Role of 2nd limited company for T1E 5years ILR

[PeterLove2008]

Dear Guru,

A quick background: I applied for my Tier 1 Extension four months ago, still waiting for the outcome. If it is successful (I don't see reasons why not so far), I still want to set up a 2nd limited company to fully utilise the 200k fund, because the 1st company can't use all of them, and the money just sleeps in the bank. Another issue with the 1st company is that I initially signed a 5 years management agreement, meaning initially there was a plan to exit in 5 years time.

My question: If I set up 2nd company (limited), then 2 years later when I apply for ILR, what is the role of this 2nd company? Can I use it to apply ILR? If so, can I sell my 1st company?

Any suggestion please pour in. Many thanks in advance to you all.

Best regards,

[marcnath]

Yes, you are free to change business or do additional companies freely

[PeterLove2008]

Yes, you are free to change business or do additional companies freely

Thanks for your prompt reply.

I really need to consider this option, because when the initial 5 years management agreement ends, I don't intend to sign a SECOND 5 years (the term is 5 years), and when the FIRST 5 years ENDS, it is almost the same time when I have to apply ILR.

By "freely", yes I understand it is my freedom in the investment sense. In terms of Immigration rules, can I use the 2nd company to apply for ILR (based on 5 years T1E visa)? Is it weird in eyes of the Visa Officers that they see a DIFFERENT company for ILR application?

Many thanks for your input.

[marcnath]

Yes you can and it will not be weird. In fact the guidelines have some text to the effect that they understand entrepreneurs may change their business

[PeterLove2008]

Yes you can and it will not be weird. In fact the guidelines have some text to the effect that they understand entrepreneurs may change their business

Thank you marcnath! That's great news for me! I shall read the guidance again.

If anyone having similar experience (using a SECOND company to apply extension or ILR), welcome to share your experiences, especially points in need of cautions.

Nice day!