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Self employement


Does anyone know if I'm allowed to set up my own business while on a Tier 1 (General Migrant) and still be eligible to apply for my ILR later?
My concern is that there might be a condition for this particular kind of visa that I have to work in my profession to be considered for an extension and later on for an ILR..

Thanks in advance

You are allowed to apply under tier 1 as self employed individual. Certain documents are needed though.

[Documentary evidence for self-employed

* a letter from your managing agent or accountant (confirming you received the exact amount you are claiming or the net profit for which you are entitled). This should be on headed paper confirming the gross and net pay for the period claimed. It should give a breakdown of salary, dividends, profits, tax credits and dates of net payments earned. It should also explain if your earnings are a share of the net profits of the company and the proportion of net profits to which you are entitled for the earnings period claimed.
* invoice explanations or payment summaries from your managing agent or accountant – these should include a breakdown of the gross salary, tax deductions and dividend payments received. The total gross salary and dividend payments should be the same as your earnings.
* company or business accounts that clearly show the net profit of the company or business – the accounts must show both a profit and loss account (or income and expenditure account if the organisation is not trading for profit) and the balance sheet signed by a director. Accounts should meet statutory requirements and clearly show the net profit over the earnings period to be assessed.
* official tax document produced by the tax authority – this is a document produced by a person, business or company as an official return to a tax authority showing details of earnings on which tax has been paid or will be paid in a tax year. The document must have been approved, registered or stamped by the tax authority.

Unless you are in business in your own country i would advice you not to apply as self employed. Its a very tricky area .It takes up to 3 years for a business to really work and due to current recession it might take longer .You must be prepared financially to cover for that period. If your business succeeds you will definitely get your ILR but if it does not work you wont get any ILR. When i came to the UK i was on an innovators' visa and after four years in business i got my ILR. Its almost the same system i don't think anything has changed much.

Good luck.

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