Team applications
The SUV allowed up to five applicants to apply together with the same business. Each applicant generally had to hold a set share of the voting rights.
What is an essential person?
A designated organisation can name members who are essential to the business as "essential persons".
Why it matters
If an essential person’s application is refused or withdrawn, the other members’ applications may also be refused. The make-up of the team therefore affects every member.
Points to consider when forming a team
- Know each member’s background, including language, funds and admissibility.
- Agree roles and ownership in writing.
- Consider who is named essential, and how strong their application is.
- Seek professional advice promptly if the team changes.
Teams already in process
If a team member is thinking of withdrawing, assess the effect on the others before any decision is made.