Tier 1 Entrepreneur Extension Help

[Abdul14]

Hi Everyone,
Your help in the matter will be much appreciated. I am currently on second year of T1 Entrepreneur initial granted visa (solo director of company). I have few questions and doubts regarding extension in 2017 and all members expert suggestion are truly welcome:

1)I have shown overseas fund in my initial T1 Entreprenuer application £50k route, and I m calling those funds in instalments from overseas, as when and required basis by business to my personal account and then I transfer them to Company Business Account with Investment Fund Reference. My question is that, according to HO policy guidance, "Are we supposed to call or invest all funds in 6 or 12 months of initial grant of T1 Entrepreneur visa"?

2)what does it mean by Director Loan and Director Loan Agreement...Does it refer to funds that I am transferring from personal account to business account for investment and expenses.

3)Unfortunately my first year went into loss for the company but this year is going well regarding services rendered and profits. "Does loss matter in some issue?"

4)Due to nature of business, if I am unable to invest all £50k funds..."Will I be eligible for extension?

5)Is there any way that I can transfer all required funds to business account from my personal account without calling overseas shown funds because it cost too much and back home strict bank policy require chamber of commerce certificate to transfer for business purposes....

Thanks for your time and consideration.

[aby00156]

Your answers are below

1)I have shown overseas fund in my initial T1 Entreprenuer application £50k route, and I m calling those funds in instalments from overseas, as when and required basis by business to my personal account and then I transfer them to Company Business Account with Investment Fund Reference. My question is that, according to HO policy guidance, "Are we supposed to call or invest all funds in 6 or 12 months of initial grant of T1 Entrepreneur visa"?
You have 3 years to invest that money. Its up to you how you do it.

2)what does it mean by Director Loan and Director Loan Agreement...Does it refer to funds that I am transferring from personal account to business account for investment and expenses.
Director Loan is the money that the company borrows from the director or vice versa. Director loan agreement is the agreement made between the two parties.

3)Unfortunately my first year went into loss for the company but this year is going well regarding services rendered and profits. "Does loss matter in some issue?"
No Loss is not an issue.

4)Due to nature of business, if I am unable to invest all £50k funds..."Will I be eligible for extension?
You need to transfer 50k from your personal account to your business account which is mandatory for extension.

5)Is there any way that I can transfer all required funds to business account from my personal account without calling overseas shown funds because it cost too much and back home strict bank policy require chamber of commerce certificate to transfer for business purposes....
If you make profit and you can have that as a dividend and then that transfer back to your business account as investment
Thanks for your time and consideration.

[legendfar]

I am not a solicitor my extension is in march 2016 and i showed the money 50k in back home
Hi Everyone,
Your help in the matter will be much appreciated. I am currently on second year of T1 Entrepreneur initial granted visa (solo director of company). I have few questions and doubts regarding extension in 2017 and all members expert suggestion are truly welcome:

1)I have shown overseas fund in my initial T1 Entreprenuer application £50k route, and I m calling those funds in instalments from overseas, as when and required basis by business to my personal account and then I transfer them to Company Business Account with Investment Fund Reference. My question is that, according to HO policy guidance, "Are we supposed to call or invest all funds in 6 or 12 months of initial grant of T1 Entrepreneur visa"?


there is no requirement for money to be transferred within 6 or 12 months, it should be in three years period at any time in three months, i transferred 50k last year as i needed at that time,...[/b][/u][/i]

2)what does it mean by Director Loan and Director Loan Agreement...Does it refer to funds that I am transferring from personal account to business account for investment and expenses.

agreed with Aby00156 same comment

3)Unfortunately my first year went into loss for the company but this year is going well regarding services rendered and profits. "Does loss matter in some issue?"

loss doesnt matter as long as business i running and accounts are submitted on time .

4)Due to nature of business, if I am unable to invest all £50k funds..."Will I be eligible for extension?

if you transfer 50k from your personal account to business account and make director's loan your investment will automatically counted as 50k investment but you have to transfer 50k

5)Is there any way that I can transfer all required funds to business account from my personal account without calling overseas shown funds because it cost too much and back home strict bank policy require chamber of commerce certificate to transfer for business purposes....

]the best thing i would like to advice as my friend did he transfer from back to his UK personal bank account and from there he transferred to business account if you transfer directly from back to your business account in UK it cost you a lot and you are right you have to submit lots of things and certificate and proofs to your bank , its better if you transfer from back home to uk personal and from uk personal to uk business [/color]
hope it did help...

Thanks for your time [/color]and consideration.