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January 28, 2021

Sole Representative Visa: Financial requirements from Parent Company

Any business located and based overseas can take advantage of the Sole Representative Visa and use it to create a presence in the UK. By employing a senior employee in your organisation as a Sole Representative to set- up the business, you can test the UK market without having the same level of overheads associated with establishing a branch office and employing local staff.

The UK is the fifth largest economy in the world and offers a huge number of opportunities for innovative organisations who wish to expand. One way to do this is to send a sole representative to the UK to ‘test the waters’ before deciding to make a full commitment.

 

Financial Requirements

There is no minimum investment required by the overseas company, and arguably, neither does it need to show any particular strong financial standing to make a sole representative visa application for any senior employees.

 

The sole representative is not required to have or provide financial resources for the establishment of the UK branch or subsidiary when making their application. However, it is expected that the overseas parent company would fund such activities and that they have sufficient cash or projected turnover to cover the cost of setting up a UK branch. Each application  is assessed on a case-by-case basis and can depend upon how large the UK branch or subsidiary is expected to be when viewing the application in the round.

 

That said, the overseas parent company must provide evidence that they are still active outside the UK. Generally speaking, the following supporting documentation is likely to be required from the overseas parent company:

  • Current financial accounts and reports confirming evidence of trading, turnover, details of registered offices and shareholders
  • Proof the overseas parent company is headquartered and its principal place of business is outside the UK. Evidence of the business’s activities may assist to show this is the case
  • The parent company must have a genuine commercial presence and obtain a certificate of registration of a subsidiary from Companies House
  • Confirmation the sole representative has previously been employed full time by the parent company, including proof of salary and how it was/is paid
  • The sole representative has the full authority from the parent company to make operational decisions within the UK
  • It can also be useful to set out the plans as to how the parent company expects the UK arm of the business to grow and develop.

 

As discussed in previous articles, the sole representative would need to show they can support themselves and any dependents whilst in the UK by meeting the necessary general maintenance requirements. Although holding shares in the company is permitted, the sole representative must own no more than 50% of the shares. An applicant who owns over 50% is not eligible to apply for a sole representative visa.

 

Contact our Immigration Lawyers – Sole Representative Visa

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow. We are specialised in offering UK Visas and Immigration by Investment services to high net worth individuals. Our immigration lawyers are regulated by OISC (Office of the Immigration Services Commissioner) and IMC (Investment Migration Council).

For further information or to discuss your circumstances in a private consultation with our immigration lawyers in London Office, please contact us at enquiries@manns-solutions.com or call +44 207 993 63 46.