Tier 1 Entrepreneur Ext - Investment 50K

[chawlarachit]

Hi Guys,

I have to apply for my extension in the next few days and am looking for clarification regarding the proof of investment. I had shown 'access' to funds of £50K in my initial application so I should be showing the 'investment' of funds into the company now. I personally have not been able to put in £50K into the business but have managed to secure an investment of £150K into the company through the SEIS route (http://www.seis.co.uk/).

My question is - can I show this £150K investment to satisfy the £50K investment criteria in my extension application? Or the £50K should be additional from my personal account as a DL?

Looking forward to hearing your views, thanks!

[zimba]

It is against the rules to lose access to the funds you shown in your initial application. You can use SEED fund for your application however you need provide documentary evidence to support your claims. Read the guide

[chawlarachit]

Thanks zimba88.

Sorry I should clarify that the £150K has been invested into the business 20 months back so I did not need to invest my own money during this time. I still have put in around 25-30K into the business and have more money in the form of share capital and unpaid salaries/expenses from the company to me which I manage via the DL account for our financial reporting.

It is a genuine business and I fulfill all the other criteria of employment generation (have 5 FT employees now). So wanted to confirm if I can show the investment of £150K which would simplify the process of showing the investment of funds into the business for the purpose of the extension application. It doesn't need to be personal funds (going from my personal account to business account) and can be sufficed by the investment?