Tier1 Entrepreneur extesion - £50K investment

[fzp83]

Hi All,

I am a new member to this forum and find it very useful.

I got two questions to ask and would be grateful if anyone can kindly answer them:

1) I am currently on Tier1 Entrepreneur Visa and running a management consultancy firm. To fulfil the requirement of £50K investment, can I buy a commercial property for my business?

2) If Yes then do I have to make the payment of £50K to buy this property from my personal account or my business account?

Thanking you in advance.

[Olasunkanmi]

@ fzp83,

1) I am currently on Tier1 Entrepreneur Visa and running a management consultancy firm. To fulfil the requirement of £50K investment, can I buy a commercial property for my business?

Yes, as long as the property is for your business use.

2) If Yes then do I have to make the payment of £50K to buy this property from my personal account or my business account?
Its better to buy through your business account as its easier to show in your annual business accounts at the time of your extension.

[fzp83]

Many thanks for your swift reply Ola. Can you please also advise who should be the owner of the commercial property ? Can I buy it under my name or it needs to be bought under my company's name?

[Olasunkanmi]

Many thanks for your swift reply Ola. Can you please also advise who should be the owner of the commercial property ? Can I buy it under my name or it needs to be bought under my company's name?

For you to be able to use such property for investment evidence during extension, then it should be in the name of your business and not in your own personal name.

[fzp83]

Hi

Does anyone have an email address for ukba to clarify couple of queries regarding tier1 entrepreneur extension?