Tier 1 ,50 k Entrepreneur route

[shaz007]

HI all,

Anybody have got any extension yet or any problem?

I have one question , I have 30k In my personal account and i have not transferred since i got my visa from 2014, now my question is is this gona effect my extension and If i transfer the 30k now to my business account do i have to spend all the money before my extension which is due next year ?

is t alright if i transfer 30k now and than 20 k as a director loan i will transfer later as i need 20 k for my personnel things?

Please advice

Thanks In advance

[Faheemryk]

Its better to transfer now £50,000into business account
If not then transfer £30,000 into business account

[shaz007]

Thanks Bro

If i transfer now 30k by moving the money from personel bank to business bank do i have to create unsecured loan agreement as wel stating unsecured loan 30k for how many years ? im just confuse about how we set unsecured loan thing? and do we have to spend all the money before the extension or leave it in bank?

[Faheemryk]

Make one director loan agreement dated when you got your visa initially in 2014
Write it that £50,000 will be invested over the period of three years as and when needed in the business.

Its better to spend money, you might have employees, you are paying them , if employees are uk settled person than that will be count towards investment.

You can withdraw monthly salary for yourself but that doesnt count towards investment.

I am on phone and cant find one post where one guy posted director loan agreement format, try to find that , the guy successfully got extension

These all points are based on my own experience and observation, i dont take any responsibilty but according to my best knowledge, i am correct. I got my extension next year and this is how i am investing my money.

[jibon]

Hi shaz007,
First of all you have to understand what application you applied and what was the requirements.

According the T1 policy guide you had to show 50K which you intend to invest in UK economy. You fulfilled the investment requirement HO accept your application. You have to invest 50K within 3 years.

Further Extension:
You have to prove that you have invested 50K within 3 years and have 2 Full time employees within last 12 months from your application submission.

Remember you have to satisfy the caseworker that genuinely you have invested 50K within 3 years.

[shaz007]

Thank you all for giving me points

One last thing is that as you mention you have to invest 50k within 3 years so when a person transfer the money form personal to business account it means you have already invested 50k into the uk business so it does not mean you have to spend the money and finish it with unreasonable means like some people over here making confusion that you have to spend all before making the extension of tier 1 application


please advice and put some lights on it so all those people who are confuse can clear this confusion


Many Thanks in advance

Zimba can you reply please

[shaz007]

HI All Bro

I have seen many people having big confusion regarding the investment and if this can be cleared up it will benefit to many people who are struggling to find the answers

Point 1 " The investment is when you transfer the money 50k from your personal account to your business account and make director loan and according to the term You have already invested in the UK business you own . am i right? now the confusion part is that many people in this form making people confuse that you have to spend ( means finish all the 50k before you go for your tier1 extension )

Please clear this and i want senior members reply back and clear this confusions

My view is that when you transfer the money from your personnel to business account and make director loan you have invested 50 k and that it now you don't have to finish all money . you just have to be sensible to spend where it is required ?

Please help .

Second is that i see Director loan many people say that when you got the tier 1 entrepreneur visa initial , you have to make director loan with that dated not that date when you actually transfer the money to business account ? please clear this confusion

Many Thanks in Advance

[zimba]

You need to transfer all the money before extension however you do not need to spend it all. Caseworker will decide if you invested genuinely or not

[zimba]

1. Money must be transferred to business to be spent but you do not need to spend it all before extension. caseworker will work out if your business/work was genuine and if there is evidence that you continue to work as a genuine business person

2. Like any other loan, the date of the loan agreement is usually before or on the same date as the money being transferred. You first sign the agreement and then get the money, not the other way around.

[Celina]

Hi Zimba ,

Can you please solve the following confusion for me ,

So the actual money invested ?

is the money transferred to business account in the form of directors loan ? OR

the money spent in expenses like wages , advertising , stationary , rent etc .

Thanks
Regards
Celina .