extension running business

[aleko76]

hi

my extension is due in Dec 2017.

do i need to have a running business at the time of extension or just an active LTD?

Do i need to have employees on my payroll or not ? even though 3 full time jobs were created for 12 months each?

The reason i ask is that i plan to sell the business 2 months before my extension is due.
can you kindly advise?

kind regards
alf

[KAKA-MAG]

hi

my extension is due in Dec 2017.

do i need to have a running business at the time of extension or just an active LTD?

Do i need to have employees on my payroll or not ? even though 3 full time jobs were created for 12 months each?

The reason i ask is that i plan to sell the business 2 months before my extension is due.
can you kindly advise?

kind regards
alf

Hi Alf,
if you are planning to sell the business before the Ext ,Have you made the investment in same business ? Do you part of another business which you are director ?

At the time of Ext you must be director or Running business as a self employed !.

[zimba]

do i need to have a running business at the time of extension or just an active LTD?

You need to be engaged in an active business or businesses

Do i need to have employees on my payroll or not ? even though 3 full time jobs were created for 12 months each?

No

The reason i ask is that i plan to sell the business 2 months before my extension is due.

You are allowed to move on to another business venture

[seasky]

Wow congrats aleko, growing a business to the point it is sold (' an exit ') is strong part of entrepreneurship. Hope you are selling for a large profit!

some pointers (beyond what Zimba said)

1. make sure you have all the evidence you need in place for extension (proof of investment, employment etc) because the new owners will take that over from you. Remember that HO can ask for additional evidence and you many not have access to it

2. For ILR you will need to have another business running (and even at point of extension but that can be a ltd company which u are director)

3. in covering letter explain your exit as they probably don't see many achieving that level of success within first period (mention "taking my entrepreneurial success to the next level with my new company etc....)

[businessmen aces]

I got my extension last month and today i got offer to sell my business of 2 million now i am going to sell my business and put £ 20,00,000 in uk bank account fir 2 years and convert my entreprenuer visa to investment visa and play golf everyday

[seasky]

I got my extension last month and today i got offer to sell my business of 2 million now i am going to sell my business and put £ 20,00,000 in uk bank account fir 2 years and convert my entreprenuer visa to investment visa and play golf everyday

Congrats on an impressive exit. comments:

1. an offer to sell does not always become a sale. So be diligent, keep business running at top level for now. Expect at last moment for buyers to try and lower the price

2. I am not an expert on investor route but It is much easier in your case to continue on t1e route. So you will have to register a new business and employ 2 people etc (it could be a new real business or just your 'investment managers' though never put money in access of those who are not up to it)

Again congrats. I guess as t1e is maturing we will see more and more exits