Cancelling the directors loan

[grreg]

I first applied for a Entrepreneur visa in June 2012 and at that time there was no requirement for a business plan to be submitted.

I have a renewal due soon and I'm confused whether I need to send a business plan with the extension application. Can anyone clarify? Or is it not required because the 'genuine entrepreneur test' doesn't apply?

Thanks in advance.
Greg

[marcnath]

The genuine entrepreneur test applies for extension also. There is a section entitled exactly that in the guidance - Genuine Entrepreneur Test – Extension Application

But there are no specified documents for that - just the criteria that they use and up to you whether you feel a business plan is needed.

Personally, unless you have changed your business and don't have a track record in the new business, I do not think a "business plan" is needed.

[zimba]

No. Read the official guide

[grreg]

I am on the 200k route and got my first T1 Entrepreneur visa in 2012.
I am applying for a 2nd extension now. I invested the money using a directors loan.
Can I repay the DL before I transfer to ILR, or is it required to remain there while I am subject to the T1 Entrepreneur visa rules?

Reading the Guidance and Immigration rules has made me wonder. I had previously assumed (perhaps incorrectly) that the loan can not be repaid until I get ILR?

Thanks

[marcnath]

I am on the 200k route and got my first T1 Entrepreneur visa in 2012.
I am applying for a 2nd extension now. I invested the money using a directors loan.
Can I repay the DL before I transfer to ILR, or is it required to remain there while I am subject to the T1 Entrepreneur visa rules?

Reading the Guidance and Immigration rules has made me wonder. I had previously assumed (perhaps incorrectly) that the loan can not be repaid until I get ILR?

Thanks

The general idea is that you should keep it invested.
Though you are right in that there is no explicit requirement to do so in the immigration rules/guidance that I have been able to spot either.
And you will not be submitting any business related documents for your ILR, so the CW is going to need to get the information from other sources.
I would think it is safe to pay back if the business has made enough money to pay back the loan. If not, you may fall foul of the condition below in the guidance:

we may curtail your leave if the funds you have used to apply cease to be available to you (unless you have spent them in the establishment or running of your business or businesses).

This gives them the ability to curtail your leave if you just pay back the DL.