Tier 1 General Extension Contractor, not 100% share holder.

[muditmalhotra]

Hi All

I have to apply my extension in a few months time, so just started to get everything in order.

I am working as a contractor and I use Ltd Company for this purpose. My concern is that I am not 100% share holder in this company, my wife who is also contracting works under the same Ltd company and has 40% shares of this company. As she earns 40% of the value in the company.

Me being the main applicant will have to show my previous earnings, can you please guide me on following points :-

1. Will UKBA pose any problem if I am not 100% share holder ( although i think not ) if not, what all papers do I need to prove, what was my value addition to the company ?

2. My income from my comapny consists of 3 parts viz. Salary, Dividends, Expenses. My accountant provides me with three different figures and to keep things simple I draw three different amounts from my company account. So my concern is Do UKBA consider the Expenses part of your income ?

3. Do I need to show my Business Bank Account Statement ?

4. How would I prove which income into business account was earned by me ?

I know UKBA should not be bothered about how and who is earning for a company but I think they might consider this as I am not 100% shareholder of the company.

Please let me know if you think there can be more complications.

Thanks
Mudit

[O_Relly]

Hi All

I have to apply my extension in a few months time, so just started to get everything in order.

I am working as a contractor and I use Ltd Company for this purpose. My concern is that I am not 100% share holder in this company, my wife who is also contracting works under the same Ltd company and has 40% shares of this company. As she earns 40% of the value in the company.

Not a problem, in my case both my wife and myself are 50% share holders and both generate different incomes to the company and my extension went through fine with no issues.

Me being the main applicant will have to show my previous earnings, can you please guide me on following points :-

1. Will UKBA pose any problem if I am not 100% share holder ( although i think not ) if not, what all papers do I need to prove, what was my value addition to the company ?

Not a problem, no additional documentation needed.

2. My income from my comapny consists of 3 parts viz. Salary, Dividends, Expenses. My accountant provides me with three different figures and to keep things simple I draw three different amounts from my company account. So my concern is Do UKBA consider the Expenses part of your income ?

I only showed salary + dividends and didn't include expenses. However, the policy guidelines says you are eligible to claim for,
"allowances (such as accommodation,
schooling or car allowances) that form part
of an applicant’s remuneration package"

I thought as directors of ltd companies, the argument that expenses is part of the remuneration package will hold good, but then decided against claiming for expenses, as I was eligible without it anyway and to avoid confusion.

3. Do I need to show my Business Bank Account Statement ?
It is upto you, there are different set of documentation you can submit, and business bank statements is one of them. Read policy guidelines.

4. How would I prove which income into business account was earned by me ?
Submit the invoices raised by you.

I know UKBA should not be bothered about how and who is earning for a company but I think they might consider this as I am not 100% shareholder of the company.

Please let me know if you think there can be more complications.

Thanks
Mudit

Also, having a look at this thread might be of use, where I have also mentioned what documentation I submitted for my extension.
http://immigrationboards.com/viewtopic. ... ht=#654045

[gaurav76.5]

1. Its not aproblema tll UKBA doesnt care about tit they are concern if you have scored the required points or not..

2. Expense can't be claimed ...Your income would consists of Salary + Dividend as you are operating as ad irectoer of limited company

3 Yes you would need to show the Business Bank Statements

4 In order to show everything is legitimate I would advise you to submit the invoices [/quote]