Tier 1 entrepreneur Extension Application

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    14-Apr-2017
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Transcript of Tier 1 entrepreneur Extension Application

Tier 1 Entrepreneur (extension)

Tier 1 Entrepreneur (extension)75 points for attributes20 points Investment of funds;20 points Registration with HMRC or Companies House;20 points New business or existing creation of 2 new job posts;15 points Date less than 3 months registered with HMRC or Companies House;10 for English language10 maintenance

SwitchingTier 1 (General);Tier 1 (Investor);Tier 1 (graduate Entrepreneur);Business person;Innovator;HSMP;Work permit Holder;Tier 2;

Self employed lawyer;Writer composer or artist;Investor;International Graduate Scheme;Fresh Talent: working Scotland scheme;Prospective Entrepreneur;Visitor carrying out activities as a prospective entrepreneur

Specific Funding (50k)Former Tier 1 (Graduate Entrepreneur):Switching;Last granted leave as a Tier 1 (Entrepreneur;Funding from any source

Former Tier 1 (Post-study) migrant:Switching;Last granted leave;Registered as a director 3 months prior to submission;Working on a job on the list of occupations at NQF Level 4 or above;Personal funds/ venture capital firm

Specific Funding (50k)Former Tier 1 (General) migrant:Switching;Last granted leave;UK Entrepreneurial seeding funding competition endorsed by UKTI;UK government department funding expansion of a UK business;Funding from venture capital firms if you have been running 1 or more businesses pre 6th April 2015;NQF level 4 pre 6th April 2015;Cannot include own funds/third party fundingFormer Student;UK entrepreneurial seed funding competition endorsed by UKTI;UK government department making funds available for setting up/expanding a UK business;Cannot use own funding/third party funds of venture capital firm

Investment of fundsPrevious investment of 200,000;Investment must be made less than12 months before application;Evidence not required for extension applications;

Investment of FundsEvidenceAudited accounts;Unaudited accounts and accountants certificate;Directors Loan;Legal third party agreement;Unsecured and subordinated in favour of third parties;

Investment in a UK BusinessType of BusinessBusiness Premises in the UK

Business has a UK bank account of which the applicant is a signatorySelf-employed entrepreneursHMRC registration

Personal bank statements showing transactionsorBusiness bank statementsorBank LetterDirectors of CompaniesPrintout of Companies House document showing the business address

Company bank accountorBank letter

Investment in a UK BusinessType of BusinessBusiness must be subject UK taxationSelf EmployedMust be registered as self employed for NI contributions Directors of CompaniesBusiness must be registered for corporation tax

Registration with HMRC/Companies HouseWithin 6 months of entering route;Registration with Companies House after 8 months;Evidence of current registration:Self employed HMRC document or bank statement showing NI payment;Directors of Companies Current appointment report from Companies House;Current registration printout within 3 months of submission;

Creation of 2 job posts 2 (extra) full time posts:Settled people;Minimum of 12 months each;30 hour working week;Self employed applicants employ separately;Directors of Companies Business has created 2 posts;Part time posts;Post 6 April 2014:2 separate jobs for a minimum of 12 months each;

Further ExtensionsNot required to demonstrate 2 job posts;If posts from initial leave no longer exist, proof must be provided;Pre 2014:1 worker 24 months;1 worker for 6 months, 1 for 18 months;4 workers for 6 months each;

Job Creation - documentsHourly rates;Settled workers;Evidence of PAYE Real Time Full Payment Submissions;Payslips;Directors v Self employed - Companies House Report and Employee payment report;Existing businesses Creation of 2 extra posts after the applicant joined;Accountants letter verifying posts created

English Language RequirementUK Degree or Degree taught in English;Relevant English Language test (post 6th April 2015);English Language tests on or before 5th April 2015 Appendix O;

Maintenance 945 for a minimum of 90 days;1890 or 630 for dependants

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