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How can I reinvest into another business after my first investment fails?

My business that I used for my tier 1 entrepreneur visa failed six months after I received a visa extension. I was told that I would have to reinvest at least 200,000 pounds into another business in order to qualify for indefinite leave to remain. I have already created two full-time jobs that lasted for 12 months before the visa extension. If I were to establish a new business, do I need to create another two qualified jobs?

  • Fragomen LLP
    December 03, 2018

    There are a number of issues to consider in this situation. The immigration rules do not require you to make a fresh investment into another business before you apply for indefinite leave to remain ("ILR"), provided the investment into your first business was properly made. However, you must show that you intend to continue operating a business in the U.K. at the time you apply for ILR. In particular you must be registered as self-employed, or as a director of a U.K. business, within the three months prior to submitting your ILR application. Furthermore, you are required to show that the jobs you create have existed for at least 12 months during your most recent grant of leave prior to applying for ILR. As the jobs in your previous business will no longer exist, you must therefore create two further full-time jobs, which each last for at least 12 months, in whichever business you move on to. The situation you have described is complex and therefore we would suggest seeking legal advice to ensure you understand the requirements you will need to meet in order to qualify for ILR.