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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10627
Experience:  Barrister 17 years experience
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Thank you time to read this. I got my T1E visa

Resolved Question:

Hi, thank you for your time to read this.
I got my T1E visa from last Jun, and I was applied my visa as the director of company A. At that time, my plan was working on a mixed mobile app and art project with a friend who got 50% shares of company A, and I got the other 50%, i'm the director but she isn't. Meanwhile, I have another company B, it is owned by myself, and i'm the director.
After about half year, we found out that the original idea is not good, so she decided to working on her art project by herself with company A, and I'm working on mobile games on behave of company B. Since I'm not working with her anymore, and I'm not in charge of anything of company A as well, I'm thinking to sell my part of shares to my friend, and give the director title to her as well. Then I could concentrate working on my company B.
But I'm not sure if it will affect to my visa extension after 2 years? Because I'm not working on the same business as I applied the visa, and it is not the same company either...
I've read the immigration rules, but didn't find anything related, could you give me some advice please?
Thank you very much!
Submitted: 2 years ago.
Category: Law
Expert:  Buachaill replied 2 years ago.
1. At the outset, on an application for the renewal of your Tier 1 Entrepreneur visa, there is a points scoring system adopted. However, it is not integral to this points scoring system that every business you started was a success or that you have continued in the same business since the moment you came to the UK UNder the T1E visa. Essentially, you will get points for having investing in the mixed mobile app, if you invested some of your funds in it and you will get points for being a director of the second business and for investing money in it, if you did. However, there is no penalty because you exited the mobile app business, nor is the extension of your visa dependent upon your continuing to work in the mobile app business. Your points can be assessed and added up on the basis of this second business. Be aware that a significant number of points will be awarded to you if you can show two full time jobs for 12 months at the time of the visa extension application. This is what is most important. Not what business you are in. So you can align your visa extension application to garnering the most points for a visa extension.
Customer: replied 2 years ago.
Hi Buachaill,Thank you very much for your kind reply.I'm still wonder could I sell my first company and concentrate on the second one now? Is the amount of money I invested into the first company count as part of my total investment or not? Obviously, if I sell it now, I won't be the director of the first company when I extension my visa. And in fact how to calculate the investment, please? The amount I spend or planing to spend into my business or I have to put all into my business account?Thanks.
Expert:  Buachaill replied 2 years ago.
2. There is nothing to prevent you selling your first company and concentrating on your second company. However, if you take your initial investment in Company A off the table, you will still need to have those funds available for investing in the Uk and preferably to invest them in something else. This is because you will get points at the time of your visa extension application for any investment made. However, if you no longer have that investment, you will not be able to get points for that investment. Ultimately, it is the net current investment in UK companies which will be the figure used to assess what investment you have made at the time of the visa extension. So whilst the original money invested in company A will count towards the monies invested, you will still need to keep the sale proceeds realised in a UK financial institution available for further reinvestment. In this way you will get full credit for investment but not be penalised for having already made a sale.
Customer: replied 2 years ago.
Thank you. I'm sorry I was busy these days. Just the final question: for the employees, the guide said should be UK or EU resident. Just wonder is there any restriction for EU residents? Like they have to lived in UK for 3 years or something similar? Or if they holding EU passport is ok? Thank you very much.
Expert:  Buachaill replied 2 years ago.
3. It is OK if they are holding an EU passport. Essentially the idea is to provide jobs. But the UK is not allowed to discriminate against other EU citizens, so if the jobs are provided for other EU citizens, then this is OK. It is not sufficient to be an EU resident, for example if someone has leave to remain but is not a citizen. Nor is it sufficient if someone has some other form of visa short of citizenship.
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Customer: replied 2 years ago.
Thank you.