Apply for extension visa for tier 1 entrepenour visa

[huehue]

Hi Guys,

I have granted my tier 1 visa a few months ago.
And I am thing to extend my visa after my tier 1 visa going to expire.

Any idea how to apply ? Or what requirement? Or anybody has apply for it?

Thank

[thilina098]

I'm not an expert but as far as I know, you have to pay your tax on time show that your business is running properly. Also, By the end of the 3 years you must give jobs for two people who are settled in UK in your company. Its not going to be a problem to extend your visa as long as you run your business legitimately. Hope this helps. But worth finding out more from a reliable source.

[samaygrg]

You also need to show the evidences of funds fully invested [200K or 50K a/o your category], and also must show other credentials evidences like you holding active directorship at the time of application and your business is abiding by all legal/regulatory requirements of the UK business custom.

[huehue]

Hi Guys,

Thanks for your advise.

To Samagry: have u actually apply to extend ur tier 1 visa? And is it a requirement to fully invest the whole amount of fund or can we partially invest some?

[samaygrg]

Hi Guys,

Thanks for your advise.

To Samagry: have u actually apply to extend ur tier 1 visa? And is it a requirement to fully invest the whole amount of fund or can we partially invest some?

Not yet Huehue. But about to [in a year or so], so I am kind of collecting all required bits together.

We have to invest the full fund; there is no other way round. Please read the extension requirement in the Guidance, you will get clear pictures.

[huehue]

Hi I got my tier 1 visa last year ( and going to expired in 2017) and i am planning to invest my 200k.
I plan to invest my money with my other friend to buy a pharmacy business.

Can I use my first 100k to invest in buying a pharmacy business for this year and THEN NEXT year i am going to invest my another 100k into my same pharmacy business, can i do that?
Does this way going to meet the HO guidance of fully investing my 200k? ( or I have to fully invest the 200k in ONE go?)

Please advice...thanks

[attahaas]

Huehue, yes you can do that. As long as you invest the entire 200K in the 3 years, there is no restriction on how you break up the amount.

Another very important caution in your case. Since you are planning to buy another business, DON'T BUY the whole business per se! Instead buy that company's assets and inventory in the name of your own company. When you buy or takeover an existing business wholly, you also buy its liabilities and bad debts if any, which you don't want. So, be very careful with this.

Also, make sure you first transfer the amount into your business and then buy assets from that company thorough your business. And if the previous owner doesn't want to continue the business, ask him/her to dissolve the company. Later, you can employ their 2 employees into YOUR business. This way, you will qualify for creating 2 new full-time jobs, because there is a net increase in YOUR business. If you takeover/buy an existing business, you must employ 2 new persons because there should be a NET increase in employment, which might be very difficult for a pharmacy to do. It should look like you are setting up your own pharmacy, so you are creating 2 new jobs in YOUR pharmacy.

If you need to apply any licenses to run a pharmacy business, do so in then name of YOUR company. Make sure you are not associated with the other business on paper in any way!

Talk to an accountant and a lawyer (corporate law), they will give you professional advice regarding such transactions.

[huehue]

many thanks.

Attahas: many thanks for your quick reply.

Also, I want to another question , my sister also have her Tier 1 entrepreneur visa with 50k.

If both of us want to extend our tier 1 visa, we can form a enterpenour team .
In that case, will the total amount of investment will be 200k or 250k ? Any idea?

Many thanks again

[samaygrg]

Huehue, yes you can do that. As long as you invest the entire 200K in the 3 years, there is no restriction on how you break up the amount.

Another very important caution in your case. Since you are planning to buy another business, DON'T BUY the whole business per se! Instead buy that company's assets and inventory in the name of your own company. When you buy or takeover an existing business wholly, you also buy its liabilities and bad debts if any, which you don't want. So, be very careful with this.

Also, make sure you first transfer the amount into your business and then buy assets from that company thorough your business. And if the previous owner doesn't want to continue the business, ask him/her to dissolve the company. Later, you can employ their 2 employees into YOUR business. This way, you will qualify for creating 2 new full-time jobs, because there is a net increase in YOUR business. If you takeover/buy an existing business, you must employ 2 new persons because there should be a NET increase in employment, which might be very difficult for a pharmacy to do. It should look like you are setting up your own pharmacy, so you are creating 2 new jobs in YOUR pharmacy.

If you need to apply any licenses to run a pharmacy business, do so in then name of YOUR company. Make sure you are not associated with the other business on paper in any way!

Talk to an accountant and a lawyer (corporate law), they will give you professional advice regarding such transactions.

I second on what attahaas said here. Things get complicated when you trying to buy out or take over the another company. Your accountant and solicitor will be able to tell you the whole scenario.

[samaygrg]

many thanks.

Attahas: many thanks for your quick reply.

Also, I want to another question , my sister also have her Tier 1 entrepreneur visa with 50k.

If both of us want to extend our tier 1 visa, we can form a enterpenour team .
In that case, will the total amount of investment will be 200k or 250k ? Any idea?

Many thanks again

As you both have acquired individual sole entrepreneur visa, both have to meet the requirement individually. To act as an entrepreneurial team and claim points from same business, you need to reapply as Team to HO for the permission.