ESC

Click the "allow" button if you want to receive important news and updates from immigrationboards.com


Immigrationboards.com: Immigration, work visa and work permit discussion board

Welcome to immigrationboards.com!

Login Register Do not show

Investment Deadline in Business

Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.

Moderators: Casa, John, ChetanOjha, archigabe, CR001, push, JAJ, ca.funke, Amber, zimba, vinny, Obie, EUsmileWEallsmile, batleykhan, meself2, geriatrix

Locked
msherazuppal
Newly Registered
Posts: 2
Joined: Sat Sep 16, 2017 2:53 pm
United Kingdom

Investment Deadline in Business

Post by msherazuppal » Tue Sep 19, 2017 4:01 pm

HI

I am going to apply for Entrepreneur visa extension at the end of this month September 2017. My question is that is there any specific time in which you have to invest in the Business after getting the first entrepreneur visa.

Actually i invested first £31000 in first six month in my own company and remaining £19000 i paid as a deposit money just before the 1st accounting year end. The problem is that i paid that deposit money from my personal account on behalf of company rather than transferring it to the Company then to the seller which i think UKBA will not accept.
My company paid me Dividend but i never withdraw any money from the company and now at the end of 3rd accounting year company owe £13,000 to Director(Me). Can i Withdraw that from company and Transfer £19000 now after three year in the company. If if will invest £19,000 now then it will exceed my loan liability to £69,000.

Short question. Will UKBA accept this £19000 as the Initial invest in the Business for Entrepreneur Visa extension.
I am running my accountancy firm from home and have practicing certificate and all related documents.

If any one of you have any idea please share it with me.

User avatar
marcnath
Moderator
Posts: 6493
Joined: Tue Jul 03, 2012 3:27 pm
Location: Milton Keynes
United Kingdom

Re: Investment Deadline in Business

Post by marcnath » Tue Sep 19, 2017 9:10 pm

Quite confusing post but let me try and guess what you are asking.
msherazuppal wrote:
Tue Sep 19, 2017 4:01 pm
Actually i invested first £31000 in first six month in my own company and remaining £19000 i paid as a deposit money just before the 1st accounting year end. The problem is that i paid that deposit money from my personal account on behalf of company rather than transferring it to the Company then to the seller which i think UKBA will not accept.
Deposit for what ? And who is the seller ? Did you buy the business from someone else ?
Yes, UKVI is expecting readily identifiable transactions into the business account to give you credit.
Of course, you can have the 19000 as share capital and then you don't need to provide any evidence of funds transfer.
msherazuppal wrote:
Tue Sep 19, 2017 4:01 pm
My company paid me Dividend but i never withdraw any money from the company and now at the end of 3rd accounting year company owe £13,000 to Director(Me).
Again very confusing.
As far as I am considered, Dividend is just one way of withdrawing money from the company. Also, if the company only owes you 13,000 then it appears you have drawn down your Director loan. I hope your company has been making enough money to have paid back the director's loan - otherwise it may be discounted from your investment.
While the immigration rules do not set this out as a requirement, it would be safer to have the 50,000 still shown as Director loan amount in your accounts at the extension application.
msherazuppal wrote:
Tue Sep 19, 2017 4:01 pm
Can i Withdraw that from company and Transfer £19000 now after three year in the company. If if will invest £19,000 now then it will exceed my loan liability to £69,000.
Again, if the company has been making enough money, it should be ok for you to be paid salary/dividends from the company funds and then invest that.
But remember that there is a condition attached to your initial grant of T1E visa. And that is that the funds you showed should have been available to you until it is invested into the company.
So, if UKVI does not recognise the first 19,000 as your investment, then you should have had access to that money until now. And obviously you don't - if you did, you would need to withdraw the money to make the investment.
msherazuppal wrote:
Tue Sep 19, 2017 4:01 pm
Short question. Will UKBA accept this £19000 as the Initial invest in the Business for Entrepreneur Visa extension.
Back to my earlier comment, issue yourself shares worth 19000 and it should be acceptable.
In general, showing evidence for share capital is a lot easier - only the accounts is needed.
My comments are in no way meant to be advisory. I have no professional knowledge of immigration. These are based on my own experience, convictions and personal interpretation of publicly available information.

Locked