Settlement visa for stepson

[Petem]

Hi members

I am a little more knowledged on the EEA route although I do try to read the entire forum and from my study I hope someone will be kind enough to correct me if I am wrong.
I had previously asked about a stepson and EEA family permit and got mixed answers and want to be prepared for a worst case so here goes:

I British, worked in Germany for 10 years, married for last two. Wife had DE Residency Card for 5 years and we were fully registered etc. Stepson is 14 now and remained in China, main reason was that I was contracting and he had no German language skills, he is excelling at school.

Came back to UK in 2014 and wife applied for UK Residency Card and received it.
Due to circumstances we would like my wife’s son to join us next August 2017, so looking to apply around April 2017.

From my research I believe the following is needed before application / coming:
1. Settlement Visa £1195
2. NHS charge N/A as a minor
3. English A1 test – I saw some mention of it rising to A2 May next year, is this true?
4. Although my stepson I believe I can sponsor him and therefore need to meet the financial requirements of:
a. Wife + child (even if wife is on EEA route)
b. Financial requirement exceeding £22,400, this will likely consist of:
i. Gov. Pension £8000 Gross PA
ii. £14400+ Gross from my work.
iii. 6 Months Payslips showing this amounts
iv. 6 Months bank statements showing these amount (Work + Pension)
v. I have a 12 month contract, very likely to be extended, running as Ltd i.e. director, does this affect anything above so ong as I show 6 months payements?

5. On top of the usual passports etc I believe I will need a letter from stepson’s father agreeing to this.

Am I correct for all this, have I missed something I need to know, sure things can change before this but want to know if my understanding is presently correct.

Many thanks in advance

Pete