Tier 1E - Invested funds and proof of source

Fogsgaard · Post by **Fogsgaard** » Tue Nov 13, 2018 4:54 pm

Dear all,

I'm new to the forum and have tried to search for an answer, but have been unable to find the information I need. The guidance have not been particularly helpful either so I hope you can help.

A friend of mine is based is Singapore and would like to start a company here in the UK and entering via the Tier 1 Entrepreneur visa. My question is what information would be required to document his funds and investments given the following situation.

- He has £200k worth of shares with a stock broker in Singapore that he wants to use for his startup.
- He plans on liquidating the shares to his personal account
- He is creating a company in the UK and setting up a UK business bank account
- A friend of his is a Director but will not have equity. Basically just helping with bank account setup
- He plans to transfer the £200k in his name to the business bank account.

- Does he need to evidence that he has held the shares for 90+ days and converted into his personal account in Singapore?
- The UK incorporation document will show that he is a Director and has 100% of the shareholding
- Guidance mentions that accounts are required if investing, but these aren't produced until the first year has passed?
- Is there any other documentation required?

Thank you in advance and apologies if this has been explained elsewhere.

Best

Fogsgaard · Post by **Fogsgaard** » Tue Nov 13, 2018 5:02 pm

I also forgot to ask whether the share capital in the incorporation document have to show a value of £200k?

Post by **marcnath** » Tue Nov 13, 2018 9:44 pm

Fogsgaard wrote: ↑
Tue Nov 13, 2018 4:54 pm
Dear all,

I'm new to the forum and have tried to search for an answer, but have been unable to find the information I need. The guidance have not been particularly helpful either so I hope you can help.

A friend of mine is based is Singapore and would like to start a company here in the UK and entering via the Tier 1 Entrepreneur visa. My question is what information would be required to document his funds and investments given the following situation.

- He has £200k worth of shares with a stock broker in Singapore that he wants to use for his startup.
- He plans on liquidating the shares to his personal account
- He is creating a company in the UK and setting up a UK business bank account
- A friend of his is a Director but will not have equity. Basically just helping with bank account setup
- He plans to transfer the £200k in his name to the business bank account.

- Does he need to evidence that he has held the shares for 90+ days and converted into his personal account in Singapore?
- The UK incorporation document will show that he is a Director and has 100% of the shareholding
- Guidance mentions that accounts are required if investing, but these aren't produced until the first year has passed?
- Is there any other documentation required?

Thank you in advance and apologies if this has been explained elsewhere.

Best

For a new application, all that is needed is to show access to funds. So, having 200K£ or equivalent in any currency for 90 days is sufficient.

There is no need to set up a business, a bank account or anything else.

Of course, there is nothing that prevents him from setting up a business beforehand if needed and transferring the funds.

In that case, the money is shown as a third party fund - you can find the documentation needed in that case in the guidance. There is no need for accounts.

The third option is to do all the transfer and submit the accounts also (an accountant can prepare a management report/interim accounts which is accessible). In that case, the money is shown as already invested.

All three options are possible.

Fogsgaard · Post by **Fogsgaard** » Tue Nov 13, 2018 11:34 pm

Thank you very much for the swift reply! It is much appreciated.

The below is really helpful and we will proceed with the third option of creating the company, bank account and interim accounts.

With regards to evidence, do you think the following documentation will suffice?

- 90 days worth of statements for Singaporean stock broker accounts
- Statement for sale of shares (need to check if available)
- Singaporean personal bank account statement showing receipt of funds
- UK business bank account statement showing receipt of funds
- Interim accounts
- Incorporation document from Companies House to evidence Directorship and shareholding

(Or would this count as already invested money and therefore need investment/business activity specified documents?)

As an aside, the Singapore Police force requires proof that a criminal record check is required. I have seen suggestions that this might be in the form of a letter which states the requirement and purpose. Is this something I can get from the UK Embassy in Singapore?

Thanks again.

Post by **marcnath** » Wed Nov 14, 2018 7:55 am

Fogsgaard wrote: ↑
Tue Nov 13, 2018 11:34 pm
Thank you very much for the swift reply! It is much appreciated.

The below is really helpful and we will proceed with the third option of creating the company, bank account and interim accounts.

With regards to evidence, do you think the following documentation will suffice?

- 90 days worth of statements for Singaporean stock broker accounts
- Statement for sale of shares (need to check if available)
- Singaporean personal bank account statement showing receipt of funds
- UK business bank account statement showing receipt of funds
- Interim accounts
- Incorporation document from Companies House to evidence Directorship and shareholding

(Or would this count as already invested money and therefore need investment/business activity specified documents?)

As an aside, the Singapore Police force requires proof that a criminal record check is required. I have seen suggestions that this might be in the form of a letter which states the requirement and purpose. Is this something I can get from the UK Embassy in Singapore?

Thanks again.

To repeat, he has two choices for a new application.

1) Show access to funds
2) Show money already invested.

It is up to him to decide which option to choose. HO is not the one that makes that choice.

Either way, the 1st three documents you set out are irrelevant.

Immigrationboards.com: Immigration, work visa and work permit discussion board

Tier 1E - Invested funds and proof of source

Tier 1E - Invested funds and proof of source

Re: Tier 1E - Invested funds and proof of source

Re: Tier 1E - Invested funds and proof of source

Re: Tier 1E - Invested funds and proof of source

Re: Tier 1E - Invested funds and proof of source