Switching from PSW to Tier1 Enterprenr..Help, I'm in a fix..

[sam1128]

Hi,

I'm living in UK since last 8 yrs and currently on PSW visa.. I'm an ACCA affiliate, having successfully completed the examination module of ACCA.. i have also done B.Sc in applied accounting in 2010.. and MBA in financial services in 2011..

I had been working in retail sector from last 5 yrs but recently i was redundant by my company.. Sadly just a week ago they had even agreed to issue me a Certificate of sponsorship.. But alas!! Now, with my PSW visa expiring in March 2013, the only option i can think of now is Tier 1 Enterpreneur..

I would appreciate if you all could help me obtain it by solving my queries..

Firstly, i'm confused whether the business should be set and registered before applying for visa or do i just need to show that i have £50000 in my account to invest..

Secondly, since i'm an ACCA affiliate, can i open my own accountancy practice firm as a business.. So i'm thinking to setup a company and create a website of my own.. And what are the other requirements that i need to fullfil..

Thirdly, i have funds in my name but that is £40000 in overseas a/c and £10000 in UK.. so is that ok??

Looking fwd to ur valuable responses and advises..

Thanks!!
Sam

[dd156]

Yes, your business must be trading at the time of application.
Funds can be held in the UK and abroad.
Yes, I think an accounting firm will be fine.

[rehan01]

Hi,

I'm living in UK since last 8 yrs and currently on PSW visa.. I'm an ACCA affiliate, having successfully completed the examination module of ACCA.. i have also done B.Sc in applied accounting in 2010.. and MBA in financial services in 2011..

I had been working in retail sector from last 5 yrs but recently i was redundant by my company.. Sadly just a week ago they had even agreed to issue me a Certificate of sponsorship.. But alas!! Now, with my PSW visa expiring in March 2013, the only option i can think of now is Tier 1 Enterpreneur..

I would appreciate if you all could help me obtain it by solving my queries..

Firstly, i'm confused whether the business should be set and registered before applying for visa or do i just need to show that i have £50000 in my account to invest..

Secondly, since i'm an ACCA affiliate, can i open my own accountancy practice firm as a business.. So i'm thinking to setup a company and create a website of my own.. And what are the other requirements that i need to fullfil..

Thirdly, i have funds in my name but that is £40000 in overseas a/c and £10000 in UK.. so is that ok??


Looking fwd to ur valuable responses and advises..

Thanks!!
Sam

As Mention by DD156, you need to register a business and must be trading (you will need a contract with some other business to prove this)

funds can be held in uk or abroad but make sure the bank holding funds abroad is registered by FSA. (Detail information is available in policy guidance) ...... my suggestion to transfer funds in UK bank if possible as it will make your life very easy.

Yes accounting business will be fine but double check the SOC codes again as your business need to be at NQF level 4.................... Check SOC Code 2421




hope it help

regards

[moazzam7871]

Are you ACCA fully qualified? As if you have not completed your practical experience yet then it means you can not open accountancy practice, so unable to use job title of Accountant (Qualified). but you can still open accounting business using Accounting Technician job title which is NQF 4. Please correct me if i am wrong. Thanks

[hham1224]

Are you ACCA fully qualified? As if you have not completed your practical experience yet then it means you can not open accountancy practice, so unable to use job title of Accountant (Qualified). but you can still open accounting business using Accounting Technician job title which is NQF 4. Please correct me if i am wrong. Thanks

Well, you cant open an Accountancy firm being ACCA member or student unless you have ACCA Practicing certificate. If you dont have ACCA practicing certificate and you open an accountancy practice than you will be in breach of ACCA's bye laws and regulations. I strongly suggest to look for alternative way.

I hope this may help.

[moazzam7871]

Many thanks hham1224 for yur reply. I totally agree that you cannot open accountancy practice. But you can open accounting business but it will be providing accounting technician service so will not involve signing final accounts but only will prepare them i.e book keeping. I have confirmed it with an accountant and its totally legal.Again i am talking about opening accounting business not practice. Also ofcourse you can go for other options such as Accounting consultation business, If you have consulting experience, for example, you could establish an accounting consultancy firm. Your business could offer clients solutions for streamlining their accounting process and tightening their internal controls. This might include software training and staffing recommendations etc
Again please let me know if i am wrong. Thanks

[esic_sonia]

I'll break it down for you!


SPONSOR INVESTMENT

Access of Funds (25 pts)
- not less than £200,000
Funds held in 1 or more regulated financial institutions (25 pts)
Funds are disposable (25 pts)
ENGLISH Lanugale with Min. B1 (25pts)
Maintenance : £900 for 90 days (10 pts)
Open a company within 90 days before filing application
Register as director / self-employed
Must have a business plan
Must be Graduate skill level Business (NQF 4 or above)
Allowed to live outside UK for 180 days every year

----------------------------------------------------------
VENTURE CAPITAL

Access of Funds (25 points)
not less than £50,000, &
1 or more registered VC firms (FSA regulated), &
1 or more UK entrepreneurial seed funding competitions listed as endorsed on the UK Trade and Investment website,
OR
1 or more UK government departments or devolved government departments in Scotland, Wales or Northern Ireland, which have made the funds available for the specific purpose of establishing or expanding a UK business.
Funds held in 1 or more regulated financial institutions (25 pts)
Funds are disposable (25 pts)
ENGLISH Lanugale with Min. B1 (25pts)
Maintenance : £900 for 90 days (10 pts)
Open a company within six months after getting visa
Business plan only required after getting visa
No NQF skill level business restriction
Allowed to live outside UK for 180 days every year
International Students can apply through this category