Your visa has been granted, and you are starting or taking over a UK business! However, a successful extension on the Tier 1 Entrepreneur Visa involves planning from the moment of entry to the day of renewal. We have observed the most effective habits in our successful clients’ Tier 1 Entrepreneur visa extensions. See below our top tips to ensure you have the right preparation.
- Be organised and maintain proper record keeping
Keep a designated file for your extension documents. Put all original copies in the file, every so often review and add the necessary documents. You may find this a tedious task, but it is far quicker to do this regularly than to spend more time locating old letters 2 years later.
- Register as Self employed or The Director of your business
You have 3 months from the date of entry if self employed and 6 months from date if you are the Director of your own company. Be wary when calculating the qualifying period.
- Open a Bank Account
Not just any bank account – a business account. Try to avoid cash-in-hand expenses. This offers a clear trace of your money, how it has been invested and paid expenses – not to mention paying tax!
- Employ Staff
Settled workers are British and EEA citizens, and those with Indefinite Leave to Remain. You must employ a minimum of two settled workers on a full time basis for at least 12 months. See here for our guide on Tier 1 Entrepreneur visa.
* Top tip: ask for your employees permission to retain a copy of their photo ID and right to work on file. Do also ensure you comply with data protection under the new GDPR (General Data Protection Regulation)! Chasing a former employee for identification when they have moved can take up precious time.
- Make sure staff are paid minimum wage at all times
An Accountant can be your best friend during the visa renewal process. The Home Office requests a wide range of evidence for employees including details of payroll and taxes.
- Know your professional advisors.
Maintain good relationships with your Lawyers and Accountants. Ensure they are regulated and certified. Ensure you are up-to-date with your company affairs. It will pay off in future when obtaining accurate information without delay.
If you are unsure what documents are needed, book a consultation with us to plan your successful Tier 1 Entrepreneur visa extension or Indefinite Leave to Remain application.