T1 Entrepreneur visa - when shall I transfer all 200K to UK?

[younameit]

Do any of you know when shall I transfer all 200K to UK if I get the visa approved?

Can I transfer 200K according to the business needs in 3-year time or I have to transfer all the funds to UK once I set up the business account there?

Many thanks

[Lucapooka]

The investment has to be completed before an extension can be made.

[younameit]

The investment has to be completed before an extension can be made.

Thanks Lucapooka!

Does this mean that I just need to transfer all 200K into my business account in UK within 3 years of my stay and before applying for another 2-year extention?

Cheers

[Lucapooka]

Yes, but the business also needs to have spent 200K on operating expenses during that period. It does not have to be that particular 200K you invested, but it does need to be a sum in that amount, perhaps garnered from the operating profit garnered during the three year period.

[younameit]

Yes, but the business also needs to have spent 200K on operating expenses during that period. It does not have to be that particular 200K you invested, but it does need to be a sum in that amount, perhaps garnered from the operating profit garnered during the three year period.

Thanks Lucapooka.

This helps a lot.

[niomi]

Yes, but the business also needs to have spent 200K on operating expenses during that period. It does not have to be that particular 200K you invested, but it does need to be a sum in that amount, perhaps garnered from the operating profit garnered during the three year period.

Lucapooka, do you know if I am obligated to actually deposit 200k into my business account?

In other words, could I deposit a lesser sum and then over the course of those 3 years, spend 200k which I earned in profits?

[Lucapooka]

Not for an extension. However, if the business is very sufficiently successful for the migrant to qualify for ILR after 3 years rather than 5, there is no requirement for the original 200K to have been invested as the requirements for ILR after 3 years do not ask for this.

[niomi]

Not for an extension. However, if the business is very sufficiently successful for the migrant to qualify for ILR after 3 years rather than 5, there is no requirement for the original 200K to have been invested as the requirements for ILR after 3 years do not ask for this.

Thank you for the reply. Also I was wondering: can the 200k be spent on business activities OUTSIDE the UK but still related to my business? For example, paying vendors in other countries?

[munkuet]

Yes, but the business also needs to have spent 200K on operating expenses during that period. It does not have to be that particular 200K you invested, but it does need to be a sum in that amount, perhaps garnered from the operating profit garnered during the three year period.

Read Policy Guidance in details it explain it all


"If you already have leave as a Tier 1 (Entrepreneur) we may curtail your leave if the funds you have used to apply cease to be available to you (unless you have spent them in the establishment or running of your business or businesses). ‘Spent’ excludes spending on your own remuneration"

can you please make a comments about this policy guidance ???is that means 50k or 200k should be available all the time ???
thanks

[Lucapooka]

Yes, at all times. You must have that sum (or a similar sum) available up to time it is actually injected into the business, otherwise leave may be curtailed. However, I feel that the monitoring and application of this during the three years will be light, random and arbitrary; only in situations where suspicion is high. Currently, there are no requirements for annual financial reporting to the UKBA where they might universally see the progression of the investment for all Tier 1 (Ent).

[munkuet]

Yes, at all times. You must have that sum (or a similar sum) available up to time it is actually injected into the business, otherwise leave may be curtailed. However, I feel that the monitoring and application of this during the three years will be light, random and arbitrary; only in situations where suspicion is high. Currently, there are no requirements for annual financial reporting to the UKBA where they might universally see the progression of the investment for all Tier 1 (Ent).

thanks ,I was thinking same ..
what happened if show invest in to business with a accountant audit ,is that will be ok or they might ask details of every spending ??
I am planning to go back home for holiday.do u think it could be issue when I am coming back at airport???

thanks again

[confused90]

Not for an extension. However, if the business is very sufficiently successful for the migrant to qualify for ILR after 3 years rather than 5, there is no requirement for the original 200K to have been invested as the requirements for ILR after 3 years do not ask for this.

If I apply for an ILR after 3 years, there is no requirement to show that the 200K has been invested in UK?

I thought to apply for an ILR, the 200K must've been invested and 10 employees to be working for the company for 12 months

[Lucapooka]

You need to read the guidance and attributes A section of the immigration rules for precise information on what is required for ILR after 3 years and what is required for IRL after 5 years. Your questions indicate you have read neither. The 200K is with regard to extending Tier 1 (Ent) leave rather than switching out of that into settlement.

[confused90]

You need to read the guidance and attributes A section of the immigration rules for precise information on what is required for ILR after 3 years and what is required for IRL after 5 years. Your questions indicate you have read neither. The 200K is with regard to extending Tier 1 (Ent) leave rather than switching out of that into settlement.

I just had a read through the guidance, please correct me if I am wrong

-Applicant has registered as a Self-Employed with HMRC
-Applicant has added 10 full-time jobs
-Applicant has spent no more than 180 days outside UK in the calendar year


The applicant can then apply for ILR. Is that right? No need to show an investment of 200K has been made?

[Lucapooka]

No, you missed a very important detail regarding wealth creation.

[confused90]

No, you missed a very important detail regarding wealth creation.

I did see that a wealth creation of atleast £5 million does exist.

but the Annex-2 documents required by UKBA does not state at how the created wealth must be shown.


Also the Annex-2 states:-

Accelerated Route: Evidence to demonstrate; that the applicant has established a new UK business or businesses that has or have created the equivalent of at least 10 new full time jobs for persons settled in the UK

or;

46
that the applicant has taken over or joined an existing UK business or businesses and his/her services or investment have resulted in a net increase in the employment provided by the business or businesses for persons settled in the UK by creating the equivalent of at least 10 new full time jobs.



The 'or' makes me believe that it can be either 10 new employees OR wealth creation + 10 employees

[niomi]

No, you missed a very important detail regarding wealth creation.

In terms of investing the 200k, can I spend it on something OUTSIDE the UK? For example paying vendors based in different countries?

The specific example I'm thinking of is opening IT offices outside the UK and finding clients within the UK.

[dpr1979]

Hi Guys,
Thank you all for your postings with such invaluable information from time to time.

I am planning to apply for entrepreneur visa soon. i have hit a big hiccup in the third party funding.

A quick briefing:

1) Need to apply tier with brother as a team.

2) I have a UK bank account but presently in India since visa got expired.

3) Plan to show funds:

a) GBP 1,13,000 in a joint account in India's bank with brother.

b) GBP 47,000 in UK bank account in my individual name.

c) GBP 40,000 in a bank account with sister in USA as a third party funding.

My question is:

1) Will the UKBA except the funding in my own account alone or my brother should be a joint account holder in it?

2) The template that UKBA has given for third party funding specifically mentions to put the applicants names in the letter, which the US bank denies that it can never do such a thing as they dont care what my sister does with her money and whom she wants to give it to. In short they do not entertain UKBA's format.


It would be a great help if some1 can guide as to what format of letter shall i use that could be excepted.

Can they except a bank letter that my sister has so and so amount and a supporting declaration from my sister?

Please guys if you can help me out on this one.

Many thanks
In advance

D

I would take this opportunity to thank each and every1 who have posted on this forum and provided with such valuable insight.