You are allowed to reinvest in another business if the initial one were to fail. However, it is mandatory that you meet the requirements for the extension application by investing the full £200,000 into one or more businesses and by creating at least two jobs for settled workers that last 12 months each. As mentioned, you are able to rely on more than one business to meet the requirements. However, prior to moving on to a new business, it would be advisable to seek expert legal assistance to review the current circumstances and set goal posts.
What happens if my tier 1 business fails?
I am looking at purchasing an auto repair shop in Southampton in conjunction with the tier 1 visa program. If that business were to fail after two years, would I be denied permanent residency at the end of the initial three years and four months? Could I reinvest in another business?
UKVI can refuse your extension if they are not satisfied that you meet the criteria. It is a point-based application, and the applicant should score required points for extension or permanent residency.
Yes, you would need to re-invest into another business. The important thing is to show you have employed two British/EEA nationals (or anyone with settled status) for at least 12 months. You would need to prove this for your extension and your ILR application.