Sunday, 26 November 2017

10 weeks of Tier 1 Entrepreneur visa tips – Week 8 – When to invest GBP 200,000? IS there a deadline, such as within 6 months, every year etc? Can I move from one business to another?

There are 2 aspects to take into account. On one hand, the Rules do not put a deadline other than within 3 years, ie during your initial visa period. There is no rule to invest equally in each year, or to invest by certain deadline after securing a visa etc.  Strictly speaking, it can be the last day before you submit your application for extension. In practice, we often see large sums (such as £100,000) invested in the last couple of months before the visa expiry date.

On the other hand, there is the notorious Genuine Entrepreneur Test – and this is where such last-minute investments can be questioned by the visa officers. The only way to deal with it to submit as much evidence of “genuineness” as possible. The more genuine it looks the better your chance to be granted a visa extension!

Can you move from one business to another? What if your first idea hasn't worked out or you did not get on with your business partners? 

Yes, you can be a part of several businesses, all at the same time or one at a time. It is OK if you changed your activity or changed company or working with different people. You still have to demonstrate that you have invested the total of GBP 200000 in one or several businesses in the UK. It doesn't have to be the whole sum in one business but has to be businesses of which you are a part as required by the Rules (such as a company director). 

In our practice, we deal with many various scenarios and we will be able to guide you based on your circumstances and using our extensive – and successful – experience!

To read more from the government:  https://www.gov.uk/tier-1-entrepreneur/extend-your-visa

Next week – Creating 2 jobs. Whom to employ, how much to pay?


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