Change in business

[rissirazz]

Hello everyone
I've recently moved to UK on Tier 1 entrepreneur visa and by sheer happenstance I've bumped into an already running business opportunity which is better then the business i proposed UKVI that i would be starting from scratch. Now as per norms i would be investing the same money and generating the jobs i am suppose to. Can i make this switch? Is it okay to invest into a running business? Will this affect my extension in anyway? Should i write to UKVI about this change? Any other input on how to take this route properly would be highly appreciated. Thank you!

[marcnath]

Hello everyone
I've recently moved to UK on Tier 1 entrepreneur visa and by sheer happenstance I've bumped into an already running business opportunity which is better then the business i proposed UKVI that i would be starting from scratch. Now as per norms i would be investing the same money and generating the jobs i am suppose to. Can i make this switch? Is it okay to invest into a running business? Will this affect my extension in anyway? Should i write to UKVI about this change? Any other input on how to take this route properly would be highly appreciated. Thank you!

You can change your business as many times as you want and there is no new to inform HO.
You can invest into an existing business but note that any money that goes to a previous owner is not counted towards your investment amount.

[rissirazz]

Thank you for your reply marcnath.
It is a limited company. What do you suggest, how should i invest so that my investment changes the ownership and existing owners can can still exit with their share after the handover? Is it mandatory to start a business or invest in one with in six months from the date your visa was granted?
Any feedback would be much appreciated.
Thank you!

[marcnath]

Thank you for your reply marcnath.
It is a limited company. What do you suggest, how should i invest so that my investment changes the ownership and existing owners can can still exit with their share after the handover? Is it mandatory to start a business or invest in one with in six months from the date your visa was granted?
Any feedback would be much appreciated.
Thank you!

It is mandatory to register yourself as self-employed or become a Director within 6 months of entry to the UK with the visa.

To repeat, the qualifying investment has to go into the business, not the owners.

I can't give business advice, please talk to a lawyer on that.