Proof of £200,000 investment

[ThomasNa]

Hello everyone,

I am a new member. My extension for the visa tier 1 is still far away, but I would like to ask you a question regarding the job creation.

I followed this topic
uk-tier-1-entrepreneur-visas/settled-st ... 54443.html

Seems like the spouse of the EEA nationals can be counted as "settled workers"

I am planning to hire a person that is a spouse of a British, can this be counted as "settled workers"?

Many thanks in advance

Btw: I would like to change my username as the one I am currently using has a typo error. I have tried to log in to the account, and also contacted the via email but no response yet.

[Casa]

Btw: I would like to change my username as the one I am currently using has a typo error. I have tried to log in to the account, and also contacted the via email but no response yet.

To request a username change post in the thread linked below:
comments-about-discussion-board/if-you- ... 98583.html

[CR001]

Seems like the spouse of the EEA nationals can be counted as "settled workers"

EU nationals, British citizens AND persons holding ILR.

I am planning to hire a person that is a spouse of a British, can this be counted as "settled workers"?

No you cannot if the person only holds a spouse visa. A person on a spouse visa is NOT considered settled as they do not hold ILR.

[ThomasNa]

Btw: I would like to change my username as the one I am currently using has a typo error. I have tried to log in to the account, and also contacted the via email but no response yet.

To request a username change post in the thread linked below:
comments-about-discussion-board/if-you- ... 98583.html

Sorry but when I click onto that link, it says "Sorry but you are not permitted to use the search system"

Seems like the spouse of the EEA nationals can be counted as "settled workers"

EU nationals, British citizens AND persons holding ILR.

I am planning to hire a person that is a spouse of a British, can this be counted as "settled workers"?

No you cannot if the person only holds a spouse visa. A person on a spouse visa is NOT considered settled as they do not hold ILR.

hmm but the other moderators said that from this topic that the spouse of EEA nations can be counted as "settled worker", that is why I am not sure about spouse of British citizens

uk-tier-1-entrepreneur-visas/settled-st ... 54443.html

[CR001]

Btw: I would like to change my username as the one I am currently using has a typo error. I have tried to log in to the account, and also contacted the via email but no response yet.

To request a username change post in the thread linked below:
comments-about-discussion-board/if-you- ... 98583.html

Sorry but when I click onto that link, it says "Sorry but you are not permitted to use the search system"

Try the link again.

Seems like the spouse of the EEA nationals can be counted as "settled workers"

EU nationals, British citizens AND persons holding ILR.

I am planning to hire a person that is a spouse of a British, can this be counted as "settled workers"?

No you cannot if the person only holds a spouse visa. A person on a spouse visa is NOT considered settled as they do not hold ILR.

hmm but the other moderators said that from this topic that the spouse of EEA nations can be counted as "settled worker", that is why I am not sure about spouse of British citizens

uk-tier-1-entrepreneur-visas/settled-st ... 54443.html

A spouse of a British Citizen in the UK on a spouse visa is NOT considered a spouse of an EU citizen. A British citizen in the UK is ONLY considered British and not EU.

[ThomasNa]

Many thanks to both of you for the quick responses. I never expected to get such a quick answer like that, really appreciate it!

[ThomasNa]

Hi everyone,

I have a bit of problem. I transferred all the £200,000 from my personal account to my business account. The issue is, I closed that bank account to switch to another one, and forgot to download the old business bank statements. I still keep personal bank statements.

Will this be an issue to HO to check the £200,000 investment? Is my personal bank account enough and can I explain in on the cover letter?

Many thanks in advance

[marcnath]

Hi everyone,

I have a bit of problem. I transferred all the £200,000 from my personal account to my business account. The issue is, I closed that bank account to switch to another one, and forgot to download the old business bank statements. I still keep personal bank statements.

Will this be an issue to HO to check the £200,000 investment? Is my personal bank account enough and can I explain in on the cover letter?

Many thanks in advance

If you invested it as a DL, then it will be a problem. You will have to contact the bank and get the old statements.

Or convert it into shares and the bank statements are not needed.

[ThomasNa]

Sorry what did you mean by converting it into shares? On my annual accounts, it is currently showing as director loan.

Btw, I managed to log into my old account and download the statement. However, the bank won't stamp it for me as the account was closed. I still keep the original PERSONAL bank stt by post. It does show on my personal stt that the 200k was transferred to my business acc (for the business acc I only have the pdf version now). Do you think that should be fine together with the explanation on the cover letter?

Many thanks in advance

[marcnath]

Sorry what did you mean by converting it into shares? On my annual accounts, it is currently showing as director loan.

Btw, I managed to log into my old account and download the statement. However, the bank won't stamp it for me as the account was closed. I still keep the original PERSONAL bank stt by post. It does show on my personal stt that the 200k was transferred to my business acc (for the business acc I only have the pdf version now). Do you think that should be fine together with the explanation on the cover letter?

Many thanks in advance

It might work. At the least, they should come back to you and request the originals if they really need it.

Did you try calling the bank and asking them to post the statements to you ? They may charge you for it, but most banks do.

Talk to your accountant about recording the loans as a share investment - it is essentially a matter of how it is recorded in the accounts

[ThomasNa]

Sorry what did you mean by converting it into shares? On my annual accounts, it is currently showing as director loan.

Btw, I managed to log into my old account and download the statement. However, the bank won't stamp it for me as the account was closed. I still keep the original PERSONAL bank stt by post. It does show on my personal stt that the 200k was transferred to my business acc (for the business acc I only have the pdf version now). Do you think that should be fine together with the explanation on the cover letter?

Many thanks in advance

It might work. At the least, they should come back to you and request the originals if they really need it.

Did you try calling the bank and asking them to post the statements to you ? They may charge you for it, but most banks do.

Talk to your accountant about recording the loans as a share investment - it is essentially a matter of how it is recorded in the accounts

Thank you so much Marcnath. I have just went into a branch and they were able to give me a certified copy. Luckily, they keep it for 6 years, so I can request it anytime.

Regarding the shares, I talked to my accountant, and seems like I will go for this option to be safe

[ThomasNa]

Can I please ask another question regarding the £200,000 investment.

For the business, I have spent so far:

Wages: £150,000 (not including myself as director)
Office + Storage rent: £35,000
Accountant: £ 10,000
Other business expenses (stationary, advertising, it softwares ...) £10,000

Stocks: £100,000 (buy for resell)

I would like to ask if all the above can be counted towards the £200,000 investment? Am I in a safe position?

Many thanks!

[marcnath]

Can I please ask another question regarding the £200,000 investment.

For the business, I have spent so far:

Wages: £150,000 (not including myself as director)
Office + Storage rent: £35,000
Accountant: £ 10,000
Other business expenses (stationary, advertising, it softwares ...) £10,000

Stocks: £100,000 (buy for resell)

I would like to ask if all the above can be counted towards the £200,000 investment? Am I in a safe position?

Many thanks!

Money spent is not investment.

Money put into the business account is investment

[ThomasNa]

Can I please ask another question regarding the £200,000 investment.

For the business, I have spent so far:

Wages: £150,000 (not including myself as director)
Office + Storage rent: £35,000
Accountant: £ 10,000
Other business expenses (stationary, advertising, it softwares ...) £10,000

Stocks: £100,000 (buy for resell)

I would like to ask if all the above can be counted towards the £200,000 investment? Am I in a safe position?

Many thanks!

Money spent is not investment.

Money put into the business account is investment

I meant money spent by the business for its growth.
One of the requirement is we have to spend the whole £200k for the business. So with my breakdown above, should it be fine?

[CR001]

You are confusing the rules.

Where exactly does it state you must SPEND £200k??

The rules require you to INVEST £200K into your business!!

[ThomasNa]

You are confusing the rules.

Where exactly does it state you must SPEND £200k??

The rules require you to INVEST £200K into your business!!

Sorry for the confusion.

Yes you have to invest me £200,000

Simply transferring the £200,000 from my personal account into the business can not be considered as investment, although some applicants were successful by just leaving the money in the business account.

So my question is, I have already transferred the 200k into my business. To prove that the 200k is invested, can the following expense be counted:

Wages: £150,000 (not including myself as director)
Office + Storage rent: £35,000
Accountant: £ 10,000
Other business expenses (stationary, advertising, it softwares ...) £10,000

Stocks: £100,000 (buy for resell)

Thank you

[CR001]

You only need to prove investment.

Spending the money is NOT investing but spending/expenses.

[ThomasNa]

I got it all wrong then ...

Can you please tell me how can I prove that I have invested the 200k?

[zimba]

You need to show it either with a director's loan or Shares. Have you read the guide ????!

[marcnath]

I got it all wrong then ...

Can you please tell me how can I prove that I have invested the 200k?

The guidance a few years back did have a sentence that mentioned that money invested should have been spent to grow the business. It also mentioned that money in the bank account could not be counted as investment. But this was never specified in the immigration rules and is no longer in the guidance.

The guidance does specify the evidence needed include bank statements, accounts, etc.

The immigration rules still allow the CW to exclude some of the spend from the money invested as per clause 245D(c)(ii), which reads:

(ii) ‘Invested’ means that the funds have been invested into a business or businesses which the applicant is running as self-employed or as a director or member of a partnership. ‘Invested’ or ‘spent’ excludes spending on:
(1) the applicant’s own remuneration,
(2) buying any business from a previous owner, where the money ultimately goes to that previous owner (irrespective of whether it is received or held directly or indirectly by that previous owner) rather than into the business being purchased (This applies regardless of whether the money is channelled through the business en route to the previous owner, for example by means of the applicant or business purchasing ‘goodwill’ or other assets which were previously part of the business.),
(3) investing in businesses, other than those which the applicant is running as self-employed or as a director, and
(4) any spending which is not directly for the purpose of establishing or running the applicant’s own business or businesses.

As long as the money spent by the business does not fall into one of the above, the full amount you transfer IN TO the business should count to your investment.