marcnath wrote: ↑Sat Nov 28, 2020 9:37 am
Legend1 wrote: ↑Fri Nov 27, 2020 9:20 pm
hi moderators,
i'm a silent user and been learning alot and appreciate the time and efforts you all doing to help the us. may Allah reward you all.
hope this post not annoy you mods and i appologise for that, as im posting in someone else thread.
i have Tier 1 Ent through (Venture capital Route 50K ) last year. i already started business and created jobs and fulfilling all other requirements and started investing my own funds in business as a "Director Loan" .
unfortunaely the VC firm who supposed to invest is not willing any further and it's no longer authorised with FCA. I'm now in a situation wether if i invest my own funds for the investment purposes will that fulfill the requirements for the extension stage, or i must have to show that investment is made through VC route. i have been to many solicitors and discussed that with some accountants as well, i'm not getting the clear answer and mix reponses like( nothing at the extention stage that the investment should be from VC etc etc) .
i was going through this forum . .. but still confused what could be the best course of action i should take ?
i really need your assistance.
thanks.
One thing is clear - if 50K is not invested into your business, you will NOT get an extension.
But the advice you have been getting is correct. The immigration rules does not specify a different criteria depending on what basis the application was granted. So, it APPEARS that, as long as 50K is invested and you show all the necessary documentation, your extension should be granted.
Unfortunately, you will not know the answer until you actually go through the application process. You are not the only one who has had this issue in the forum but I haven't seen any of them come back and say whether they got the extension or not.
Thank you so much Marcnath for assistance ,
As i already started investment in the form of Director Loan to the business and i'm still looking for VC firm which can further help with 50K investment.
Now for extension which category relate to me according to Table D attribute of 20 points
Table D: Extension applications points table
1 You have invested, or have caused investment to be made by one or more
third parties, at least £200,000 (or £50,000 if you were awarded points for
£50,000 funding or investment in your last grant of leave) in cash directly into
one or more UK businesses.
You do not need to provide evidence of this investment if you were awarded
points under this table in your last grant of entry clearance or leave to remain
as a Tier 1 (Entrepreneur) migrant.
Investment: specified documents
(g) If you are claiming points for investment of £50,000 from a Venture Capital firm, you must also
provide an original dated letter from the Venture Capital firm on its headed paper, confirming:
(i) your name,
(ii) the date(s) the money was transferred to you or invested in your business, and
(iii) that the Venture Capital firm was registered with the Financial Conduct Authority on the
date(s) in (ii) above.
(h) If you are claiming points for investing £50,000 from a Seed Funding Competition, UK or
Devolved Government Department or Venture Capital firm, and have not been awarded points for
those funds in a previous application, you must also provide the specified evidence in the Table C:
Available Money as evidence of the source of the funds. As the money may have been invested up
to 12 months ago the letters do not need to be dated within the three months immediately before the
date of the application.
from the above points of g,h .... when i applied for initial application i have provided the above letters ;
funding manager, accountant, strategy , structure, terms of agreement with VC, due deligance etc
1_lets say if i dont have invetments from VC do i still need to submit this papers again for extension stage ?
2_ the point 'g' in above immigration rule asked for letter which i can't provided will that result a possible refusal for extension ? (as i ll not be claiming the investment from VC but my own 50K)
i was reading on the forum i found that some of the members (Haider munch + BK14) who were on VC route when they applied for entension, they have been asked for VC letter by caseworkers, suppose at the time of extension if i only show my own investment and not showing the investment from VC , there is still a possibility for the point 'g' applicable to my application ?
(as initially application was approved on VC funding basis)
3_ if the VC is not investing and applicant left in a situation asked the for help from HO for alternative investment option, will that result a possible curtailment ? what could be the remedy to it ?
Kind regards ,