- FAQ
- Login
- Register
- Call Workpermit.com for a paid service +44 (0)344-991-9222
ESC
Welcome to immigrationboards.com!
Moderators: Casa, Amber, archigabe, batleykhan, ca.funke, ChetanOjha, EUsmileWEallsmile, JAJ, John, Obie, push, geriatrix, vinny, CR001, zimba, meself2
Here you go: krishna9780@hotmail.comhemsingh81 wrote:Hi Attahaas,
I am also planning to apply Tier 1 Entrepreneur visa with existing business as director, and I have some query regarding these can you please share your direct mail Id so that I can share the all information of mine with you.
Many many thanks
Dear attahaasattahaas wrote:@Fza
You should be more worried about how the 200K fund would be spent on eligible expenses once you become a franchisee, than the things you mentioned.
One member posted on the forum a while ago about his application with Shell franchise for 200K. With Shell franchise, 100K will go into bank deposit as security and another 100K will go into buying existing stock in 6 outlets, And, one has to use up the entire 200K like this. So, the interviewer apparently said "both these are NOT eligible expenses as per this visa and do you have another 200K to use for eligible expenses?". And, since the applicant couldn't provide the evidence, there was a rejection among other reasons with "0" points for funds!
Franchise fee, leasehold fee, goodwill payment, security bank deposits, buying existing/new stock in the stores/outlets and such similar expenses are not eligible expenses. So, your business plan and YOUR explanation must be very clear about these first. The questions you asked are secondary compared to the expenses!
Coming to your questions, I am also in the process of applying but by joining an existing business in the UK, as a director - not a franchise.
1. I am submitting their business plan.
2. Market details are already explained in the BP by the business.
3. Yes, we need to be familiar about the taxes (at least VAT), minimum wages, insurances and safety and health regulations to be followed once we have employees, etc.
This is my humble opinion only as I haven't applied yet. Hope that helps.
You should ask HO those questions about buying stock and leasehold fee, NOT me. But, I can only guess why leasehold fee can't be counted as investment, because it is going to the owner as a security payment which has no standard similar to a goodwill payment, where as a rent always has to obey the market conditions. Buying stock is locking your investment, BUT so long as your financial plan shows 200K expenses through 3 years it should be ok. You can achieve this by way of REVENUES even if you buy stock. In other words, if you can show that your stock can help you generate enough revenue to sustain the stock AND cater to your expenses as required by the visa, it is OK!Fza wrote: Dear attahaas
Thanks alot for your answer.
I am wondering how come buying new stock from franchisor for my business and paying the leasehold fee can't be counted as investment! I read in this forum and in the visa guideline that business permises rent is counted as investment why it doesn't count when it comes to a franchise business?!
From your answer I can understand that submitting franchisor's business plan would be ok but about the market research since I am stablishing a new business in a new area I apperently can't use their previous data in other areas. So my second question is still there.
Many thanks for your detailed answers anyway.
Hope some friends can help more in regard of what will count as investment when undertaking franchise business.
DEFINITELY YES!Fza wrote:By the way
Do I need to show in the business plan how the 200k will be spent during 3 years?
Dear friendEntreprenure 10 jobs wrote:Fza,
First things first, krishna and your conversations are fine.
In 2011 i had thought i will have an accountancy audit office, being a qualified accountant and made a bp accordingly. Because i knew ALL to do so.
REMEMBER BP MUST BE OF THE BUSINESS YOU ARE FULLY AWARE OF, AND EXPERIENCED AND OR QUALIFIED TO DO. YOUR PREVIOUS WORK EXPERIENCE REFLECTING THIS GETS YOU AHEAD ON PAPER AND INTERVIEW.
1. When i came here i realized Accontancy audit is not viable, and did not need 200k anyway. So after much research switched my investment into montessori schools.
2. There is NO restriction to do so per policy.
3. Anyone / everyone will contact say burger king and plan taking a franchise. But no experience qualifications to do so.
So put youself in the visa officers shoes, ???????
A friend planned a jewelery trade in the uk, being the family business he had tons of experience, got t1, came to uk and now runs a few burgerkings being more feasible...
Thoughts that might help, not suggesting to intentionally mis represent, BUT YOU BP MUST BE YOUR BP NOT BORROWED OFF A FRANCHISE. UNLESS YOU HAVE A FRANCHISE EXPERIENCE UNDER YOUR BELT.
BEST
Tanks surely will consider that before investingEntreprenure 10 jobs wrote:Fza,
The 2nd part now.
If you are determined to take on a franchise, i would suggest ( assuming outside UK) get a
' pospective entrepreneur' visa come to UK finalize a franchise deal, because t1 visa is one thing, good finacial investment is vital too. To secure your 200k
best wishes