TIER 1 ENTREPRENEUR- INVESTMENT FUNDS DURING STAY

[losty12345]

Hi everyone,

I have a slightly complicated case and I am very confused about something and would really appreciate if someone could shed some light on my situation.

I initially had a Tier 1 Graduate Entrepreneur Visa and switched to the Tier 1 Entrepreneur Visa in 2017 using £50,000 funding that was made available to me from a family member (provided legal declaration in the initial visa application) which was approved.

Until today (which is a period of 15 months from April 2017-), I have invested some of the money into the business (around £20k) and have used the rest of it on my own expenses (not as a salary but just from my personal account where the money has been held). Therefore, the full £50k was NOT in my possession at all times.

I also understand that the "if the funds cease to be available to you during your T1E stay. the HO can curtail your leave".

I now have the remaining funds in my account (so I do have the rest of the £30k which needs to be transferred to the company's business account).

My question is:

-If I do invest the full £50k + create the 2 full-time jobs + other requirements, would not having access to those funds for a certain period cause problems with my Tier 1 Entrepreneur Extension ?

I can see that you would need to show business bank accounts showing the transfers + DL agreements so not sure how this would play out.


Thank you so much your input.

[marcnath]

My question is:

-If I do invest the full £50k + create the 2 full-time jobs + other requirements, would not having access to those funds for a certain period cause problems with my Tier 1 Entrepreneur Extension ?

I can see that you would need to show business bank accounts showing the transfers + DL agreements so not sure how this would play out.

The answer is - Yes, it could.

But I am yet to see a case in this forum where this has been used.

For one, you are not required to submit evidence to show you had access to the funds throughout. So, as long as you do not submit all that evidence, HO has no way of knowing.

If HO does want to check on it, they will have to ask you to submit additional evidence.

Anyway, there is nothing you can do about it, so not sure why you are even worrying about it. You just have to carry on and hope for the best.

[bubbles2101]

Hi,

So how is it going with your extension? Did they ask you to provide proof that the money was in you possession?