Partnership in business

[imran10]

Hi Senior Gurus,

I applied my tier 1 entrepreneur 50k route alone and i got my visa. Now i am investing with my friend , is it possible to open a new company shareholder with 60% mine -40% friend. my side investment is 50k and friend investment is 30k , can i show my 50k investment on my extension.

would that be a problem on my extension???

Please advice.

Waiting for your reply

[Olasunkanmi]

@ imran10, yes you can be in partnership with a friend that is not your entrepreneurial team member, but you will have to show your own 50k investment proof in form of either director's loan or direct cash transfer into the business account, but the former is the best option.

You should also be a registered director in the partnership company and your own investment must create 2 separate full-time job in the company.

In short, you need a very robust paper work to proof the 50k investment funds and 2 full-time job creation.

[imran10]

@ imran10, yes you can be in partnership with a friend that is not your entrepreneurial team member, but you will have to show your own 50k investment proof in form of either director's loan or direct cash transfer into the business account, but the former is the best option.

You should also be a registered director in the partnership company and your own investment must create 2 separate full-time job in the company.

In short, you need a very robust paper work to proof the 50k investment funds and 2 full-time job creation.

Thanks for reply.

That means i can open new company with my friend and will show the company on extension time.
1) what about my old company, do i need to dissolve ???
2)Sorry last question is there any way to start business with other entrepreneur team member. i applied alone and my friend applied with his partner. he did not invest anything with him,is there any possibility we can start together.

I appreciate you taking the time.

thanks again

[imran10]

???????????

[Olasunkanmi]

@ imran10, yes you can decide to open a new company with your friend and use the new company for your extension.

In regard to dissolving your old company, its your choice to decide. The only important thing is that if you have invested part of your investment funds in the old company and you plan to claim points for that during extension, then you need to keep a detailed paper work for your old company.

As per starting business with other entrepreneur team member, it is not allow unless both of you decide to resubmit a fresh application as entrepreneurial team member.