Entrepreneur 200k Extension

[Danish01]

Hi everyone
I am Appling my entrepreneur investment 200k extension in July. Enter in 06/ 2014 and register limited company with 200000 shares in august2014 and as a director i bought all shares and my company take over a pizza franchise in July 2015 and i pay 150k to previous franchisee company for planted machinery and other assets and money goes to previous franchisee company account. because head office say if you want open new franchise you have to wait minimum 2year and required investment between 150 to 200k so best to take over existing franchise. after takeover i bought £25k vehicle and pay 11k franchise fee as well so altogether i invest £186k sofar.but i didn’t count my monthly shop rent food cost and labour as well.WHICH ONE FIRST MONTH IS £15K And rest of money still in my account. When i take over previous company have around 3 to 4 full time employee and 2 part time but from 06/2016 i have 10 full time employee and some part time as well.
In that bases can i go for 3year Accelerated rout ?
Can i have to apply for shares capital bases or investment ?
First £161k i pay from my personal account because 2 different bank refused to open my business account then one bank open my business account in 09/2015.
Nearly £250k come from abroad in my personal account .
And one of my employee name is wrong on P A Y MY ACCOUNTANT DONE THIS BY MISTAKE HIS NAME IS (KALEEM) BUT ON PAY slip IS( KALDEEM) JUST( D )EXTRA BY MISTAKE ?
Could you please guide me really appreciate to everyone.

[marcnath]

There are a number of issues here:

Hi everyone
I am Appling my entrepreneur investment 200k extension in July. Enter in 06/ 2014 and register limited company with 200000 shares in august2014 and as a director i bought all shares

So you invested 200K in the new company

and my company take over a pizza franchise in July 2015 and i pay 150k to previous franchisee company for planted machinery and other assets and money goes to previous franchisee company account.

This is a potential problem. As per the guidelines:
‘Invested’ or ‘spent’ excludes spending on:

2) buying the business from a previous owner, where the money ultimately goes to that previous owner (irrespective of whether it is received or held directly or indirectly by that previous owner) rather than into the business you have bought. This applies regardless of whether the money is channelled through the business en route to the previous owner. For example, by means of you or your business purchasing ‘goodwill’ or other assets which were previously part of the business you have bought,

You are running the risk that the 150K will not be considered as investment.

because head office say if you want open new franchise you have to wait minimum 2year and required investment between 150 to 200k so best to take over existing franchise.

You will have to explain this upfront in your cover letter. But you are much better off finding another 150K to invest.`

after takeover i bought £25k vehicle and pay 11k franchise fee as well so altogether i invest £186k sofar.but i didn’t count my monthly shop rent food cost and labour as well.WHICH ONE FIRST MONTH IS £15K And rest of money still in my account.

It is almost two years of business operation. I am sure you had expenses and income in those two years, so what do you mean by "rest of the money is in your account" - is that personal account ?

When i take over previous company have around 3 to 4 full time employee and 2 part time but from 06/2016 i have 10 full time employee and some part time as well.
In that bases can i go for 3year Accelerated rout ?

It is 10 additional employees needed. It looks like you may have only 6-7.. and so not enough for accelerated route

Can i have to apply for shares capital bases or investment ?

Not sure what the question is. Share capital is an investment, so why the OR ?

First £161k i pay from my personal account because 2 different bank refused to open my business account then one bank open my business account in 09/2015.
Nearly £250k come from abroad in my personal account .

It should not matter if the money eventually went to your business. Again, may need some explaining in your cover letter.

And one of my employee name is wrong on P A Y MY ACCOUNTANT DONE THIS BY MISTAKE HIS NAME IS (KALEEM) BUT ON PAY slip IS( KALDEEM) JUST( D )EXTRA BY MISTAKE ?
Could you please guide me really appreciate to everyone.

This is minor. I suggest you find a document that has his NI number and his correct name (NI letter, for example) and add that to the documents you submit and explain in the cover letter.

But your single biggest issue is your investment amount

[Danish01]

Thanks marcnath to guide me so how I give a clarification to to home office I bought assets who already in store not existing business or company could u please guide me because I don't have much time many thanks

[marcnath]

Thanks marcnath to guide me so how I give a clarification to to home office I bought assets who already in store not existing business or company could u please guide me because I don't have much time many thanks

I suggest you take some professional help such as an immigration lawyer. I am not qualified to do so, but even if I were to help, I wouldn't be able to do that without full details of your set-up.
But, from what you have shared so far, it appears you have set up a new business rather than having joined in or taken over an existing business.
You then bought goods required for your business from a third party - which would be a normal business spend.
Or your new business bought over another company, which should also be justifiable as a valid business activity.
But, while there may be justification to use that as evidence for investment, I think it is tough.
That is because I believe the intent behind that restriction on what is recognised as "investment" for T1E visa is that the government wants to ensure this visa brings new investment into the economy.
Paying it to an existing business owner does not satisfy that intent because that money has not "created" any additional business.
Now, if the original company had closed down, then you may be able to justify purchase of the assets from that business as an investment. But if it was an ongoing business, your money just replaced an existing business and is not creating anything new.
So, again, take professional advice to see how things can be structure.
Also, there may be others in this Forum on a similar situation