- FAQ
- Login
- Register
- Call Workpermit.com for a paid service +44 (0)344-991-9222
ESC
Welcome to immigrationboards.com!
Moderators: Casa, John, ChetanOjha, archigabe, CR001, push, JAJ, ca.funke, Amber, zimba, vinny, Obie, EUsmileWEallsmile, batleykhan, meself2, geriatrix
The requirement is a NET increase of two positions. If you take over an existing business you must maintain the previous job positions + create min two EXTRA positions. So you need to show at the time of extension/ILR that the business maintained at least 7 job positions.1) Even though our main plan is to open an IT consultancy company in there in UK after we get our visa (which we are showing to the homeoffice in our business plan) but we also plan to takeover an existing restaurant. Now there are already 5 people working in the restaurant. So after we take over the business will it be counted as we have created 5 jobs or if we create extra 2 jobs taking the count to 7 employees then it will be counted as 2 jobs created.
The name change has no effect. It will be an existing business entity, the name change is a trivia2) If we take over the restaurant and change it's name and the business account (but the staff and the location of the restaurant remains the same) then will it be considered as new business or still it will be considered as existing business?
No. You need to show a NET increase of 10 positions. This means you need to create 10 EXTRA full time positions in ADDITION to all people hired before.3) If we let's say takeover 2 restaurants with 5 people working in both the restaurants but no job creation in the main IT consultancy company. All these jobs would be obviously at the minimum wage standard. Can we still show these 10 jobs and apply for ILR through the accelerated route in 3 years.
No, your applications are not linked and they will be evaluated separately. You only can share investment and job creation evidence.4) Can my partner show the cost of living maintenance of funds for me also in his savings account or does each partner need to show the cost of living maintenance of funds in their individual accounts?
Depends on the contract. Read this discussion: uk-tier-1-entrepreneur-visas/contract-w ... 23604.html5) I am an IT contractor so after going to UK I know I can take service contracts from other companies for sure but can i take agency contracts too. Will that be fine?
This makes the whole thing much more complicated. You become third parties and need to issue letters for each other, ect. You better keep all the money in the UK under joint account instead.6) My business partner is from Egypt and I am form India. We plan to apply for the visa from our respective countries with him showing 120k in a UK account (as he is currently in UK on tier 2 dependent visa) and I would be showing the rest 80k in my Indian account as I reside in India. We met in Uk around 2 years back when I was too in UK. So the question is there someone in this forum who has had similar case and still got the application successful. Could they please share their experience. I am quite concerned about this.
No. The third party MUST make the funds available to you by either transferring them to you and keeping them until they are transferred to you. They they must give you a declaration letter. The is mandatory if you do NOT have the funds in your account or you have kept them for less than 90 days. PLEASE READ THE GUIDE !1) We plan to use third party funds of 40K from a UK friend. Can he show the money in his saving bank account or it has to be in his business account?? Moreover does the third party needs to show that the funds has been there in his account for more then 90 days else would the HO question the source of funds to the third party too?
It is clear in the guide exactly what letter and evidence must be provided for third party funding. PLEASE READ THE GUIDE !2) I plan to get the following documents from the third party please confirm that they are sufficient or else please do mention what else is required:
a) Bank statement confirming balance i.e. 40k present in his personal saving account may be for less then 90 days.
b) letter from 3rd party on stamp paper saying they are offering me the money
c) Letter from advocate (legal person) to confirm 3rd party person's sign.
PLEASE READ THE GUIDE ! It literally says:3) Even though he is from Egypt he is currently in UK on tier 4 dependent visa and has got all his funds 120K in UK. What documentation will he need to get from his UK bank to show that I have got access to his 120K funds. Does the UK bank issues such letters? I have got the rest 40k in my ICICI bank saving bank account in india. Will that be fine ? I think I will too require to get the similar documentation for him which I m happy to check with my bank once someone tells me what I am supposed to ask my bank for?
You must let him keep ALL 200K in the UK where he will sign a 3rd party letter making it available to YOU as a partner.If either you or your entrepreneurial team member is applying in the UK, then you may only rely on funds located in the UK.
No, you cannot rely on an Indian account for your funds. PLEASE READ THE GUIDE !4) Do i need to keep my funds in my Indian account for more then 90 days before making the application or can I just show the source of funds.
No, money to take over an existing business is not acceptable towards your investment. It is VERY VERY clear in the guide. PLEASE READ THE GUIDE!5) If after getting the visa lets say we spend 75k pounds to take over an existing restaurant then will that 75k will be counted as investment or not.
Yes, funds mus be in the UK. PLEASE READ THE GUIDE !6) As I mentioned above my partner has got 120k in UK account but he will be making his application from Egypt. I have got 40K in my Indian Account and I would be making the application from India and the rest money from third party friend present in UK. So even if we have a genuine business plan will the HO straight forward reject our application because of difference in the funds we both are showing, usage of third party funds and also because we belong to different countries.
Most low value restaurant/petrol station/post office/Kebab shop take over business plans will probably be rejected by Home Office.7) If we takeover a restaurant and on top of the existing employees we create more jobs then are we eligible for extension/ ilr . Is there any criteria that nqf level 4 / 6 jobs created only will be counted for extension / ilr ? Also is there any classification as to what businesses you can open in UK and will be counted for job creation and which businesses will not be counted?
Just a note. You seem 'to have met your partner on a trip 2 years ago' I am sure there is a deeper connection than that but be weary of transferring money to someone else's account (I assume £40k is a big chunk of your life's savings). even if trust is high what happens if they decline your visa? (as Zimba has told you there is not a lot of appetite for another small time restaurant paying min wage and your background is IT, so no connection to restaurant)gauravagrawal84 wrote:zimba88 I understand that u did mention
"You must let him keep ALL 200K in the UK where he will sign a 3rd party letter making it available to YOU as a partner."
Since we plan to use 40k from third party and 40k from my side. Let's assume i transfer my 40k also to my partner's account but that's still not a joint account so will just him signing a 3rd party letter to me would be sufficient or would we require a letter from his bank also confirming my access to the funds because that's what i understood from reading the guide that the bank letters need to confirm equal access to 200k. This point is a major confusion for me.
gauravagrawal84 wrote:Thanks Zimba88 for your reply. But I think u misunderstood my case completely. As i mentioned my business partner is from Egypt and is currently in UK on tier 4 dependent visa BUT HE PLANS TO MAKE HIS APPLICATION FOR THE ENTREPRENEUR VISA BY GOING BACK AND APPLYING FROM EGYPT. He has got his funds in UK though. I have read each and every line of the guide now. I think most of your answers to my previous post were thinking that my partner would be making his application from UK itself which is not the case. He will apply from Egypt and I will apply from India.
Reading the guide in more detail leaves me with the following questions:
As per the guide if the third party is not transferring the money in the applicant's account then he can himself continue to keep the money in his account till the visa result comes. But he will have to provide a few documents. These are the exact extracts from the guide.
About Affidavit from the third party investor
"your signature and the signature of the third party (where you have formed an entrepreneurial team, you and your team member must both sign)"
About Legal Declaration
"A letter from a legal representative confirming the validity of signatures on each third-party declaration provided. This must confirm that the declaration from the third party contains the signatures of the people stated."
Letter from Third Party's Bank
"If the money is awarded by a third party other than a venture capital firm, seed funding competition or a UK government department/devolved government department, then the letter from the financial institution holding the funds must also include the following details:
For money being held by a third party at the time of your application and not in your possession, confirmation that the third party has informed the institution of the amount of money that the third party intends to make available to you, and that the institution is not aware of the third party having promised to make that money available to any other person;
Please note: it is important to ensure that any letter from the third party’s financial institution states that the third party has confirmed that they intend to make the money available to you. This is to ensure that the funds are made available to you (and your team member, if applicable) and not to anyone else."
The above were all exact phrases from the guide. Now my questions are as follows:
1) The third party investor that we are planning to use is a friend of mine who is a British citizen living in UK who is happy to show 40K for the visa and later on invest too. Now the question is as per the guide the third party investors affidavit must have the signatures of the visa applicants team members too which I think needs to be done in front of the legal representative so that he could confirm the signatures to be valid in the letter the applicants are suppose to take from him. But how is that possible with me being in India and the 3rd party investor being in UK. My business partner being in Uk might be able to be physically present but certainly not me SO DOES THAT MEAN I CAN'T USE A THIRD PARTY INVESTOR AT ALL because if i find an India based investor then my business partner can't be physically present in here.
2) Why would the third party investors bank provide any such letter confirming that they have been intimated and third party has confirmed that he intend to make the money available to us. As per my knowledge no bank in UK issues such a letter. Is there anyone in this forum who was able to get any such letter please share the experience it would be big help.
3) As per the guide if the visa applicant is showing funds in his personal bank account then the funds needs to be there for 90 consecutive days or else source of funds needs to be shown. Now does that apply to third party investor too. Does the third party investor who intends to show 40k for us also needs to maintain the 40k in his account for 90 days before being able to show for us and if the 40k is there in his account for less then 90 days then can the HO ask the third party investor too for his source of 40k. Also what should be the duration of the bank statement of the third party investor to show the 40k for us?
4) My business partner has got 120k in his personal account in UK and it's not a joint account neither does he intends to make it a joint account. So what's the work around for him to be able to get a letter from his bank confirming my access to his funds because as I read in the guide both applicants should have equal access to the entire 200k and that should reflect in the letters from all the banks holding the 200k in total. I understand zimba u mentioned in your previous reply that let my business partner have all the money in his account and he will sign a third party letter for me but just by him signing a letter for me would be sufficient or his bank will too have to confirm the same in a letter. that's my major confusion.
Too many questions but m getting a bit depressed now because of not being able to find the answers. Looking forward for the response.
Thanks and Regards,
Gaurav
seasky wrote:1. You have to first purchase the restaurant. That will not be included in investment, so do you have £200k + cost of purchase?
2. Your business partner is a dependent so he will go to home country for a long time (application period) and not be with his/her partner?
3. You are IT professional, how will u justify going into restaurant business?
4. Do you really have a connection to ur partner. It seems u only had a short meet 2 years ago and connecting on any random business because neither of you habe £200k alone
5. Do you now realize that purchasing a business does not apply to employment and you actually have to work hard to GROW the business by 10 employees for a year to get accelerate ILR
6
The important bit: If the third party wants to invest the 40K under his own name in your future business then that 40K will NOT be counted towards your application or investment as the rules require investments under your names (you will face this in extension stage)1) The third party investor that we are planning to use is a friend of mine who is a British citizen living in UK who is happy to show 40K for the visa and later on invest too. Now the question is as per the guide the third party investors affidavit must have the signatures of the visa applicants team members too which I think needs to be done in front of the legal representative so that he could confirm the signatures to be valid in the letter the applicants are suppose to take from him. But how is that possible with me being in India and the 3rd party investor being in UK. My business partner being in Uk might be able to be physically present but certainly not me SO DOES THAT MEAN I CAN'T USE A THIRD PARTY INVESTOR AT ALL because if i find an India based investor then my business partner can't be physically present in here.
I do not think any bank will issue such letter.2) Why would the third party investors bank provide any such letter confirming that they have been intimated and third party has confirmed that he intend to make the money available to us. As per my knowledge no bank in UK issues such a letter. Is there anyone in this forum who was able to get any such letter please share the experience it would be big help.
90 days rule does not apply to your third party but getting the financial letter is the biggest issue. Again it is far better if the third party gives you the money or invest it.3) As per the guide if the visa applicant is showing funds in his personal bank account then the funds needs to be there for 90 consecutive days or else source of funds needs to be shown. Now does that apply to third party investor too. Does the third party investor who intends to show 40k for us also needs to maintain the 40k in his account for 90 days before being able to show for us and if the 40k is there in his account for less then 90 days then can the HO ask the third party investor too for his source of 40k. Also what should be the duration of the bank statement of the third party investor to show the 40k for us?
The workaround is ajoint account or direct investment in the business under his own name.4) My business partner has got 120k in his personal account in UK and it's not a joint account neither does he intends to make it a joint account. So what's the work around for him to be able to get a letter from his bank confirming my access to his funds because as I read in the guide both applicants should have equal access to the entire 200k and that should reflect in the letters from all the banks holding the 200k in total.
You complain a lot for someone who is getting immense help from this forum. You already figured out major flaws including not to do fraud by claiming to open an IT business but actually intending to do a restaurant. You figured out that you will not get accelerated ILR (it seems you and your partner only care about getting a visa to UK not really about being entrepreneurs)gauravagrawal84 wrote:So many points but not even a single reply to the questions I have asked. If u do not wish to reply to my questions mate then why even bother replying. However let me reply to your points.
1. yes I know it would be 200k plus cost of purchase. We are not planning to takeover a fancy big restaurant and we can manage the extra cost of purchase by using another third party UK investor.
2. yes my partner is happy to go back and apply from Egypt.
3. It would be not exactly just a restaurant we will sell our own line of food products online and in the restuarant. I can very easily justify the need for IT skills for an eCommerce business. That's what makes our business idea unique. Sorry can't explain the whole business plan in here.
4.What makes u feel I just met him on a trip 2 years back to UK. I have lived in UK for 7.5 years and known him for 2 years while I was there that's why for once i was even ready to transfer my 40k in his account.
5. we realize it was premature to talk about ilr in 3 years. we are now just concentrating on getting the visa.
seasky even though ur reply was of no help to me still I appreciate u putting in the efforts to reply.
Now if somebody could please reply to the questions I have asked in my previous post would be really of big help.
Thanks and Regards,
Gaurav