Download - Tier 1 entrepreneur Extension Application

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Page 1: Tier 1 entrepreneur Extension Application

Tier 1 Entrepreneur (extension)

75 points for attributes 20 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 language 10 maintenance

Page 2: Tier 1 entrepreneur Extension Application

Switching

Tier 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

Page 3: Tier 1 entrepreneur Extension Application

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

Page 4: Tier 1 entrepreneur Extension Application

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

funding

Former 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

Page 5: Tier 1 entrepreneur Extension Application

Investment of funds

Previous investment of £200,000; Investment must be made less than12 months before application;

Evidence not required for extension applications;

Page 6: Tier 1 entrepreneur Extension Application

Investment of FundsEvidence

Audited accounts; Unaudited accounts and accountants certificate; Directors Loan;

Legal third party agreement; Unsecured and subordinated in favour of third parties;

Page 7: Tier 1 entrepreneur Extension Application

Investment in a UK Business

Type of BusinessBusiness Premises in the UK

Business has a UK bank account of which the applicant is a signatory

Self-employed entrepreneursHMRC registration

Personal bank statements showing transactions

orBusiness bank statements

orBank Letter

Directors of CompaniesPrintout of Companies House document showing the business address

Company bank accountor

Bank letter

Page 8: Tier 1 entrepreneur Extension Application

Investment in a UK Business

Type of BusinessBusiness must be subject UK taxation

Self EmployedMust be registered as self employed for NI contributions

Directors of CompaniesBusiness must be registered for corporation tax

Page 9: Tier 1 entrepreneur Extension Application

Registration with HMRC/Companies House

Within 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;

Page 10: Tier 1 entrepreneur Extension Application

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;

Page 11: Tier 1 entrepreneur Extension Application

Further Extensions

Not 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;

Page 12: Tier 1 entrepreneur Extension Application

Job Creation - documents

Hourly 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

Page 13: Tier 1 entrepreneur Extension Application

English Language Requirement

UK 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;

Page 14: Tier 1 entrepreneur Extension Application

Maintenance

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

Page 15: Tier 1 entrepreneur Extension Application

Thank you for your audience

Contact

Tel: 02035407770Email: [email protected]: https://www.reissedwards.com