Nature of Business

[saeed123]

Hi all ,
Just few doubt related to my business.
my company's nature of business is Management consultancy activities other than financial management. and I have applied For tier1 extension a month ago and waiting for the result ...

now I have a plan to start retail business so my doubt is can I take the lease and run the retail business under the same company which I got visa because the landlord is not willing to give the lease for a new company . will it make any issue for my extension this time and in future.


dear members please give me your valuable suggestions.

[awan905]

As a businessman you can change your business and it's nature. Even if you got a company doing management work but now want to change to retail, you can do this.
Update this in company house.
However it is better if you wait till you get visa (that is my personal suggest however you can disagree with this).

[saeed123]

hi awan,
many thanks for your reply ,
I just wonder can we do two types of business under same company .

[awan905]

As a company it doesnot restrict you to do multiple businesses, however for some businesses you need to see what VAT (if you are above 80k turn over limit) you have to pay especially if your business is on reduce VAT rate (annual turnover under 150K), in such cases you need to keep businesses separate.

You can also open a daughter company where your main company will be the owner of it instead of you.

[saeed123]

many thanks awan.