Extension applicants please join here

[confused90]

Hello All,

We don't have a separate thread to discuss about extension, all who are at the verge of extension please join here

[kayani2012]

hello there
i have a question if smody answer me pls
i m on 50k visa, we suppose to invest 50k and create 2 jobs for a year, if i create 4 full time jobs then i just need 6 months to fullfil requirement????

[helpingperson]

Yes, Kayani.

There is full flexibility about employment requirements. You just need to meet the hours of 2 full time jobs for one year, how you do it, it is not a problem

[kayani2012]

thanks for reply but i meant to say if i create 4 full time jobs then i just need 6 months or only two people consider full time for a year?

[helpingperson]

Kayani,

I said you just need to meet the number of hours for 2 full time jobs, you can meet is even in 1 month by employing required number of people to meet those hours.

If you employ 4 people for 6 months, full time, you fully meet the requirement.

I already pointed, you have full flexibility in employment creation, UKBA is only concerned about creation of 2 jobs, this can be done by even employing 1 person for 2 years full time.

[Gotit_tier1E]

Kayani,

I said you just need to meet the number of hours for 2 full time jobs, you can meet is even in 1 month by employing required number of people to meet those hours.

If you employ 4 people for 6 months, full time, you fully meet the requirement.

I already pointed, you have full flexibility in employment creation, UKBA is only concerned about creation of 2 jobs, this can be done by even employing 1 person for 2 years full time.

I got my visa on 30th april 2014 (applied in March 2014) will I be governed by earlier job creation policy of flexibility as employing 2 people either as full time for 1 year or like 4 people for 6 months or the new policy as of 6th april 2014 which says 2 positions need to be 2 separate individuals for 12 months?

[samaygrg]

I think, the new policy as of 6th April 2014, states 2 positions need to be 2 separate individuals for 12 months for the entrepreneurs who received their visa after 6th of April, 2014.

[NAR]

I got my visa on 30th april 2014 (applied in March 2014) will I be governed by earlier job creation policy of flexibility as employing 2 people either as full time for 1 year or like 4 people for 6 months or the new policy as of 6th april 2014 which says 2 positions need to be 2 separate individuals for 12 months?

The policy only mention 'applied' and 'successfully applied' before 6th April so my understanding as you applied on March that you follow the previous requirements of 2 for one year or 1 for two years and so on.

[suvalike]

Hi Guys,

I have recently filed the Company First Year Tax return and corporation tax.But My company was in loss.There was in 8K investment

So I Did not pay any tax.

Is it a must requirement that company should be in profit and pay Tax in each and every year till the Visa extension Date as some folks advise

Please clarify.


Thanks

[confused90]

I have invested around 50K also, and it's in a loss. The first year for new businesses is almost a loss, due to the cause of new purchases.

There is no such requirement that the business should be in profit every year by the HO, but if the business is in a loss even after the 3rd year.... the HO might ask, why are you doing business if it's running a loss since 3 years?

[ishfaqsangra]

If a business makes ,,say only 5000 profit in the 3rd year before extension,(PSW 50,000 investor) How will it sound to Home office at the time of extension?

[MTZ510]

If a business makes ,,say only 5000 profit in the 3rd year before extension,(PSW 50,000 investor) How will it sound to Home office at the time of extension?

Only HO can answer your question, but its perfectly normal for a business to run in loss for few years and be still viable in long term.
Some times cost of shutting down business is more than the losses and there fore the business continues, as long as the business is in operating profit.

[samaygrg]

Hi Guys,

I have recently filed the Company First Year Tax return and corporation tax.But My company was in loss.There was in 8K investment

So I Did not pay any tax.

Is it a must requirement that company should be in profit and pay Tax in each and every year till the Visa extension Date as some folks advise

Please clarify.


Thanks

That's fairly justifiable situation Suvalike. Even HO understands that every single start-ups struggles in its initial years. If we have carried out our business activities the way it supposed to, it should be fine. They not after profit or loss; all they want to know how genuinely we running the proposed business propositions.

However, if the trend of revenue curve growth moves upward along with the learning curve; certainly it will add extra.

[ishfaqsangra]

Thanks for your opinions

[dalaremal]

Hi
I have got the visa in January 2014
I showed my money overseas,(50k PSW route).
Now, some of that money is in my personal account. Should I transfer that money directly into my business account?

[ishfaqsangra]

Transfer it as Directors loan and then start investing properly,you can transfer it in parts or as full but make sure to make agreement

[bubbly123]

Hello

For my business I buy raw materials from India and design and manufacture the final product in uk so my question is the money used to buy raw materials in India will be considered as investment or the home office wants us to do the purchase in uk or eu which works out really expensive for my business.

Also please tell me what are the acceptable and unacceptable investments by ukba

Thank you very much

[dalaremal]

[quote="ishfaqsangra"]Transfer it as Directors loan and then start investing properly,you can transfer it in parts or as full but make sure to make agreement[/quote]

I am transferring the funds from my personal bank account to my business account but in fractions. I mean not all 50 K in one go. My question is do I need to make more director loan agreement with every single transfer or what ? Please help me!!

[dalaremal]

[quote="dalaremal"][quote="ishfaqsangra"]Transfer it as Directors loan and then start investing properly,you can transfer it in parts or as full but make sure to make agreement[/quote]

I am transferring the funds from my personal bank account to my business account but in fractions. I mean not all 50 K in one go. My question is do I need to make more director loan agreement with every single transfer or what ? Please help me!![/quote]



Could anybody help me with this information please?

[rehan01]

@ dalaremal


My suggestions transfer all funds from your personal account into business account and bring business account balance upto £50 /£200 k and then start investing ......... Transfering £10 k And investing 10 k and then tranfering 2nd n 3rd lot of same can cause trouble in extension that you have circulated same funds?????

I hope you got my point as its best to play safe rather than saying sorry at the end and left urself with no options.

Regards

Transfer it as Directors loan and then start investing properly,you can transfer it in parts or as full but make sure to make agreement

I am transferring the funds from my personal bank account to my business account but in fractions. I mean not all 50 K in one go. My question is do I need to make more director loan agreement with every single transfer or what ? Please help me!!

Could anybody help me with this information please?

[ishfaqsangra]

once the money is in business account it is not simple to take it out and put it again,it does not matter I do not think some one need to make it 50,if one is genuinely trading each and every transaction can be explained and taking fund out as directors salary/loan are not going to be counted anyway.so overall transfer should be more than 50,000 if Directors salary is being taken out.
As long as you can explain transactions ,there is no point to make it up to 50 first ,it can be transferred in parts as Directors loan each time or if some one has not invested at all all 50,000 in one go should be fine. That's my personal opinion.
I have transferred 29,000 as Directors loan,21,000 still in account and 8000 invested but I have taken some salary as well so net investment is very low so definitely I would transfer more than 50,000, I hope someone understood.

[dalaremal]

@rehan01, ishfaqsangra

Thanks a lot for your valuable information.

[suvalike]

Anyone who is due for extension in March 2016...............???

[sky_rise]

Anyone who is due for extension in March 2016...............???

may2016

[Smartpen]

Hi all,

My visa has approved in last month, till now i have invested only £1000 which is transferred from my personal account to Business account. Is it fine if i do transfer £2000 or £3000 to business account and investing that money through business account. I am doing genuine business due to some personal problems I used my investment funds for something else.

thanks and regards,