Entrepreneur Extension Applications – Evidencing your investment
We have previously written articles on aspects of Tier 1 (Entrepreneur) extension applications such as the Job Creation Requirement. In this article we will address the requirement to evidence that you have made your investment into your UK business.
The Immigration Rules require that documentary evidence is provided in all cases. There is no provision for individuals to rely on documents submitted with their previous application, if they had made their investment prior to their initial grant of leave. Therefore, even if you invested your money into your business in the 12 months prior to applying for your initial grant of leave to enter or remain in the UK as a Tier 1 (Entrepreneur) and were awarded all your points for your funds on this basis, you will still need to provide all the evidence again to demonstrate that the money has been invested into your business.
The evidence that you will need to provide will vary depending on whether you are self-employed or a director of a business, as well as how you have made your investment.
All applicants will need to rely on business accounts to demonstrate that the money has been invested into the business. These may be audited or unaudited depending on the requirements of the business. The accounts may need to be supplemented with further documents such as a director's loan agreement or share certificates depending on the method of investment. The Immigration Rules specify strict requirements for the information that must be contained in the accounts and it is very important that your accountant is aware of these requirements when the accounts are made up.
Applicants will then need to show that the business has been established. The Immigration Rules specify that applicants prove that:
- The business is established in the UK with a UK address;
- The business operates a UK bank account, and the applicant is a signatory;
- The business is subject to UK taxation.
These are mandatory documents that must be provided with the application. While some documents can be easy to obtain such as a current appointments report which can simply be downloaded from the Companies House website, for other specified documents you will be reliant on third parties such as your bank to produce a document which will meet the strict requirements of the Rules.
To avoid unnecessary delays and unexpected problems with your application it is advisable to prepare any application for an extension of stay as a Tier 1 Entrepreneur in good time and to collect original important documents such as correspondence from HMRC throughout your stay in the UK.
Unlike other requirements for the extension application which need to be met within strict timescales, such as the date of being appointed director or the period for which your jobs created must run, the only time limit applicable to your investment is that it has been made at the earliest 12 months prior to your initial Tier 1 (Entrepreneur) application and before you make your extension application.
For assistance or advice with any aspect of your Tier 1 (Entrepreneur) extension application please contact Richmond Chambers Immigration Barristers on firstname.lastname@example.org or 0203 617 9173.