Applying from UK - Existing Director on Ltd Company

[deepa02102016]

Hello Experts,

My name is D and I have few basic questions reagard UK Tier 1 (Entrepreneur) visa.

Quick background
I am from India & landed in UK in May 2013 on T2 ICT Dependent Partner Visa. I started Ltd company in Jan 2015 and I am the sole director & employee of this ltd company. This company provides IT consultancy to banks in UK. This Ltd Company has £200K+ sales made so far and bank statements/accounts reflect this.

Questions

• What is better- apply for Tier 1 (Entrepreneur) visa from UK or India?
• Is it necessary to have £200K in my personal account?
• Can I apply for visa showing £200K balance on business bank statements of Ltd company as accessible funds?
• Can I take £200K as directors loan? if yes, this amount in my personal bank account is good enough to apply for visa? And once I get visa, I can return whole amount back to Ltd company business bank account?
• if Visa is granted do I need to setup new company only? I am already director on current Ltd company, can I show same company and £200K in business bank account as investment at the time of renewal?

My main concern is, I do have access to 200K funds but it is in my business account. I am aware technically money belongs to company.

I do not want to close current Ltd company before visa is granted as processing may take up to 6 months and I want to work during that time.

Any suggestions are welcomed.

Many thanks experts.

thanks
D

[zimba]

What is better- apply for Tier 1 (Entrepreneur) visa from UK or India?

You are on a PBS dependant visa which means you cannot switch to any PBS visa as a main applicant in the UK. You must apply from India

Is it necessary to have £200K in my personal account?

Yes, unless you are getting the money from a third party or the money is already invested by you in the business.

Can I apply for visa showing £200K balance on business bank statements of Ltd company as accessible funds?

Only If you can show that you invested the 200K in the business personally.

Can I take £200K as directors loan? if yes, this amount in my personal bank account is good enough to apply for visa? And once I get visa, I can return whole amount back to Ltd company business bank account?

My guess is that you personally have no access to 200K and you are trying to use company's money to get Tier 1E visa.
You can technically pay yourself a loan from your company however things can get complex. Such a loan means that your company could be forced to pay 25% of such amount as corporation tax to HMRC plus interests. Your accountant will be able to tell you more about this

if Visa is granted do I need to setup new company only? I am already director on current Ltd company, can I show same company and £200K in business bank account as investment at the time of renewal?

No need to start a new company at all but you simply cannot claim a company's money as your own unless you paid all taxes on it or if the money originally came from you (invested by you)

[Hassan Rasheed]

Hi There
First of all i would suggest for apply tier 1 visa you should have £200K money into your personal account before apply visa.

Legally you can runn existing company But i will not suggest take over your old company.

Once you get visa,I would strongly suggest you should open new company in UK and Transfer £200K Investment into it.Register yourself within 3 Months as Director once arrive in UK.
Advertise for jobs offer and give two jobs and do business from that company. For Open new company It will help you avoid complex in your case at time of your visa extension.

Descion is yours its my suggestion only.

Good Luck.
HN