Financial Requirement for a New Director of Limited Company

[muralitharanp79]

I need some clarification regarding settlement visa for my son born in India.

Presently, myself and my wife are having ILR (in March 2013) and now planning to bring our son (born in India) to the UK on "family of settled person" visa (VAF4A) and would like to apply in May 2014.

Recently I changed my job to contracting i.e., my previous permanent job ended in March 2014 after 5 long years and started my limited company in March 2014 and started working through it from 7th April 2014 onwards.

As I am applying for "Family of settled person" visa for my son, I need to meet the financial requirements (VAF4A – Appendix 2). When referring to Appendix FM-SE, points 2 and 9 are applicable to me i.e., salaried employment and director of a limited company. In point 9, they asked for several things and mentioned them as mandatory but as I just started my limited company I don't have CT600, company accounts for the last financial year. In this case, can I just show them the following details:

a) Company registration.
b) A letter from accountant confirming my position, income and dividends.
c) Payslip for April 2014 (as employee).
d) Business bank account (March and April) to show the transaction from client.
e) Personal bank account (March and April) to show the salary and dividend paid.
f) VAT registration.
e) Registration for PAYE and NI.

As I have 2 jobs in the last 12 months before my application, I need to show for 12 months and I have the following details from my previous job:

a) Letter from employer confirming my position, start and end date, salary.
b) Payslips (April 2013 – March 2014).
c) Personal bank statements showing the salary being paid (12 months).
d) P60 for the last year.

I can combine these 2 employment to meet my financial requirement but I am bit doubtful with limited company details as they need the information for full financial year that I can't show them. What should I do in this situation?

Your advice is highly valuable to my application.

Thanks,

[SoHopeful]

You can only combine employment for the same financial year(s) you are relying on to evidence self employment. You have to have the requested documents for the last financial year and if you combining income you have to still need to evidence ongoing employment at the point of application.

[muralitharanp79]

Thanks for the reply SoHelpful.

As far as my current employment is concerned, I can't have company tax returns, company accounts for the last financial year as I just started trading since 7th April 2014. In this case, you meant to say that I can't apply in May 2014? If so, I am left with 2 alternatives:

1) I need to wait till I have all the evidence for the limited company operation (that might be another one year from now).
2) I can show only as employee of my limited company with the following details:
a) Payslip (April)
b) Personal Bank Statement (April)
c) Letter from account of my position, salary, start date
d) Employment contract

Is alternative 2 possible? Plz advice.

Thanks,

[Hiccardo]

I am in EXACTLY the same situation as you have described.

My wife is from the USA. I worked in the USA until March 2014, with a full time salaried job (that easily met the financial requirement during the 2013 tax year). Now we are settling back in the UK again, and it is time to get her UK settlement visa.

In June 2014 I started a Ltd company in the UK, as a contractor. I have a six month contract, that again pays way higher than the financial requirement.

I am trying to find out whether I can prove that I meet the financial requirement, in order to apply for my wife's UK settlement visa, but VAF4A, Appendix 2, is quite confusing.

Can I prove that I met the financial requirement from salaried income in the last full financial year, but this current financial year I will meet the requirement through self employment as the Director of a Ltd company????

I have the following evidences:

For last year:
1) Showing letter from my previous US employer.
2) Payslips
3) Personal bank statements

For this year:
1) Documents showing my current UK Ltd set up - HMRC and VAT documents etc.
2) A letter from my accountant explaining my situation, and breaking down my current salary and dividend income.
3) Payslips for the salary I am paying myself.
4) Agency contract, showing daily rate and duration of current contract.
5) Letter from my client showing I am currently working as a contractor, as per contract from 4).
6) Company bank account statements
7) Personal bank statements

I am desperate to find out whether this will suffice to prove that I meet the requirements.

Anyone have any idea?

[basu]

I am in a same situation as you were for your son. We both have ILR and we had a baby recently.

Also, I started my ltd company just 5 months before. I am confused about what documents to submit.
Was your application successful with the documents you mentioned here ?Did you submit any other document ?

[wizzhonest]

any new updates on this?

[noajthan]

There are 4 or 5 jumbled posts here all at least 9 months old. It may be OP's are long gone.