Switching from Tier 2 (General) to Tier 1 Entrepreneur

[gidora666]

Hi,

I was wondering if you could advise me if I can switch to Tier 1 (Entrepreneur) from Tier 2 (General).

According to http://www.ukba.homeoffice.gov.uk/visas ... igibility/, I should be able to apply as I meet the following criteria:

You have access to not less than £50,000 from:

1 or more registered venture capital firms regulated by the Financial Services Authority;
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, which have made the funds available for the specific purpose of establishing or expanding a UK business.

: I have 50k.
AND

These funds are held in 1 or more regulated financial institutions

: I am about to put 50k into a bank account.
AND

These funds are disposable (free to spend) in the UK

: I have neither borrowed any proportion of the fund (50k) nor any 3rd party has permission to access it.


Is my interpretation of the rules and legislations correct?

Furthermore, Can my business be a Software House which provides Software Development Services ie has no product ?



Many Thanks,
Gido

[maverick_76]

Read this again -

You have access to not less than £50,000 from:

1 or more registered venture capital firms regulated by the Financial Services Authority;
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, which have made the funds available for the specific purpose of establishing or expanding a UK business.

You need to show registered venture capital firms funding your business in case of 50K investment. In case you want to show your own or third party investment then it needs to be 200K.

Is my interpretation of the rules and legislations correct?

So the interpretation is incorrect.

Answer to your other query is yes, you can open a company which provides software dev services to others.

[gidora666]

Thanks maverick,

As you have mentioned

Read this again -
You need to show registered venture capital firms funding your business in case of 50K investment. In case you want to show your own or third party investment then it needs to be 200K.

I figured that it's the case. Would you please help me to find out how I can receive funs froma registered venture capital firms? I am writing a letter asking the same question from UK Trade & Investment, GEP team.

Would a business loan from a bank be considered as funds from a venture capital firm?

Thanks again,
Gido

[maverick_76]

Guidance has list of registered venture funds, etc

Bank loan is not -
1 or more registered venture capital firms regulated by the Financial Services Authority;
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, which have made the funds available for the specific purpose of establishing or expanding a UK business.

[ItsAWonderfulLife]

Maverick

I am planning to be in UK under Tier 2 and then switch to Tier 1 when i have sold my assets in USA. Does it matter or will the UKBA object if i sell my assets while in uk as a Tier 2? (since its not a Tier 2 income but a business asset sale to generate the 200k?

also i am assuming i can switch between Tier 2 to Tier 1 while IN the uk as long as i satisfy the Tier 1 req / 200 k etc?
based on :http://www.ukba.homeoffice.gov.uk/visas ... /applying/


thank you!
Cynthia

Guidance has list of registered venture funds, etc

Bank loan is not -
1 or more registered venture capital firms regulated by the Financial Services Authority;
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, which have made the funds available for the specific purpose of establishing or expanding a UK business.