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Tier 1 entrepreneur visa 50k fund question

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

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hycer22
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Posts: 3
Joined: Sun May 12, 2019 12:45 pm
Taiwan

Tier 1 entrepreneur visa 50k fund question

Post by hycer22 » Sun May 12, 2019 1:04 pm

Hi,

I am switching from Tier 1 Graduate Entrepreneur visa to Tier 1 Entrepreneur visa this year, and I have the 50k fund ready. However, there is a small problem.

My father transferred some USD (equivalent to around 25k GBP) to my USD BUSINESS account in the UK. According to my solicitor, since it is quite a hassle to provide evidence for fund that comes from a third party, he suggests me to transfer that amount of money from my USD BUSINESS account to my PERSONAL account in the UK, and then transfer that amount of money from my PERSONAL account back to my BUSINESS account. This way I will only need to provide my person bank statement since the money will come from my person account instead of my father's account to my business account.

What he said makes sense to me but I don't know if this is acceptable to the HO. I was wondering if you could share some opinions on this matter and thanks so much.
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marcnath
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Posts: 6493
Joined: Tue Jul 03, 2012 3:27 pm
Location: Milton Keynes
United Kingdom

Re: Tier 1 entrepreneur visa 50k fund question

Post by marcnath » Sun May 12, 2019 6:18 pm

hycer22 wrote: ↑
Sun May 12, 2019 1:04 pm
 Hi,

I am switching from Tier 1 Graduate Entrepreneur visa to Tier 1 Entrepreneur visa this year, and I have the 50k fund ready. However, there is a small problem.

My father transferred some USD (equivalent to around 25k GBP) to my USD BUSINESS account in the UK. According to my solicitor, since it is quite a hassle to provide evidence for fund that comes from a third party, he suggests me to transfer that amount of money from my USD BUSINESS account to my PERSONAL account in the UK, and then transfer that amount of money from my PERSONAL account back to my BUSINESS account. This way I will only need to provide my person bank statement since the money will come from my person account instead of my father's account to my business account.

What he said makes sense to me but I don't know if this is acceptable to the HO. I was wondering if you could share some opinions on this matter and thanks so much.
It is acceptable. However, it is possibly much more easier to convert that investment as share capital in your name - there is no need to show bank transfer documents for investment by share capital
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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