Tier1 enterprenuer extension

[Khan51214]

Hello guys,

I need to ask you all 1 quick question . I got tier 1 enterprenuer visa on 12 dec 2014.funding source venture capital . They made funds available for me. Do you guys have any ideas which documents i need to show to get extension ? In advance thank you very much

[zimba]

Have you read the official guide ??

[Khan51214]

Yes but i am confused .do i need to show bank statements to show i receive funds from venture capital firm or do i need to get any letter from venture capital? I invested all that money and my accountant confirms that i invested he gave me letter rest of all documents is ready just confused on this one sir . Kindly guide me what to do ?

[zimba]

The guide is VERY VERY clear on what needs to be sent. I do not get the source of confusion. You need to provide this in addition to other required documents:

If you are claiming points for investing £50,000 awarded by a venture capital firm, seed
funding competition or UK government department or devolved government departments in
Scotland, Wales or Northern Ireland/intermediary public body, and have not been awarded
points in a previous application for having those funds available, you must provide a letter
as evidence of the source of those funds. This letter must contain all of the information set
out above- but it does not need to have been produced within the 3 months immediately
before the date of the application

[Khan51214]

Thank you very much for your reply . I applied my t1 extension today . Hoping for quick and positive response.

Attached following documents:-

1. Business bank statement showing transaction of 50k which received from venture capital firm and letter.
2. Current appointment report.
3. Company certificate.
3.12 months business statement.
4. Land registery documents.
5. Lease documents.
6.Agreement of goodwill and fixtures.
7.invoices of items which bought for business.
8.proof of 50k invested into business.
9. Utility bills and invoices of my business .
10. Employee rti( full payment subission)
11. P11
12. P32
13. P60
14. Hours calculated sheet from accountant.
15. Accountant confirming investment and employee hours worked.
16 . Maintance funds.

Hope so my application will straightforward get response quick.

[marcnath]

Not sure if that is the definitive set of documents you included. There are a number of extra documents but at least two mandatory documents that is not listed there (hopefully you have included them)
1. Employee payslips
2. Company Tax document (CT600, for example)

I am a little confused about your investment also.

You seem to imply that the VC gave you the money and then you invested it into the business ?

What is the form of the investment - DL or share capital ?

In whose name is the investment shown in the accounts ? Yours or VCs ?

[Khan51214]

Thank you for reply

Yes i have included
Payslips
Ct600
Ct603

I showed investment on my company name and showed business accounts and lease was on company name as well.

[marcnath]

Thank you for reply

Yes i have included
Payslips
Ct600
Ct603

I showed investment on my company name and showed business accounts and lease was on company name as well.

1. Did you invest by DL or Share capital
2. What are the investment evidence documents you submitted ?

[Khan51214]

1 . I showed bussines account and agreement and invoices for investment .

2. I dont understand about DL and share capital?

[Khan51214]

Can you please tell me how i can get those documents is this from accountant or i have to make?

[marcnath]

1 . I showed bussines account and agreement and invoices for investment .

2. I dont understand about DL and share capital?

Have you read the Guidance ?

Pg 46 has a section entitled Evidence to show how much has been invested

Which of those evidence documents have you submitted ?

Invoices are not evidence of investment.

[BK14]

Khan,

I had the similar extension case and it was rejected on a number of issues, though the major one was this investment via venture capital part.

Since Zimba88 said it is very clear by the term which he copied, I believe it is absolutely not cleared though Zimba88 has far more knowledge then all combined but that particular clause is misleading, as far as I understand English all I can see is, you do not need to show the paperwork provided you have awarded points in your initial application. I will copy the clause below:

Below is Zimba's response:

The guide is VERY VERY clear on what needs to be sent. I do not get the source of confusion. You need to provide this in addition to other required documents:

If you are claiming points for investing £50,000 awarded by a venture capital firm, seed
funding competition or UK government department or devolved government departments in
Scotland, Wales or Northern Ireland/intermediary public body, and have not been awarded
points in a previous application for having those funds available, you must provide a letter
as evidence of the source of those funds. This letter must contain all of the information set
out above- but it does not need to have been produced within the 3 months immediately
before the date of the application.

The funds were available hence the points were awarded and you received a visa to start a Business?

[Khan51214]

I received 50k straight from venture capital firm account to my company business account . My visa was approved on 29-12-2014 and i register my company on the same day and they transfer those funds into my company business account . I am only director of my company. .

1. Do i still need to show director loan aggrement?
If yes then how to make one ?
2. I already applied my visa and submit company accounts as well.
3. I also got accountant letter on which he confirms that i invested 50k+ into my business .

[Khan51214]

Bk14,

So are you going for AR or fresh application?
Let me know please which documents you going add more ?

[marcnath]

I received 50k straight from venture capital firm account to my company business account . My visa was approved on 29-12-2014 and i register my company on the same day and they transfer those funds into my company business account . I am only director of my company. .

1. Do i still need to show director loan aggrement?
If yes then how to make one ?
2. I already applied my visa and submit company accounts as well.
3. I also got accountant letter on which he confirms that i invested 50k+ into my business .

It is the language that is confusing.

YOU did not receive 50K. It is your company/business that received the money. It may seem minor because you are the only Director but you and your company are distinctly different.

I am also assuming the VC was issued shares in the company for the money invested or they did it as a convertible loan. The accounts should show which one it is. Either way, you don't need a director loan agreement.

Again, in point 3, you mention you invested 50K. Is that in addition to the money the VC put in ? Even if it is, it is irrelevant as the requirement is only for 50K in total.

[Khan51214]

No its not addition to 50k its total 50k which they invested into my company

[marcnath]

No its not addition to 50k its total 50k which they invested into my company

Ok. So I assume the accountant letter states that the VC invested the money. Hopefully it does not say that you personally invested the money, which would be a false statement.

I believe the following may apply to you:
(3) If your business has an existing support relationship with tDIT, and the source of funds was not one or more UK Seed Funding Competitions listed as endorsed on the DIT pages of the GOV.UK website or one or more UK Government Departments, or Devolved Government Departments in Scotland, Wales or Northern Ireland, this investment can be shown in the accounts as being made in the name of the investing entity, provided that the financial accounts are supplemented by a letter from the DIT confirming that this investment was made on your behalf, for the purposes of compliance with the Rules.


Do you have an existing relationship with DIT ? If so, a letter from them would help.

Otherwise, the rules state that:

When evidencing the investment:
(1) The audited or unaudited accounts must show the investment in money made directly by you, in your own name or on your behalf (and showing your name).

And I hope the Accounts has your name against the investment.

[Capri]

Thank you very much for your reply . I applied my t1 extension today . Hoping for quick and positive response.

Attached following documents:-

1. Business bank statement showing transaction of 50k which received from venture capital firm and letter.
2. Current appointment report.
3. Company certificate.
3.12 months business statement.
4. Land registery documents.
5. Lease documents.
6.Agreement of goodwill and fixtures.
7.invoices of items which bought for business.
8.proof of 50k invested into business.
9. Utility bills and invoices of my business .
10. Employee rti( full payment subission)
11. P11
12. P32
13. P60
14. Hours calculated sheet from accountant.
15. Accountant confirming investment and employee hours worked.
16 . Maintance funds.

Hope so my application will straightforward get response quick.

Best of luck, did you apply yourself? or through solicitor?

[Khan51214]

I applied through solicitor

[Khan51214]

I received letter from case worker requested letter from venture capital under evendencial flexibilty policy. Is this normal ?

[kaps84]

I received letter from case worker requested letter from venture capital under evendencial flexibilty policy. Is this normal ?

I would say your are lucky that CW is using the evidential flexibility. Better focus on getting the letter from VC.

[marcnath]

I received letter from case worker requested letter from venture capital under evendencial flexibilty policy. Is this normal ?

By the nature of the T1E visa there is nothing that you can call normal - each case is quite unique.
As kaps pointed out, at least the CW Is asking for the documents rather than rejecting outright - so that’s good

[Khan51214]

I already sent them letter from venture capital which i used in my initial application . I applied my extension on 06 december 2017 and new changes does not apply on me on that time when i submitted but still i submitted on that time . Is these letter will be fine? Letter dated july 2014

[bizman]

Yeah Just provide the evidence as quickly as possible

[Khan51214]

Hi macnarth ,

Today i received ihs partial refund . I know that its not mean that its positive sign but still hoping for best .