Tier 1 50k route : Complicated situation

[c781]

Hi Everyone,

I have a complex situation here and hope to have some advise from the experts please.

I came on a 50k investment route using a VC firm 2.5 years ago. It was shown on the document that the funds were to be only provided to me when I reach here. However, when I reached here, I did not stick to VC and the business plan due to covid and decided to start a small business using my own funds. So far the business is doing ok and I am nearing my extension. My question is, would there be an issue in the extension since I did not continue to VC firm? If yes, what would be the alternative option?

Hope to hear from the experts soon.

Thanks

[zimba]

You cannot use your own 50K to score points for investment under the Tier 1E rules. You need a minimum investment of 200K

[c781]

Hi Zimba,

Thanks for the reply. That means, since the funding is not available through VC firm and that is the reason I have to show 200k investment? Please correct me if my understanding is wrong.

Thanks

[zimba]

You only get to lower your investment minimum to 50K and score points under the rules in very specific circumstances, e.g getting VC funded. Otherwise, the minimum investment required is 200K. In fact, you have been granted your visa based on the VC funding or else you would not have been eligible for the initial visa at all.

It might be worth looking at UK Innovator visa instead: https://www.gov.uk/innovator-visa

[c781]

Hi Zimba,

Thanks for the suggestion. However, since I did not receive the funds from VC, could I invest 200k and extend my visa?

I went through the link you provided. However, in that case the business has to be very unique. It would be challenging to meet the criteria.

[zimba]

You should be able to do that as per rules, assuming UKVI is satisfied with the genuineness of your business activity. You better have good reasons for why you deviated from your original plan.

[c781]

Hi Zimba,

Thanks for the reply. I have already established/registered a company and trading as per the immigration rules. Just that I have to fulfill the criteria of having 200k investment and 2 full time jobs.

Thanks once again for sharing your thoughts. I really appreciate it.

[vishal80]

Hi Zimba

Appreciate your response.
I got thru Tier 1 entrepreneur visa £50k route. But my initial VC was not responding me at all so I found a new VC.
My question is should I need to submit the new VC document at the time of extension ? or its not needed.
Please waiting for your reply.

Thanks

[marcnath]

Hi Zimba

Appreciate your response.
I got thru Tier 1 entrepreneur visa £50k route. But my initial VC was not responding me at all so I found a new VC.
My question is should I need to submit the new VC document at the time of extension ? or its not needed.
Please waiting for your reply.

Thanks

Read the guidelines. There are a set of documentation expected for the VC funded extension.