Tier 1 (Entrepreneur) visas Extension one director retired

[rizwo]

Tier 1 (Entrepreneur) visas Extension one director retired


My brother extension is in July 2018. He is £50K Team (2 People 25K each). The other person got ILR on 10 Years bases in Dec 2017. Other person has some other business interest and wanted to retire and resign from the company. If he retires as director and shareholder, what implications can be on my brother extension visa. And what should he do on his retirement?

[zimba]

Their applications are separate and not linked at all.

[teddybear79]

you should refill the investment to make it 50K in total

[marcnath]

you should refill the investment to make it 50K in total

On what basis are you giving this advice ?
If you are not sure of the facts, it is better to be silent than give incorrect misleading advice

[teddybear79]

you should refill the investment to make it 50K in total

On what basis are you giving this advice ?
If you are not sure of the facts, it is better to be silent than give incorrect misleading advice

LOL you are funny marcnath ------ you can apply for the extension with less than 50K investment ???? if one partner is leaving then the other partner should have shares or DL = 50 K

marcnath I highly regard you but this is not good

[chacha22]

(1)You can remove him from payroll but keep him as a director and shareholder.That way you will not have any issue or (2)you can give him his share and put money 25K of his share into ur business acc then u will b sorted.I had same issue and i did first one.

[marcnath]

you should refill the investment to make it 50K in total

On what basis are you giving this advice ?
If you are not sure of the facts, it is better to be silent than give incorrect misleading advice

LOL you are funny marcnath ------ you can apply for the extension with less than 50K investment ???? if one partner is leaving then the other partner should have shares or DL = 50 K

marcnath I highly regard you but this is not good

I repeat - which part of immigration rules disallows this ?
Yes, if the partner is paid back the 25k then it is understood that it needs to be replenished but otherwise ?

[teddybear79]

you should refill the investment to make it 50K in total

On what basis are you giving this advice ?
If you are not sure of the facts, it is better to be silent than give incorrect misleading advice

LOL you are funny marcnath ------ you can apply for the extension with less than 50K investment ???? if one partner is leaving then the other partner should have shares or DL = 50 K

marcnath I highly regard you but this is not good

I repeat - which part of immigration rules disallows this ?
Yes, if the partner is paid back the 25k then it is understood that it needs to be replenished but otherwise ?

Read the question - he wants to resign as SHAREHOLDER & DIRECTOR ( if they have DL then he will be short of his contribution and if they have share capital then he will be short of his value of shares )

In case of DL is there is no director there is no DL it becomes loan and incase of share he will buy his share to refill his value of shares = or > 50K


I wrote you have to refill investment to make it 50K ( whats wrong advice I have given) please explain

[marcnath]

Read the question - he wants to resign as SHAREHOLDER & DIRECTOR ( if they have DL then he will be short of his contribution and if they have share capital then he will be short of his value of shares )

In case of DL is there is no director there is no DL it becomes loan and incase of share he will buy his share to refill his value of shares = or > 50K


I wrote you have to refill investment to make it 50K ( whats wrong advice I have given) please explain

Yes, if the money is paid back, it would be better to top it up.

DL is determined at the point of making a loan. If someone resigns as Director, it does not change the fact that it was a DL at the point of giving the loan.

Interestingly, the point remains - nowhere in the immigration rules is there anything that states that the loan cannot be paid back. The requirement is only to make the investment, not to maintain it. For example, if the business is doing well, the loan can be paid back and I don't see anything in the immigration rules that will allow HO to refuse the extension.

This maybe a loophole in the rules because it can be misused, but I guess people have not been doing that so far.