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50 K transfer in which account?

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

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Mehfuz
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Posts: 89
Joined: Sat Mar 30, 2019 8:59 am
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India

50 K transfer in which account?

Post by Mehfuz » Sun Jun 30, 2019 9:15 pm

Hi Experts

I have arrived in UK last week on t1 50k VC Funding. I have got BRP card and I have been told by my solicitor that VC money will be transferred to my business account. I am yet to start business. But what my confusion is that I thought the 50k would be transferred to my personal account then i would transfer that to business account and show it as directors loan.
Can you guide me plz. I don't want to place my first foot wrong as it will create a problem in extension.

Please help.

Regards
Mehfuz
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marcnath
Moderator
Posts: 6493
Joined: Tue Jul 03, 2012 3:27 pm
Location: Milton Keynes
United Kingdom

Re: 50 K transfer in which account?

Post by marcnath » Sun Jun 30, 2019 10:31 pm

Mehfuz wrote: ↑
Sun Jun 30, 2019 9:15 pm
 Hi Experts

I have arrived in UK last week on t1 50k VC Funding. I have got BRP card and I have been told by my solicitor that VC money will be transferred to my business account. I am yet to start business. But what my confusion is that I thought the 50k would be transferred to my personal account then i would transfer that to business account and show it as directors loan.
Can you guide me plz. I don't want to place my first foot wrong as it will create a problem in extension.

Please help.

Regards
Mehfuz
How can you show the money as a Director loan ? It is not your money.
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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