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Olasunkanmi wrote:@ Wannabe Ent, to answer your questions
- You can change your mind and start a different business from the one you state in your initial business plan. But you should get your visa first before trying to change the business plan.
- If you decide to open a construction company, you will have to employ your own staffs as sub-contracting is not allowed under the tier 1 entrepreneur visa.
An easy option is to invest your 200k fund in a construction company that is already established if you cannot employ staffs directly.
- If you put the 200k as capital in your company account to purchase land and build the house, then the 200k will qualify as investment fund.
Wannabe Ent wrote:2. UKBA guidance notes say that property development and property management are excluded from the types of investment accepted for award of points. There is no objection however, to you investing in companies that are mainly involved in construction.
Does this mean that we can creat a company that is involved in buying land and constructing houses upon it by entering into contracts with contractors, engineering and plumbing companies etc?
how can I invest in a construction company and be awarded ponits as well?
Would the price of land be included in the investment for award of points?
Buying land and constructing a building might be considered as "Property Development" according to the definition given under A20 on page 45-46 of 59 in theTier 1 (Entrepreneur) Visa Policy GuidanceOlasunkanmi wrote:- If you put the 200k as capital in your company account to purchase land and build the house, then the 200k will qualify as investment fund.
According to this if you want to be a construction company you are supposed to only provide construction services and not buy land and develop it.Property development and property management are excluded from the types of investment accepted for the award of points Investment in property development and management will not be taken into account for the award of points. This is because it is not the intention of this category to allow you to set up as a landlord and let properties in the United Kingdom. The intention is to promote United Kingdom competitiveness in business and to focus the investment on promoting business beneficial to the United Kingdom economy.
A person involved in property development makes improvements of some kind to immovable property (real estate), which increases its value. A person involved in property management is charged with operating immovable property (real estate) for a fee, on behalf of the owner. The restrictions on investment in property development and property management are intended to ensure that the Entrepreneur route is used to promote United Kingdom competitiveness in business.
There is no objection, however, to you investing in companies that are mainly involved in construction.
Buying land and constructing a building if your company is a construction company is allowed under the rule because the restriction is that you cannot develop an existing building or manage a property, but if you decide to knock down an existing building and re-construct from the scratch, then you should be fine as this qualify as the job of a construction company and not a renovation or refurbishment company.''If you decide to open a construction company, you will have to employ your own staffs as sub-contracting is not allowed under the tier 1 entrepreneur visa.
An easy option is to invest your 200k fund in a construction company that is already established if you cannot employ staffs directly.
If you put the 200k as capital in your company account to purchase land and build the house, then the 200k will qualify as investment fund.''
It is an assumption that buying land and constructing a building on it is "allowed" under the rule. I would like to see an official guidance on this particular subject. According to what is stated in the existing guidance, "real estate" means land and/or existing building, not just existing building. So, if you are buying land and constructing on it, then you are merely increasing the entire value of that real estate, there by developing the property. Again this is my interpretation/assumption as I don't have or known someone verifiable, with a first hand experience with the exact query you posted.Olasunkanmi wrote:@ attahaas, you have quoted my statement out of context, the whole statement is as stated below;
Buying land and constructing a building if your company is a construction company is allowed under the rule because the restriction is that you cannot develop an existing building or manage a property, but if you decide to knock down an existing building and re-construct from the scratch, then you should be fine as this qualify as the job of a construction company and not a renovation or refurbishment company.''If you decide to open a construction company, you will have to employ your own staffs as sub-contracting is not allowed under the tier 1 entrepreneur visa.
An easy option is to invest your 200k fund in a construction company that is already established if you cannot employ staffs directly.
If you put the 200k as capital in your company account to purchase land and build the house, then the 200k will qualify as investment fund.''
Most construction company now buy land and build the houses before selling it on for profit.
Wannabe Ent wrote:Dear Olasunkanmi, you seem to be right from what I I have read on the topic. But could you please answer my query about the hiring of required staff, ie 2 jobs and hiring subcontractors for other jobs. Is that allowed?
aesthetic homes wrote:Hi, I need an investor for my construction company. I am developing flats in london and can give 30% return on investment in the period of 15 months. If interested let me know an I can send the proposal and further details.