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yes this is fineI am using a combination of share capital and director's loan. Would this be ok for claiming £50K investment?
No. HO knows on what grounds you were granted your initial visa.Also, do I need to show that I got tier 1 under £50K requirement or will they have this data?
The terms HO requires to be in the loan agreement are clearly given in the Guide. You better draft a single loan agreement which allows loan transfer in multiple instalments. You need to seek legal advice from a business solicitor.Also, how detailed does the director's loan agreement have to be?
I saw one sample on here by someone who has got extension, and his agreement did not even have the addresses of the businesses and was extremely brief. Moreover, do we need to state that the money will be invested in installments, if we are not investing in one go?
An adviser told me to make separate agreements for each investment, but that would mean 15 different contracts!
Nothing ! You are NOT required to submit any documents for this. HO will ask you to submit extra documents or attend an interview if necessary. Focus on getting the required documents onlyFinally, what documents would you suggest to submit for the genuine entrepreneur test? Contracts and advertisements?
If you are the only director, then you will sign on behalf of your own business too.whiteroses wrote:Thanks Zimba.
Is it ok to sign on behalf of the business as well on the agreement?
This should not be a big concern. You can explain this in covering letter if you wishwhiteroses wrote:One of my employees quit his second job a few days after he started working with us.
However, the fps says that it's his second job and obviously, this does not update later. He works full time with us.
Shall I write explaining that now he only has one job in the cover letter? Or will it look odd?
I've seen concerns about hiring people with second jobs and I'm therefore worried.
Ask your accountant. If it is considered director's remuneration, then not acceptable.whiteroses wrote:HMRC allows director's use of private residence for work reasons as tax deducible. The money is not given to the director, but it goes through the P&L. But will HO accept this? I mean, will it be treated like they treat director's remuneration?
Thank you for your reply. Sorry, could you clarify what is more then an year?abdhriz wrote:Its depend upon lender & borrower. Length of loan is not covered in any immigration rule. But is is advisable that it should fall for more then an year.
The period is not covered by the rules. It can be a year or five years. Whatever you choose.whiteroses wrote:There is no information about this in the guidance or the immigration rules, but is a five year term acceptable for loan?
Or does it have to be longer than that?