Feeling weary of the standard 9-5 income, you’re drawn to Robert Kiyosaki’s philosophy of making money work for you. You might be contemplating purchasing shares in your sponsoring company, joining a friend’s promising new business venture, or even establishing your own part-time enterprise. Naturally, you’re eager to ascertain whether your current visa conditions permit you to own shares in your sponsor’s company or any other entity, and whether you can hold a directorial role. Here’s what you should be aware of:
1) Possessing Shares in Your Sponsoring Company
Before December 1, 2020, if you held a Tier 2 (General) migrant visa, owning more than 10% of shares in your sponsor’s company was restricted unless you qualified as a High Earner (earning a gross salary exceeding £159,600 annually). However, the new Skilled Worker regulations introduced on December 1, 2020, remove the restrictions on share ownership in a sponsoring company. It’s important to be mindful of the ‘genuineness’ criteria, which include that your role shouldn’t have primarily materialised for the purpose of obtaining a visa. If your significant shareholding enables you to control or influence decisions regarding your role in the company, this could impact how the Home Office views the authenticity of your role within the company.
2) Owning Shares in Companies Beyond Your Employer/Sponsor
Both Tier 2 (General) migrants and Skilled Workers are permitted to possess shares in other companies.
3) Serving as a Director in Another Company
This area is marked by legal ambiguity. The permissibility of serving as a director for another company hinges on whether it’s deemed “supplementary employment.”
In addition to the job specified on the certificate of sponsorship (CoS), a Skilled Worker / Tier 2 (General) migrant is allowed to engage in additional work if:
– It’s either a job listed in the Appendix Shortage Occupation List or a job under the same occupation code as the one the CoS was assigned for.
– The work is no more than 20 hours weekly.
– It occurs outside the contracted working hours specified by the CoS.
If the extra work meets these stipulations, informing the Home Office prior to commencing the additional work is unnecessary. The individual must, however, continue to fulfill their sponsored job and continuously stay informed about the prevailing regulations on ‘supplementary employment.’
Remember, undertaking supplementary employment that fails to align with the criteria could potentially breach your stay conditions, significantly affecting your UK immigration status.
If you’re seeking a review of your personal situation, feel free to contact us for tailored advice and consultation. Reach out via the contact us form or contact us by phone.
Please note that the information in this blog is intended for general informational purposes and should not be construed as comprehensive or legal advice. While efforts are made to ensure the accuracy and timeliness of the information as of the publication date, the evolving legal landscape may render some details outdated. Aristone Solicitors holds no liability for any losses resulting from reliance on the content of this blog. For precise legal advice, don’t hesitate to get in touch with Aristone Solicitors. Legal guidance is exclusively provided through a written agreement, duly identified and signed by the client and Aristone or its representatives.