DEADLINE for registering business after receiving visa

[MTZ510]

Quote from Guide
Attributes table for extension applications
Attributes: pass mark = 75 points
Points available
A. You have invested, or had invested on your behalf, not less than £200,000 (or
£50,000 if, in your last grant of leave, you were awarded points for funds of £50,000)
directly into one or more businesses in the UK.
20
B. You have:
• registered with HM Revenue & Customs as self-employed; or
• registered a new business in which you are a director; or
• registered as a director of an existing business.
Where your last grant of entry clearance, leave to enter or leave to remain was as a Tier
1 (Entrepreneur) migrant, one of the above conditions must have been met within six
months of the specified date. The specified date being either:
The date of your entry to the UK, where you were granted entry clearance as a
Tier 1 (Entrepreneur) Migrant and where there is evidence to establish your date
of entry to the UK; or
The date of your grant of entry clearance, where you were granted entry clearance
as a Tier 1 (Entrepreneur) Migrant and where there is no evidence to establish
your date of entry to the UK; or
The date of your grant of leave to remain, in any other case.
This does not apply where your last grant of leave prior to the grant of leave that
you currently have was as a Tier 1 (Entrepreneur) Migrant, a Businessperson or an
Innovator.
Unquote

Please advice on following points

- Whether my interpretation that i am required to incorporate a company within 6 months of entry in UK is correct or not. I have applied from outside UK.

- Incorporating a company satisfies this requirement or i have to start trading activities within this period.

- Do i have to register my company with HMRC within 6 months or just incorporating a private company will satisfy this requirement.

- Is it binding to start business after registering with HMRC?

- Whether directors of the company are required to register with HMRC ?

[Darvesh]

company has to registered within 6months entering uk.

wen u register a business its mean its actively running and trading however there is no guarantee how effective this business will run. will any business actively running and still refuse trading???? what u can do if ur business is running but no business or clients????

didnt u get any docs from HMRC after registering company???? if u have got one then its mean you are in HMRC record and if hasnt yet then soon u will be otherise call them up and ask for.


Registering your new company at Companies House

A limited company comes into existence when it is incorporated or 'registered' at Companies House. Limited companies must file certain documents with Companies House when they are first set up and on an ongoing (normally annual) basis. These Companies House requirements are separate to what your company needs to do for HMRC for Corporation Tax purposes.

Companies House tells HMRC when any limited company is formed and registered with them. But if you use the Companies House Web Incorporation Service and your company is 'active' at the time you incorporate it, for example it has started trading or receiving income, you can choose to supply the statutory information you need to give HMRC when you become active at the same time.

HMRC uses the information they receive from Companies House to set up a computer record for your company and allocates it a reference number known as a Unique Taxpayer Reference (UTR). They then send form CT41G (Corporation Tax - Information for New Companies) to your company's registered office. This form includes your company's UTR so please keep it safe as you will need it to contact HMRC. It also tells you what you need to do if your company has become 'active' and suggests other tax implications your company may need to consider.

It's important that you read form CT41G carefully and take any action that's needed promptly. The following sections cover the main things you need to do and when.

[MTZ510]

company has to registered within 6months entering uk.

wen u register a business its mean its actively running and trading however there is no guarantee how effective this business will run. will any business actively running and still refuse trading???? what u can do if ur business is running but no business or clients????

didnt u get any docs from HMRC after registering company???? if u have got one then its mean you are in HMRC record and if hasnt yet then soon u will be otherise call them up and ask for.


Registering your new company at Companies House

A limited company comes into existence when it is incorporated or 'registered' at Companies House. Limited companies must file certain documents with Companies House when they are first set up and on an ongoing (normally annual) basis. These Companies House requirements are separate to what your company needs to do for HMRC for Corporation Tax purposes.

Companies House tells HMRC when any limited company is formed and registered with them. But if you use the Companies House Web Incorporation Service and your company is 'active' at the time you incorporate it, for example it has started trading or receiving income, you can choose to supply the statutory information you need to give HMRC when you become active at the same time.

HMRC uses the information they receive from Companies House to set up a computer record for your company and allocates it a reference number known as a Unique Taxpayer Reference (UTR). They then send form CT41G (Corporation Tax - Information for New Companies) to your company's registered office. This form includes your company's UTR so please keep it safe as you will need it to contact HMRC. It also tells you what you need to do if your company has become 'active' and suggests other tax implications your company may need to consider.

It's important that you read form CT41G carefully and take any action that's needed promptly. The following sections cover the main things you need to do and when.

Thank you Darvesh for detailed reply.

I have received Tier 1 Visa outside UK on 30th July and have not landed in UK. I am planning to land in UK in mid October and was concerned that what are the basic requirements to qualify for extension.

Now what i have understood is that i will register a new company with companies house and HMRC will send me UTR and form CT41G which i will submit to them once i start trading. This means once i register a new business i will meet the basic requirement of registering within 6 months.

Yes you are right when you say that its not necessary that every business generates revenue from start and it may take couple of months to start receiving income still the business is active. That's what i wanted to confirm.

Now on separate note what about directors of the company do they need to register with HMRC (a) if they are drawing salary from company (b) if they are not drawing salary from the company.

Thanks again

[Darvesh]

let me more specific about ur first point.............im not sure how IO at airport will be satisfied with ur explanation of arriving uk after 75 days of getting visa. so plz check with more knowledge able person maximum time allowed between getting visa and entering country.?

[MTZ510]

let me more specific about ur first point.............im not sure how IO at airport will be satisfied with ur explanation of arriving uk after 75 days of getting visa. so plz check with more knowledge able person maximum time allowed between getting visa and entering country.?

Well in my visa application i have mentioned September 15 as probable date of travel so delaying by one month should not be any problem. Secondly i have also applied for my family as Tier 1 depandants and waiting for their visa.
The visa issued is for 3 years and 4 months so i can assume that one can make entry within 4 months.

So this brings me to another question what kind of questions IO can ask at the airport?