Changing from PSW - Already running a company

[greakgn]

Hi I am on PSW visa and I started a company last year while I was working. At present I have quit my job and working for my business full time. I have also hired one full time employee in my company and in April I will hire another one.

My company has not made 200K and I do not have that kind of money at the moment.

Can I apply for Tier 1 Entrepreneur ? if so then how ?

If the company makes 200K by November ( when my PSW expires), then is it possible to use the company money as funding available for business.

Regards
Gaurav

[Lucapooka]

The requirement has nothing to do with having made or earned 200K; it's about seeding or having seeded 200K into a business entity. So, if you have access to 200K (using the profits from your existing business or otherwise) you can apply for Tier 1 (Entrepreneur).

[15Jan]

Just to followup on the answer by Lucapooka, this £200K is net profit or gross profit or turnover of the company??

[Lucapooka]

You don't understand. It's not about turnover, profit, gain or the value of an existing company. It needs to be a new (capital injection) investment, or an investment that took place within the previous 12 months or is going to take place within the life of the visa.

An existing company that grew to be worth 200K now does not qualify.

[greakgn]

Thanks a lot Lucapooka, it does clear few clouds.

I have 2 choices, please do share your thoughts

1. Once the company's bank account has over 200K.
2. Write a letter on company behalf that this money can be used by me for new business.
3. Use this bank statement + letter that funds are available to me and apply for an Entrepreneur visa.

Or
1. Once the company's bank account has over 250K.
2. I should take that money out of the company account and pay myself pay the tax, will be left around 200K
3. Use this bank statement + and apply for an Entrepreneur visa.

I will prefer the first option as ..

What are your thoughts

Gaurav

[greakgn]

Your thoughts will help

Gaurav

[Lucapooka]

It's not my thoughts that matter; it's what situations the guidance permit. You have to look at your options and see what is appropriate to meet the conditions. This is a business visa so seek appropriate professional help if you are not sure; you can put it down to the cost of doing business.