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Business bank account (which you are a signatory of)

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

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Sagal
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Business bank account (which you are a signatory of)

Post by Sagal » Sun Jan 24, 2021 11:30 pm

Good day all,

Please I need urgent advice on the following as per the subject matter.

I am on 200k Tier1 entrepreneur visa and my extension is due September 2021. I established my own business where I invested £100k ( I am a signatory to the business bank accounts) and also invested £100k in another existing UK business.

The issue I am currently having relates to the existing UK business where I invested £100k via directors loan. I recently discovered that I have to be a signatory to the business bank account as stated in the Home Office mandatory documents (a letter from the business's bank confirming you are a signatory on the accounts and business bank accounts which you are a signatory of). Unfortunately, the other director does not want me to be a signatory to the business bank account on the basis that it wasn't part of our discussion from the start. I have done everything humanly possible for him to make me a signatory to the business account but all efforts proved abortive. Whereas, he's aware from the start that the investment is part of our requirement as tier1 entrepreneur.

I really don't know what to do at this point? My solicitor told me second £100k will not be counted as part of the investment sum if I am not a signatory to the business bank account. Does that mean I have to invest another £100k into my own business to be able to fulfil the condition of £200k investment?

I have evidence to show that I actually invested in this business-my bank statement showing movement of funds, directors loan agreement and I am also working in the business.

I want to know what my options are because my extension is due September 2021.

Thank you.

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zimba
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Re: Business bank account (which you are a signatory of)

Post by zimba » Mon Jan 25, 2021 1:07 am

The rules do not explicitly ask for this. They require either a bank statement showing transactions OR a letter stating you are a signatory. As long as you provide a business bank statement, then you should be fine
a business bank statement from a UK account which shows business transactions
or a letter from the UK bank in question on its headed paper, confirming that the
company or partnership has a bank account, that you are a signatory of that account,
and that the company or partnership uses that account for the purposes of their
business.
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

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marcnath
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Location: Milton Keynes

Re: Business bank account (which you are a signatory of)

Post by marcnath » Mon Jan 25, 2021 12:25 pm

Sagal wrote:
Sun Jan 24, 2021 11:30 pm
Good day all,

Please I need urgent advice on the following as per the subject matter.

I am on 200k Tier1 entrepreneur visa and my extension is due September 2021. I established my own business where I invested £100k ( I am a signatory to the business bank accounts) and also invested £100k in another existing UK business.

The issue I am currently having relates to the existing UK business where I invested £100k via directors loan. I recently discovered that I have to be a signatory to the business bank account as stated in the Home Office mandatory documents (a letter from the business's bank confirming you are a signatory on the accounts and business bank accounts which you are a signatory of). Unfortunately, the other director does not want me to be a signatory to the business bank account on the basis that it wasn't part of our discussion from the start. I have done everything humanly possible for him to make me a signatory to the business account but all efforts proved abortive. Whereas, he's aware from the start that the investment is part of our requirement as tier1 entrepreneur.

I really don't know what to do at this point? My solicitor told me second £100k will not be counted as part of the investment sum if I am not a signatory to the business bank account. Does that mean I have to invest another £100k into my own business to be able to fulfil the condition of £200k investment?

I have evidence to show that I actually invested in this business-my bank statement showing movement of funds, directors loan agreement and I am also working in the business.

I want to know what my options are because my extension is due September 2021.

Thank you.
I agree with Zimba that it is not a requirement that you need to be a signatory - you just need to provide a bank statement.
However, your comment above raises a question to me about whether you an entrepreneur or investor in that business. Your message seems to imply you are more of an investor. If that is the case, HO may refuse to recognise it on the basis of genuineness, if it catches their attention. I am not saying that will happen, just something you need to be aware of.
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.

Sagal
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Posts: 2
Joined: Sun Jan 24, 2021 10:37 pm

Re: Business bank account (which you are a signatory of)

Post by Sagal » Mon Jan 25, 2021 9:09 pm

Good day,

Thank you all for your responses.

Hello Marcnath,

I just want to elaborate on the issue of an entrepreneur or investor. I am a director in the business and I also participate in running the business. I have evidence to prove that I work in the business like minutes of meetings where major decisions are taking and evidence of other things I do in the business. What more do I need to show that I am an entrepreneur and not an investor?

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marcnath
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Re: Business bank account (which you are a signatory of)

Post by marcnath » Mon Jan 25, 2021 9:17 pm

Sagal wrote:
Mon Jan 25, 2021 9:09 pm
Good day,

Thank you all for your responses.

Hello Marcnath,

I just want to elaborate on the issue of an entrepreneur or investor. I am a director in the business and I also participate in running the business. I have evidence to prove that I work in the business like minutes of meetings where major decisions are taking and evidence of other things I do in the business. What more do I need to show that I am an entrepreneur and not an investor?
There are no specifications for evidence of being a genuine entrepreneur, unfortunately. It is entirely up to the case officer who looks at various things and makes a decision. Generally cases reported in this forum where genuineness has been questioned has almost always been after an interview where they ask very detailed questions on the company's finances, operational processes, etc. As long as you are fully knowledgeable on those, it should not be an issue. If you are not invited for an interview, it again would not be an issue.
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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