Tier 1E Settlement conditions after 2 yr extension

[softwareluv]

As I understand we still need to have 50k invested and also 2 employees hired for 1 year while applying for ILR.
If I introduce my wife to be shareholder, do I need to hire more employees and invest more money?
Initial 50k investment was from my account so I guess that stays as it is so I dont need to invest more money.
How about employees?
My visa got approved in March. So its been only 3 months employment for each employee. If I introduce my wife as secretory/shareholder(not director), does it mean I will need to hire more employees? Even though my wife joins business now, employees have been in business since 2-3 years now.

[marcnath]

As I understand we still need to have 50k invested and also 2 employees hired for 1 year while applying for ILR.
If I introduce my wife to be shareholder, do I need to hire more employees and invest more money?
Initial 50k investment was from my account so I guess that stays as it is so I dont need to invest more money.
How about employees?
My visa got approved in March. So its been only 3 months employment for each employee. If I introduce my wife as secretory/shareholder(not director), does it mean I will need to hire more employees? Even though my wife joins business now, employees have been in business since 2-3 years now.

Since points were already awarded for the 50K investment when you got your extension, there is no need to invest any more and you don't have to provide the evidence again.
The job requirements don't change. It has to be two employees (who are paid regular PAYE from your business) for 12 months each. The employees have to be settled workers.
Additional secretary/shareholder/director does not meet the condition - whether it is your wife or anyone else. If they are not settled workers and they are not paid as normal employees (with PAYE, NI, etc as per HMRC rules) they don't count.

[softwareluv]

No. you didnt understand my point. I am not hiring my wife as employee. I am just making her as shareholder so she can get dividends from my company. She is not going to work for my company. just shareholder.

With regards to employment condition. what I was asking is, if my wife becomes say 50% share holder. does it mean I will need to hire more 2 employees to satisfy the employment condition?

Since she will be 50% shareholder, does it mean that one of the 2 employees become her contribution in business so I have to hire 2 more candidates to fulfil my contribution? I hope you getting my point.

[marcnath]

No. you didnt understand my point. I am not hiring my wife as employee. I am just making her as shareholder so she can get dividends from my company. She is not going to work for my company. just shareholder.

There are no restrictions to adding shareholders, directors, etc. You just need to be Director yousrself.

With regards to employment condition. what I was asking is, if my wife becomes say 50% share holder. does it mean I will need to hire more 2 employees to satisfy the employment condition?

Since she will be 50% shareholder, does it mean that one of the 2 employees become her contribution in business so I have to hire 2 more candidates to fulfil my contribution? I hope you getting my point.

This has no impact as long as you are the only Tier 1 entrepreneur claiming points for that job creation.

[zimba]

Adding a shareholder has no influence on the employment your business creates, unless they are on payroll.

[softwareluv]

So if I make my wife as shareholder, I dont need to hire more employees right? Existing 2 employees are still enough to earn points for employment creation for settlement application?

[zimba]

No need to create more jobs

[softwareluv]

Hi Zimba. Thanks for clarifying this. Very much appreciated.

May be I can ask another question in same thread.

If I go for 10 yr long residency route, is it true that my dependants will have to wait another 5 years after I get ILR to apply for their settlement?

[zimba]

They have to vary to FLR(M) which means they either must wait for 5 years or complete their 10 years long residence to be eligible for ILR