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Funds already invested to show or Not

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

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ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 11:10 pm
Pakistan

Funds already invested to show or Not

Post by ishfaqsangra » Sun Feb 02, 2014 1:59 pm

Hi,
I have my business running with two contracts ,,I have required amount of £50K to show but I have invested some money and employed two people..issuing their salary slips as regular,,petrol invoices,business insurance direct debit,laptop purchase receipt for company use,USB purchases,etc.
I do have copies of all cheques paid in by contractors from their companies accounts with my invoices for the last 4 months.
I do have original company bank statements.
Should I submit these things as additional or Not.I am going to tick funds ready to invest as I have £50K available in my personal account.
Suggestions will be appreciated.

Olasunkanmi
Diamond Member
Posts: 1324
Joined: Sat Aug 17, 2013 11:28 pm
Location: London, UK.

Re: Funds already invested to show or Not

Post by Olasunkanmi » Sun Feb 02, 2014 2:30 pm

@ ishfaqsangra, business bank account statement is very important to submit with your application. The cheques copies is not necessary as it will reflect in the business account statement but the issue if invoices is something you need to decide if you want to submit or not. In my own opinion, the business bank statement is enough to cover the transactions in your business.

One important document which I will also advice you to get is a letter from the bank where your business account is held, the letter should state that your business is already trading/transacting and this will help your application.

Lastly, its better to just tick 50k as available fund and forget about the money you have invested for now as you can use all the money spent so far on the business for proof of investment later once your annual accounting is done.
The key to success is knowledge and hardwork, and to have faith.

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 11:10 pm
Pakistan

Re: Funds already invested to show or Not

Post by ishfaqsangra » Sun Feb 02, 2014 5:15 pm

Thanks OLa,,Yes I have decided not to show any funds invested as their are a lot of complications ,,they can create.
And I am sending Company Account Bank Statements,I am going to get that Letter and also not sending both contracts,,only one as the 2nd one is with my previous employer.

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