ILR and Director Loan

[shaf2008]

Its been almost 10 month since i got my extension. i have invested £50,000 into the business as directors loan. i have withdrawn some of the money for various purposes including investing in other business. Now only have 20% remaining in the business and it does not need the director loan anymore.

can anyone please clarify that whether i need to maintain the £50,000 directors loan when i go for ILR

[marcnath]

Its been almost 10 month since i got my extension. i have invested £50,000 into the business as directors loan. i have withdrawn some of the money for various purposes including investing in other business. Now only have 20% remaining in the business and it does not need the director loan anymore.

can anyone please clarify that whether i need to maintain the £50,000 directors loan when i go for ILR

There is no requirement for you to maintain the Director's loan

[shaf2008]

Thnaks

But my accountant and solicitor is saying that its better to maintain the directors loan for ILR.

is there any were we can double check this

[marcnath]

Thnaks

But my accountant and solicitor is saying that its better to maintain the directors loan for ILR.

is there any were we can double check this

No way of checking that I know of. The only people who can answer that definitely will be the UKVI officers and you can try writing to them.

The only thing you can do is go through the requirements for your ILR. It is a point based system and once you can earn the points, you get your ILR.

And the requirements for the award of points are quite straightforward, so you can evaluate that yourself.

[shaf2008]

Any other thoughts ?

[zimba]

You might be asked to demonstrate your investment again. Better keep it until ILR is granted

[crazy_ram]

Hi,
Even though you don't need to demonstrate investment for settlement application you need to show that "you are intended to continue to do the business". Withdrawal of director loan amount may show that you are less interested in that business. It may also effect the genunity of the business.
You can invest in other business from your salaries & dividends gained in this business by leaving the director loan amount untouched.