Tier 1 Entrepreneur Extension due

[royallyconfused]

Hi Everyone,

I was granted the tier 1 visa and I came to the Uk in july 2015. I tried to purchase a franchise but the deal with the franchisee did not go through. Since I have been trying to find viable business options. I have registered as a director of the company within 6 months of my visa issuance.

I went to see several immigration lawyers who informed me that I need to worry about the job creation at the very end.

My extension application will be due in August 2018. I have found two business options one is franchise and another is to set up my own place. I am aiming to have started one or the other by June 2017 so that I am able to show employment for employees I will hire.

My concern is regarding the investment: I have introduced the money into the business account via directors loan. How will I need to show this investment to the HO at time of extension? Do I need to retain and provide separate receipts for all transactions made in way to set up the business or acquire the franchise or is it just reflected as a directors loan in the audited accounts.

Also if there is anything else I need to keep in mind, please do share. Thanking you in advance.

[zimba]

My concern is regarding the investment: I have introduced the money into the business account via directors loan. How will I need to show this investment to the HO at time of extension? Do I need to retain and provide separate receipts for all transactions made in way to set up the business or acquire the franchise or is it just reflected as a directors loan in the audited accounts.

It seems you are quite behind and have lost 1.5 year already. It is clear in the guide what HO requires as the evidence, you must start reading it.
Be aware that spending money to buy anything from a previous owner will NOT be counted as investment.

[FSD]

"My concern is regarding the investment: I have introduced the money into the business account via directors loan. How will I need to show this investment to the HO at time of extension?"
The guide line is
If you have made the investment in the form of a director’s loan, it must be shown in both the relevant set of financial accounts provided and through readily identifiable transactions in the applicant’s business bank statement(s). The statement(s) must clearly show the transfer of this money from you to your business

"Do I need to retain and provide separate receipts for all transactions made in way to set up the business"
For bigger transactions HO may ask you to supply receipts so keep record of everything.

" or acquire the franchise or is it just reflected as a directors loan in the audited accounts."
As mentioned above investment must be shown in both the relevant set of financial accounts, Secondly as Zimba mentioned money paid to previous owner will not be counted as investment. So please read guideline regarding Investment and job creation. You still have time to rectify any mistake