Extension for 50 K

[shaz007]

Hello all

I have my extension due and I am confuse do we have to hire 2 full time employee till when ?

Second question is , I have my money in my personel account and I have not trasfer it on my Business account yet ? should i transfer my all funds togather or i can do in bits ? is there any restriction on it?

Third question. I have use some of the funds so now can i put it back to my account and transfer into Business account ? or should i use director loan if i have taken some money from it

Please Advice?

Thanks in Advance

[JamesBlack]

You got visa prior to April 2014
Therefore
2 full time (30 hours a week) employments for at least 12 months (3120hours) consecutive or in combination of more than 2 employees over the period of three years.

You definitely need to transfer minimum of 50K from personal to bussiness account. No restrictions. You can do in 1 or many transactions. Some banks only allow certain limit per day or per transaction.
Only 1 directors loan agreement is enough for all transactions dated prior to the first transaction you make personal to bussiness.

If you have taken money from personal account that has nothing to do with director loan. Therefore u need to tranfer minimum of 50K to claim points.

Thanks

[shaz007]

Thanks James for replying me

I have taken taken 20 k from 50 k from my personnel account and now i want to put back 20 k latter so can i put it as a director loan and when i have profit i cant take profit from business and put the money back to personnel and transfer the money to business bank .. is it alright?

I got ENT visa in 2014 oct so next year oct is my extension so i have to hire 2 full time right from aug or sept?

[JamesBlack]

Director's Loan as per my understanding is only formed when you transfer money from Personal to Business Account.
In your case 50K with in 3 years of period in 1 or as many identifiable transaction you want with in 3 years. Any money you take from personal account has nothing to do with company.
If you take money from Business account you may only take it as dividend from the business if the business is making significant profit or as director's salary (not advised though).
Any money outside these parameters is not allowed.
Please hire a competent accountant who has complete knowledge of Tier 1 Entrepreneur HO Guidance.

[JamesBlack]

you must look in the policy guidance and follow the job creation requirements as you were granted visa in Oct 2014.
i m not fully sure but believe its 30 hours a week two persons for 12 months period.
do check with the seniors on the forum Thanks