Q&As

In relation to an extension application under the Tier 1 (Entrepreneur) category, can the investment have been changed from director's loan to share capital? Does an applicant need to provide all unaudited accounts of the business or only the last accounts?

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Produced in partnership with Tom Brett-Young of VWV LLP
Published on LexisPSL on 03/11/2017

The following Immigration Q&A produced in partnership with Tom Brett-Young of VWV LLP provides comprehensive and up to date legal information covering:

  • In relation to an extension application under the Tier 1 (Entrepreneur) category, can the investment have been changed from director's loan to share capital? Does an applicant need to provide all unaudited accounts of the business or only the last accounts?

In relation to an extension application under the Tier 1 (Entrepreneur) category, can the investment have been changed from director's loan to share capital? Does an applicant need to provide all unaudited accounts of the business or only the last accounts?

Paragraphs 46-47 of Appendix A to the Immigration Rules (Rules) set out the requirements to the investment of funds into the relevant business or businesses and the evidence which is required to demonstrate this. At Immigration Rules, Appendix A, paras 46–SD the rules state:

‘46. Documentary evidence must be provided in all cases. The specified documents in paragraph 46-SD must be provided as evidence of any investment … that took place when the applicant had leave as a Tier 1 (Entrepreneur) Migrant… .

46-SD. The specified documents in paragraph… 46 are as follows:

(a) The applicant must provide all the appropriate specified documents needed to establish the amount of money he has invested from the following list:

(ii) If the applicant’s business is not required to produce audited accounts, unaudited accounts and an accounts compilation report must be provided …;

(iii) If the applicant has made the investment in the form of a director’s loan, it must be shown … in the relevant set of financial accounts provided … .

(vi) Where … the applicant has taken over or invested in an existing UK business and his services or investment

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