Extension of Tier 1 Entrepreneur VISA UK
Tier 1 entrepreneur visa is initially granted for a term of 3 year. On completion of 3 years applicant may apply for an extension of leave under the same category that is Tier 1 entrepreneur visa.
Extension of the tier 1 entrepreneur visa is mainly dependent upon the performance of an applicant during all these 3 years. In order to get an extension of Tier 1 entrepreneur visa the applicant should ensure that they buy or register a business within six months of their visa approval, created job for at least two settled workers who must be working for him at least for a year. And have invested a required amount in the business. Transferring offunds to their business bank account will not be considered as an investment. Either paying yourself or buying a property for yourself will also not account to investment in business; it should be a real investment in the business which can prove them a genuine entrepreneur.
Tier 1 entrepreneur extension visa is akin to Tier 1 entrepreneur visa, as this is also a pointbased visa. Applicant needs to score 75 points to qualify the extension of the visa.
Applicant has to show that they have invested into 1 or more UK businesses either GBP 200,000 in cash or GBP 50,000 in cash if their initial application was based on having funds from an approved funding source. Fulfilment of this will earn them 20 points.
The applicant must get themselves registered as a director or self-employed within 6 months of their entry into the UK under the Tier 1 entrepreneur visa. Compliance of this willearn another 20 points.
They have to prove that they are still engaged in business activities and if it is proved it will add another 15 points.
Applicant has to prove that they have created 2 new jobs for two settled people & these jobs are resulted from their business activities. Applicant can prove the job creation by providing their pay slips. The pay slips should clearly show the number of hours the settled workers have worked in their organisation. In case where pay slips are not available, employment contract between employer & workers will serve as an evidence of job creation.Completion of this requirement will earn them another 20 points.
Compliance of the above will sum to 75 points to an applicant who has applied for the extension of Tier1 entrepreneur visa. But apart from these points they are asked to show the fulfilment of maintenance requirement. Maintenance requirement says that applicant must have minimum GBP 945 in their personal savings account for at least for 90 consecutive days prior to the date of submitting the application for the extension of Tier 1 entrepreneur visa.
Tier 1 entrepreneur extension layers at London suggests, while submitting the application it is not required to provide English language proof. It is advisable to include your dependants especially child dependants who have turned 18 during their stay in the UK. They can also provide proofs that they have no recourse to public funds. They have no other employment