Switching from Tier2(not PSW) & Tier 4 - team

[fahadii123]

Hello Gurus
After being on a company sponsored Tier-2 visa for over 2 years, they had to let me go and many others recently because they are in a verge of closing down. UKBA has been notified 4 days back and I should be expecting my 60days letter to switch soon.

I, along with a friend had been planning on starting a garments business for a while. She is on a student visa currently and we were wondering if maybe we should just switch to Tier-1 team enterpenure visa?

This is my family run business(out of UK) and has been in existence for over 15 years. I plan to start its operation here in London and will be investing the money on it with my team partner.

Questions I have are:
1. Will we both be able to switch and make an application as Team? (I'm switching from tier 2 and she's from tier4)
2. Can we maintain 25k each on our accounts?
3. Do these accounts have to be on our own names and in the UK? Can one of us use our parent's(business account) abroad which has the same business name we wish to start here in UK?
4. Keeping our current statuses in mind, do we have to maintain 50k or 200k?

Looking forward to your replies

Have a fabulous weekend!

[BlackBirdSSG]

1. If in case a Tier 4 student is involved in team, you both must choose the following options:
You must have access to £50,000 or more from: 0
i) one or more registered venture capital firms regulated by the Financial Conduct Authority (FCA);
ii) one or more UK entrepreneurial seed funding competitions which is listed as endorsed on the UK Trade & Investment (UKTI) website; or
iii) one or more UK Government Departments or Devolved Government Departments in Scotland, Wales or Northern Ireland, which is made available by the Department(s) for the specific purpose of establishing or expanding a UK business.

You, individually, have the option to switch in the UK using £200,000 , but if you put a student together with you, then you must choose one of the following mentioned above. If both of you apply from overseas, then you both can show £200,000 as team members as you will be considered citizens of that country.

2. Tier 2 only qualify for £200,000 (not 50K) if they use their own money. Students are not allowed to use their own money.

3. Parents are considered 3rd parties when it comes to business. But in your case, different route is applicable. So, showing statement or business account will not help (unless you are applying individually)

4. - Tier 4 student (cannot use their own money. Can only go through one of the £50,000 routes mentioned in Point 1 above)
- T2 can apply via £200,000 or £50,000 through one of the routes mentioned in Point 1 above)