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Investment funds for Entrepreneurial Team

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

Moderators: Casa, push, JAJ, ca.funke, Amber, zimba, vinny, Obie, EUsmileWEallsmile, batleykhan, meself2, geriatrix, John, ChetanOjha, archigabe

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Malik390
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T1 Ent 200k, funds after application submit

Post by Malik390 » Fri Jan 04, 2019 3:44 pm

Hi,
I have applied for T1 Ent 200k outside Uk. I maintained the minimum balance of more than 200k more than 90 days and after submitted the application. Now I want to ask that can I use or withdraw some of these funds before the decision? Will this effect my application status?

Thanks
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CR001
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South Africa

Re: T1 Ent 200k, funds after application submit

Post by CR001 » Fri Jan 04, 2019 3:58 pm

You should leave the funds in the account until you have a decision on your application. HO often contact banks to verify accounts and balances.
Char (CR001 not Casa)
In life you cannot press the Backspace button!!
Please DO NOT send me a PM for immigration advice. I reserve the right to ignore the PM and not respond.
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marcnath
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Re: T1 Ent 200k, funds after application submit

Post by marcnath » Fri Jan 04, 2019 9:30 pm

Malik390 wrote: ↑
Fri Jan 04, 2019 3:44 pm
 Hi,
I have applied for T1 Ent 200k outside Uk. I maintained the minimum balance of more than 200k more than 90 days and after submitted the application. Now I want to ask that can I use or withdraw some of these funds before the decision? Will this effect my application status?

Thanks
It will affect. HO is clear that you should maintain access to the funds until it is invested in your business. So you can withdraw to use it for your business but not for anything else.
My comments are in no way meant to be advisory. I have no professional knowledge of immigration. These are based on my own experience, convictions and personal interpretation of publicly available information.
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Malik390
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Posts: 4
Joined: Thu Apr 05, 2018 1:55 pm
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Pakistan

Investment funds for Entrepreneurial Team

Post by Malik390 » Mon Jan 21, 2019 9:38 am

Hi,
In which type of bank account it is required to keep 200k investment funds for entrepreneurial team, eaither in any of the indivisual account or into a joint-account?

Thanks
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marcnath
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Re: Investment funds for Entrepreneurial Team

Post by marcnath » Tue Jan 22, 2019 3:58 pm

Malik390 wrote: ↑
Mon Jan 21, 2019 9:38 am
 Hi,
In which type of bank account it is required to keep 200k investment funds for entrepreneurial team, eaither in any of the indivisual account or into a joint-account?

Thanks
That is a good question and it is not very clear.

The immigration rules state that both of you should have equal control of the funds, which seem to indicate it should be a joint account. But that does seem strange and I am not sure how strict HO is about it
My comments are in no way meant to be advisory. I have no professional knowledge of immigration. These are based on my own experience, convictions and personal interpretation of publicly available information.
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