your response and help, so there is no mention of 2nd company in the application form ?
and you mean i can hire people now but their employment will only count from the time of extension granted ? or i have to hire fresh employees after extension?

No need to mention the second company if you are not claiming any points from it.
The rule for ILR is that you need extra 24 months of employment after your extension. It can be your current employees working or new employees.

[FKS21177]

Thanks for your reply and clarification Zimba88..... sorry to be pain but last question regarding this, i know there is investment requirement for ILR but if open a new company which i might use for ILR will i still be exempted from investment requirement or i ve to to invest again coz of different company used for ILR which was used for extension ?

Thanks zimba for your response and help, so there is no mention of 2nd company in the application form ?
and you mean i can hire people now but their employment will only count from the time of extension granted ? or i have to hire fresh employees after extension?

No need to mention the second company if you are not claiming any points from it.
The rule for ILR is that you need extra 24 months of employment after your extension. It can be your current employees working or new employees.

[zimba]

i know there is investment requirement for ILR but if open a new company which i might use for ILR will i still be exempted from investment requirement or i ve to to invest again coz of different company used for ILR which was used for extension ?

You do NOT need to demonstrate your investment again in ILR if you got your extension. You do not need to show investment again if you move on to another business, just the job creation matters after extension.

[FKS21177]

Thank you so much Zimba88

i know there is investment requirement for ILR but if open a new company which i might use for ILR will i still be exempted from investment requirement or i ve to to invest again coz of different company used for ILR which was used for extension ?

You do NOT need to demonstrate your investment again in ILR if you got your extension. You do not need to show investment again if you move on to another business, just the job creation matters after extension.