Venture Capital (VC) funding evidence changes from Jan 2018

[marcnath]

HO made a small but significant change in the evidence required for VC funding in the January 2018 amendment.

The change is in Clause 45 of Appendix A.

Point (g) was added as below:

(g) if the applicant is claiming points for investment from a venture capital firm, they must also provide an original, dated letter from the venture capital firm, on its headed paper, confirming:
(i) the applicant’s name,
(ii) the date(s) the money was transferred to the applicant or invested in their business, and
(iii) that the venture capital firm was registered with the Financial Conduct Authority on the date(s) in (ii) above;

Also, the Point (h) changed from the earlier 45-SD (iv)
This particular clause has been very subtly but importantly changed in the latest revision - they changed the phrase "....and has not been awarded points in a previous application for having those funds available, he must provide..." to "....and has not been awarded points for those funds in a previous application, they must also provide...".

The removal of the word available, shows they now expect (h) even if you have shown the funds to be available at application.

Clearly, HO is concerned about VC funding because some people have been misusing it. That causes problems for all applicants, unfortunately.

The explanatory notes for the recent changes mentions the following:

Applicants relying on investment from a venture capital firm will now be required to also provide a letter from the firm confirming the date(s) the funds were transferred to the applicant or invested in their business and that the firm was registered with the Financial Conduct Authority at the time. This requirement is added to counter ongoing abuse relating to venture capital funding.

[Ibru1414]

What about applicants who are waiting for home office decisions on their initial tier 1 applications? Do they need to take any actions? Thanks

[marcnath]

What about applicants who are waiting for home office decisions on their initial tier 1 applications? Do they need to take any actions? Thanks

No proactive actions needed for applications in process.
However,HO can always ask for additional documents and you only need to provide them in that case.

[Ibru1414]

Thank you...

[Hadi2008]

What about those applicants who have successfully received extension under this category (through Venture Capital Route) and at the point of ILR application, do they still need this letter from VC, even though the investment (Transferred) has been made in full before Extension application? Is this apply to ILR applicants too?

[marcnath]

What about those applicants who have successfully received extension under this category (through Venture Capital Route) and at the point of ILR application, do they still need this letter from VC, even though the investment (Transferred) has been made in full before Extension application? Is this apply to ILR applicants too?

No, it appears to be only when you are showing VC investment. For ILR, you don't need to produce any investment documents at all.

[Hadi2008]

What about those applicants who have successfully received extension under this category (through Venture Capital Route) and at the point of ILR application, do they still need this letter from VC, even though the investment (Transferred) has been made in full before Extension application? Is this apply to ILR applicants too?

No, it appears to be only when you are showing VC investment. For ILR, you don't need to produce any investment documents at all.

Sorry, I have missed your reply and noted with thanks

[Hadi2008]

I am due to submit my ILR application in January 2018, I do understand that HO will assess two full time Jobs created for 12 months and will also calculate number of absence which should not be more than 180 day in any 12 months. However, I was just wondering if there is any other major requirements listed that must require my attention, specifically, do I require to submit all 5 years full accounts or atleast 17/18 accounts? I am in discussion with my Accountant who is now preparing our accounts, I just want to make sure the accounts must produce as per the requirement if there is any?

Look forward to your prompt help

Thank you

[CR001]

I am due to submit my ILR application in January 2018, I do understand that HO will assess two full time Jobs created for 12 months and will also calculate number of absence which should not be more than 180 day in any 12 months. However, I was just wondering if there is any other major requirements listed that must require my attention, specifically, do I require to submit all 5 years full accounts or atleast 17/18 accounts? I am in discussion with my Accountant who is now preparing our accounts, I just want to make sure the accounts must produce as per the requirement if there is any?

Look forward to your prompt help

Thank you

This topic was started regarding the VC changes only. It is not a general advice topic to continue asking questions related to job creation or absences.

Kindly start your own topic in the ILR sub forum with your further non VC related questions related to Set(O) ILR.

[Hadi2008]

I am due to submit my ILR application in January 2018, I do understand that HO will assess two full time Jobs created for 12 months and will also calculate number of absence which should not be more than 180 day in any 12 months. However, I was just wondering if there is any other major requirements listed that must require my attention, specifically, do I require to submit all 5 years full accounts or atleast 17/18 accounts? I am in discussion with my Accountant who is now preparing our accounts, I just want to make sure the accounts must produce as per the requirement if there is any?

Look forward to your prompt help

Thank you

This topic was started regarding the VC changes only. It is not a general advice topic to continue asking questions related to job creation or absences.

Kindly start your own topic with your further non VC related questions.

Noted with thanks. I will create an new topic accordingly.

Cheers

[CR001]

I am due to submit my ILR application in January 2018, I do understand that HO will assess two full time Jobs created for 12 months and will also calculate number of absence which should not be more than 180 day in any 12 months. However, I was just wondering if there is any other major requirements listed that must require my attention, specifically, do I require to submit all 5 years full accounts or atleast 17/18 accounts? I am in discussion with my Accountant who is now preparing our accounts, I just want to make sure the accounts must produce as per the requirement if there is any?

Look forward to your prompt help

Thank you

This topic was started regarding the VC changes only. It is not a general advice topic to continue asking questions related to job creation or absences.

Kindly start your own topic with your further non VC related questions.

Noted with thanks. I will create an new topic accordingly.

Cheers

Note my edited post. ILR questions must be asked in the ILR sub forum and not in the Tier 1 Ent sub forum please.

[Patto]

If i dont have maintenace funds for fresh application can vc funding can cover maintenance for fresh application

[CR001]

If i dont have maintenace funds for fresh application can vc funding can cover maintenance for fresh application

No you cannot use VC funds to cover your maintenance. Please continue your questions in your own topic you already have. This topic was started regarding the VC changes only. It is not a general advice topic to continue asking questions related to extension applications.

uk-tier-1-entrepreneur-visas/tier-1-ext ... l#p1629358