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How many business bank account I can open under Tier 1 Ent

Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.

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jafersadeq
Senior Member
Posts: 681
Joined: Sat Jun 20, 2015 1:14 am
Location: LONDON

How many business bank account I can open under Tier 1 Ent

Post by jafersadeq » Sun Jun 28, 2015 11:00 pm

Dear Members,

I have a limited company under tier 1 Ent. route, I have one business bank account, I also opened a new business bank account with another bank, now I have two business bank accounts.
A friend told me that there is a problem if you have two business accounts under tier 1 !!!!
Please advise me, I do not know the rules regarding that.
Best Regards,

jafersadeq
Senior Member
Posts: 681
Joined: Sat Jun 20, 2015 1:14 am
Location: LONDON

Re: How many business bank account I can open under Tier 1 E

Post by jafersadeq » Tue Jun 30, 2015 8:32 am

jafersadeq wrote:Dear Members,

I have a limited company under tier 1 Ent. route, I have one business bank account, I also opened a new business bank account with another bank, now I have two business bank accounts.
A friend told me that there is a problem if you have two business accounts under tier 1 !!!!
Please advise me, I do not know the rules regarding that.
Best Regards,

User avatar
aby00156
Member of Standing
Posts: 283
Joined: Mon May 19, 2014 10:38 pm
Mood:
India

Re: How many business bank account I can open under Tier 1 E

Post by aby00156 » Tue Jun 30, 2015 9:28 am

Close one of the business account simple.
So verily, with every difficulty, there is relief.

jonser
Member
Posts: 123
Joined: Tue Nov 05, 2013 6:20 am

Re: How many business bank account I can open under Tier 1 E

Post by jonser » Tue Jun 30, 2015 10:19 am

Why should having more than one business account be a problem? I don't see anything in the policy guidance that prohibits this.

Entrepreneur9
Member of Standing
Posts: 290
Joined: Sat Mar 02, 2013 11:14 pm

Re: How many business bank account I can open under Tier 1 E

Post by Entrepreneur9 » Tue Jun 30, 2015 4:26 pm

You can have as many business accounts as you like, no problem at all.

As long as you keep a record of your incomings and outgoings, you will be fine.

Hope that helps

jafersadeq
Senior Member
Posts: 681
Joined: Sat Jun 20, 2015 1:14 am
Location: LONDON

Re: How many business bank account I can open under Tier 1 E

Post by jafersadeq » Wed Jul 01, 2015 12:26 am

Dear Members,
Many thanks for replies,
I entered the UK under Tier1 200k, I applied for opening business bank accounts, many of banks refused to open it such as Barclays and Santander, two banks accepted my application and they opened an account, I transferred the 200k to the first business account, the other without funds, my friend has tier1 visa as well, he faced problem last year because the bank closed his account without reasons, he did not have another account to solve his problem, so he advised me to open two business account. I can not leave the second account without funds, I have to transfer an amount not from 200k but I can transfer from my country, for example I can transfer 50k and I will leave it without transactions. If I close the second account, I maybe face same problem of my friend. Please advise about this situation.
Best Regards,

Olasunkanmi
Diamond Member
Posts: 1324
Joined: Sat Aug 17, 2013 10:28 pm
Location: London, UK.

Re: How many business bank account I can open under Tier 1 E

Post by Olasunkanmi » Wed Jul 01, 2015 10:06 am

@ jafersadeq, firstly you can open as many business account as your business requires, its your choice.

Secondly if your business is genuine and actively trading without any unusual/illegal transactions it will be unreasonable for a bank to close that account. You should ask your friend to tell you the truth why his business bank account was closed rather than telling fairy-tale stories about one business account to one business.
The key to success is knowledge and hardwork, and to have faith.

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