10 weeks of Tier 1 Entrepreneur visa tips – Week 7 – How to invest GBP 200,000 and what to spend it on?
Once you have your Tier 1 Entrepreneur visa, it is actually just the beginning - now the real work begins. You have 3 years to invest the capital of GBP 200000. The main thing here is to understand the difference between the following: On one hand, there are practical day-to-day actions, such as transferring the money from your personal account (or your sponsor’s account) to your UK company’s account you are investing in. So, you transfer the funds to your UK company’s bank account, then you can use it to run your business, ie to spend on your business expenses. What can you buy with this money? Generally, this is dictated by the tax rules, some expenses are allowable, some not. In short, you can spend it on the costs of running your business, ie things you need to buy to have your business going: stock / supplies, wages, rent of premises, marketing, business-related travel, website etc. The visa rules go further: you cannot spend this money on buying a residential pr