Cool Off Period for Tier 2 ICT to Tier 1 Entrepreneur visa

[monica123]

I currently in UK on a Tier 2 ICT visa from 2014. Currently preparing myself to identify a business, funds etc towards getting converted to Tier1 Entrepreneur visa.

In this regard, I would like to know if this application can be made while Iam stll in UK on the Tier 2 ICT visa and if any cool off period is in place while I make the visa conversion.

Please let me know your advice.

[CR001]

Yes you can switch in the UK if you meet all the requirements.

No there is no cooling off period. The cooling off period is specific only to Tier 2 ICT and Tier 2 General visas.

[monica123]

Thanks for your reply.

Further, I intend to invest in an existing UK business to get this visa switch done. Can you please let me know if I need to show the Business Bank account of the business with the 200K as a proof of my investment to this business / any other documents to make this claim for the investment made.

[zimba]

Start with the official Tier 1E guide

https://www.gov.uk/government/publicati ... trepreneur

[monica123]

Thanks for your reply.

I plan to invest in a Large Wholesale Food & Consumer sales organization. Is there any category of industry only which will be accepted for investment and does the 200K GBP a mandate even for investment to existing industry.

[marcnath]

Thanks for your reply.

I plan to invest in a Large Wholesale Food & Consumer sales organization. Is there any category of industry only which will be accepted for investment and does the 200K GBP a mandate even for investment to existing industry.

As Zimba said, read the guidance. There are very few restrictions on what business you can do - the main one being property related business

[monica123]

Hi all,

As per the guidelines for the Tier 1 visa have managed to pool third party funding for the £ 200,000.

1. I have pooled the 200 k from 5 different third party sponsors. So will this be accepted by the home office?

2.I understand that i can do the application immediately after receiving the declaration from the third parties without waiting for 90 days. Please confirm.

3. In this case how long do the third parties need to hold the funds in their accounts after the visa application has been made?

4. As per my business plan, i plan to invest 70k in the first 3 months after starting the company and then 50k each in the next three quarters. In this case do the third parties have to hold the funds in their bank accounts?

5. I understand that the third party need to submit their declaration and bank statement as proof towards the application process. Do we need any other supporting documents from the third party?

Thanks.

[marcnath]

Hi all,

As per the guidelines for the Tier 1 visa have managed to pool third party funding for the £ 200,000.

1. I have pooled the 200 k from 5 different third party sponsors. So will this be accepted by the home office?

Not sure what you mean by 3rd party sponsors. As long as they are giving the money to you, no issues. They can't be investing in their own name.

2.I understand that i can do the application immediately after receiving the declaration from the third parties without waiting for 90 days. Please confirm.

Yes, no need for 90 days

3. In this case how long do the third parties need to hold the funds in their accounts after the visa application has been made?

Until it is invested on your behalf into the business

4. As per my business plan, i plan to invest 70k in the first 3 months after starting the company and then 50k each in the next three quarters. In this case do the third parties have to hold the funds in their bank accounts?

Yes, until it is invested.

5. I understand that the third party need to submit their declaration and bank statement as proof towards the application process. Do we need any other supporting documents from the third party?

Just the ones specified in the guidance

[monica123]

Thanks for your response.

One of my investor has mentioned that he cannot hold the funds for 1 year till I will need the money. In this case, can I change the investor after 1 year or will have to seek all the 200K from the same investor who have guaranteed during start of project.

[marcnath]

Thanks for your response.

One of my investor has mentioned that he cannot hold the funds for 1 year till I will need the money. In this case, can I change the investor after 1 year or will have to seek all the 200K from the same investor who have guaranteed during start of project.

Third party funding is not meant for investors. It is meant for someone (such as your parents) to give you the money to start off the business.
I'll reiterate that the investment has to be in your name. You will need to show the transfer of money from your PERSONAL bank account to your business account.
So, the "investor" will need to first transfer the money to your personal account and then you have to move it to the business account.