invest or spend

[aleko76]

hi there

i have spoken to 4 solicitors who all disagree on one point which is

1-does the whole 200k need to be spent or invested BEFORE extension?

2-all 4 solicitors disagree therefore making my life difficult as i am running a business and i do not need to spend all the sum. i would rather utilise remaining amount for after extension as i have to still employ 2 people.

3- Has anyone here been granted an extension for a tier 1 visa without spending the whole of the 200k?


regards
al

[moongesture]

Not Sure why the solicitor(s) were disagree.

Out of 95 Points which should be claimed for an extension application under tier 1 (entrepreneur) route, 20 points can only be claimed if "....You have invested, or had invested on your behalf, not less than £200,000 (or £50,000 if, in your last grant of leave, you were awarded points for funds of £50,000) directly into one or more businesses in the UK."

[zimba]

1-does the whole 200k need to be spent or invested BEFORE extension?

Just invested, not spent. Read the rules.

2-all 4 solicitors disagree therefore making my life difficult as i am running a business and i do not need to spend all the sum. i would rather utilise remaining amount for after extension as i have to still employ 2 people.

Ask solicitors to show you a rule that says money must be fully spent.

3- Has anyone here been granted an extension for a tier 1 visa without spending the whole of the 200k?

Yes, me and hundreds of others

[alyo]

third party weblink removed by moderator


guys there are so many solicitors and websites who claim that the funds must be spent before extension.

how can a law be so vague and ambiguous?

al

[miumiuuk]

I presume you misunderstood the solicitors
Remaining 200k in the business account doesn't mean money has not spent. consult your accountant also, they will explain "the spending" to you.

[CULLINAN]

hi there

i have spoken to 4 solicitors who all disagree on one point which is

1-does the whole 200k need to be spent or invested BEFORE extension?

2-all 4 solicitors disagree therefore making my life difficult as i am running a business and i do not need to spend all the sum. i would rather utilise remaining amount for after extension as i have to still employ 2 people.

3- Has anyone here been granted an extension for a tier 1 visa without spending the whole of the 200k?


regards
al

As long as you transfer £200k from your personal account to business account it fulfills the investment criteria.
You do not have to spend it all. It does not make sense in the first place anyways. This is a common misconception among stupid solicitors!
However, it also does not mean that £200k is sitting in your account idle and you do not do any business activity. Remember you have to fulfill the genuine entrepreneur test, so as long you are genuinely involved in business activity it is fine.
I got my visa £200k category, while £110k was still in my business account at the time of application so NOT all spent.
Goodluck

[Mr laptop]

hi there

i have spoken to 4 solicitors who all disagree on one point which is

1-does the whole 200k need to be spent or invested BEFORE extension?

2-all 4 solicitors disagree therefore making my life difficult as i am running a business and i do not need to spend all the sum. i would rather utilise remaining amount for after extension as i have to still employ 2 people.

3- Has anyone here been granted an extension for a tier 1 visa without spending the whole of the 200k?


regards
al

As long as you transfer £200k from your personal account to business account it fulfills the investment criteria.
You do not have to spend it all. It does not make sense in the first place anyways. This is a common misconception among stupid solicitors!
However, it also does not mean that £200k is sitting in your account idle and you do not do any business activity. Remember you have to fulfill the genuine entrepreneur test, so as long you are genuinely involved in business activity it is fine.
I got my visa £200k category, while £110k was still in my business account at the time of application so NOT all spent.
Goodluck

Agreed tier11417
You do not need to spend all the money
Many members on this forum got their extension approved without the help of solicitor
For a genuine entrepreneur you don't need to waste your time and money on solicitors
Just read the HO guidance carefully and discuss any issue with senior members of forum
Hope it helps

[CR001]

User 'alyo' - kindly refrain from digging up older topics to tag onto - continue in your own topic you already have. Also refrain from posting links to solicitor websites.