Director's Loan agreement and Fund transfer

Nana51113 · Post by **Nana51113** » Wed Dec 26, 2018 7:21 pm

Thank you Merchant

Could you please advice should my accountant show under other creditor the breakdown of the investment under my name like 50K from bank transfer and 2K from personal account for running the business ? or it is OK to show 52K as whole without explanation?

Thank you

marcnath · Post by **marcnath** » Wed Dec 26, 2018 8:48 pm

Nana51113 wrote: ↑
Wed Dec 26, 2018 7:21 pm
Thank you Merchant

Could you please advice should my accountant show under other creditor the breakdown of the investment under my name like 50K from bank transfer and 2K from personal account for running the business ? or it is OK to show 52K as whole without explanation?

Thank you

It does not matter. However it is 52K one time , 56K at another time , the 58K . The amount does not matter as long as it is more than 50k but I hope you are clear and confident about the figures yourself in case you are interviewed.

Nana51113 · Post by **Nana51113** » Wed Dec 26, 2018 10:09 pm

My consideration is that the HO can make sure about the 54K from the business bank stamtments which clearly shows the transfer

But will they be surprised why is it not the same in the accounts which reflects 58K instead ? Will they consider this as mistake from my accountant and will refuse the application? Or they will not bother as long as the business bank statements showing the 54K ? Or my accountant need to explain the breakdown in the accounts notes ? Or will he need to write a letter to explain this please advice to explain why it is 58K in the company accounts?

Nana51113 · Post by **Nana51113** » Thu Dec 27, 2018 11:19 am

Dear Zimba,

Could you please respond to my inquiry i really feel lost ??

My consideration is that the HO can make sure about the 54K from the business bank testaments which clearly shows the transfer

But will they be surprised why is it not the same in the accounts which reflects 58K instead ? Will they consider this as mistake from my accountant and will refuse the application? Or they will not bother as long as the business bank statements showing the 54K ? Or my accountant need to explain the breakdown in the accounts notes ? Or will he need to write a letter to explain this please advice to explain why it is 58K in the company accounts?

marcnath · Post by **marcnath** » Fri Dec 28, 2018 6:42 am

Nana51113 wrote: ↑
Wed Dec 26, 2018 10:09 pm
My consideration is that the HO can make sure about the 54K from the business bank stamtments which clearly shows the transfer

But will they be surprised why is it not the same in the accounts which reflects 58K instead ? Will they consider this as mistake from my accountant and will refuse the application? Or they will not bother as long as the business bank statements showing the 54K ? Or my accountant need to explain the breakdown in the accounts notes ? Or will he need to write a letter to explain this please advice to explain why it is 58K in the company accounts?

HO cannot refuse your application for accountant mistake.

I honestly don't know what you keep going on about.

TO REPEAT AGAIN - anything over 50K does not matter as far as the immigration rules are concerned.

If they interview you or if HO needs any clarifications, they will ask you to clarify. You need to be able to explain it at that time. And you seem to have the explanation.

HO cannot just refuse you because the figures are different - there is no immigration rules clause that it violates.

Nana51113 · Post by **Nana51113** » Sat Dec 29, 2018 5:05 pm

Thank you very much Merchant.

Could you please advice who should sign for the company below is it correct to type my name as director or the company name ? and what about the signature is it my signature or the stamp of the company or both ?
please advice ??

thank you

is it necessary to have witness?

Lender: Borrower:

??????? ( my name or the company name)
_______________________________________ _______________________________________
(Print name) (Print name)

(Authorised Signature) Authorised Signatures (Company officials)
( me or the company stamp or both?)
(Date)
(Date)

Nana51113 · Post by **Nana51113** » Fri Jan 04, 2019 1:53 pm

Dear all,

Could anyone please respond to my inquiry about the director loan agreement ?

1- should I print the company name or my name under the borrower ?

2- Should I sign on behalf of the company or I should stamp it using the company stamp?

3- the company accounts shows in the compilation report the name and address of the firm and signed in Ink with the firm name NOT the name of the accountant is that OK or he should sign it under his name he is a chartered accountant

Please please advice as soon as possible

marcnath · Post by **marcnath** » Fri Jan 04, 2019 9:33 pm

Nana51113 wrote: ↑
Fri Jan 04, 2019 1:53 pm
Dear all,

Could anyone please respond to my inquiry about the director loan agreement ?

1- should I print the company name or my name under the borrower ? ==> Do you know who the borrower is ?

2- Should I sign on behalf of the company or I should stamp it using the company stamp? ==> No need for a company stamp

3- the company accounts shows in the compilation report the name and address of the firm and signed in Ink with the firm name NOT the name of the accountant is that OK or he should sign it under his name he is a chartered accountant ==> That is ok

Please please advice as soon as possible

Nana51113 · Post by **Nana51113** » Sat Jan 05, 2019 9:13 am

Many thanks Merchant I do appreciate your help

I am sorry I am confused about your answer to my question about borrower name you are asking do you know the borrower name the answer is yes it is my company but should I print my name on behalf of the company or just print the company name ABC LTD?

2- in the guidance it shows that the name of the accountant should be clearly shown my question what do they mean by the accountant name is it the firm or the accountant who prepared the account himself for example the firm is A and the accountant himself is B so the sign should be A or B or it does not matter

Please please advice as soon as possible

Thank you

marcnath · Post by **marcnath** » Sat Jan 05, 2019 11:56 am

Nana51113 wrote: ↑
Sat Jan 05, 2019 9:13 am
Many thanks Merchant I do appreciate your help

I am sorry I am confused about your answer to my question about borrower name you are asking do you know the borrower name the answer is yes it is my company but should I print my name on behalf of the company or just print the company name ABC LTD? ==> Either one should work

2- in the guidance it shows that the name of the accountant should be clearly shown my question what do they mean by the accountant name is it the firm or the accountant who prepared the account himself for example the firm is A and the accountant himself is B so the sign should be A or B or it does not matter ==> Again, the answer is either

Please please advice as soon as possible

Thank you

Nana51113 · Post by **Nana51113** » Sat Jan 05, 2019 12:25 pm

Thank you very much Merchant for quick response ,

Another question about the loan agreement between me and the company

1- which date the agreement should start is it before the first transaction from my personal account to the company account ? OR the date on the balance sheet ? the first transaction i have made was on 20th March 2017 BUT the company accounts is ended on 8 September 2018 so which date the loan agreement should start from ? please advice

2- Should the loan agreement cover the amount of 50K only if i am on the 50K route or it should cover the whole amount which has been mentioned in the company accounts made by accountant like 57K please advice

you advice is highly appreciated

tier1entrepreneur-A · Post by **tier1entrepreneur-A** » Sat Jan 05, 2019 5:04 pm

Hi Team,

WRT accelerated ILR route application (3 years), is it possible to combined two FT employee, each worked for 6 months?
i.e Job title X
Employee A : work Jan - June
Employee B : work July - Dec

It's clear that it can be combined in the extension application, but I'm wondering if it the same for accelerated ILR application.

Thanks in advance.

Nana51113 · Post by **Nana51113** » Sat Jan 05, 2019 6:31 pm

Please Merchant I am waiting your reply please

Thank you very much

marcnath · Post by **marcnath** » Sat Jan 05, 2019 6:33 pm

Nana51113 wrote: ↑
Sat Jan 05, 2019 6:31 pm
Please Merchant I am waiting your reply please

Thank you very much

I apologise profusely that I do not meet your expectation of standing by to answer your questions immediately.

Nana51113 · Post by **Nana51113** » Sat Jan 05, 2019 7:10 pm

You do not need to apologise at all Merchant we all here should appreciate your help and advice and support which is really priceless I do highly appreciate what you and other members do to help people many thanks

I hope you will be able to respond soon

tier1entrepreneur-A · Post by **tier1entrepreneur-A** » Sun Jan 06, 2019 12:28 am

Nana51113 wrote: ↑
Sat Jan 05, 2019 7:10 pm
You do not need to apologise at all Merchant we all here should appreciate your help and advice and support which is really priceless I do highly appreciate what you and other members do to help people many thanks

I hope you will be able to respond soon

Nana51113

Please don't use others post.

PLEASE DON'T USE OTHERS POST.

tier1entrepreneur-A · Post by **tier1entrepreneur-A** » Sun Jan 06, 2019 12:31 am

Hi Team,

WRT accelerated ILR route application (3 years), is it possible to combined two FT employee, each worked for 6 months?
i.e Job title X
Employee A : work Jan - June
Employee B : work July - Dec

It's clear that it can be combined in the extension application, but I'm wondering if it the same for accelerated ILR application.

Thanks in advance.

CR001 · Post by **CR001** » Sun Jan 06, 2019 12:32 am

tier1entrepreneur-A wrote: ↑
Sun Jan 06, 2019 12:31 am
Hi Team,

WRT accelerated ILR route application (3 years), is it possible to combined two FT employee, each worked for 6 months?
i.e Job title X
Employee A : work Jan - June
Employee B : work July - Dec

It's clear that it can be combined in the extension application, but I'm wondering if it the same for accelerated ILR application.

Thanks in advance.

Please continue your questions in your own topic you already have instead of tagging onto another members thread!!

tier1entrepreneur-A · Post by **tier1entrepreneur-A** » Sun Jan 06, 2019 12:38 am

CR001 wrote: ↑
Sun Jan 06, 2019 12:32 am

tier1entrepreneur-A wrote: ↑
Sun Jan 06, 2019 12:31 am
Hi Team,

WRT accelerated ILR route application (3 years), is it possible to combined two FT employee, each worked for 6 months?
i.e Job title X
Employee A : work Jan - June
Employee B : work July - Dec

It's clear that it can be combined in the extension application, but I'm wondering if it the same for accelerated ILR application.

Thanks in advance.
Please continue your questions in your own topic you already have instead of tagging onto another members thread!!

My apologies to you all, as my main post has the same title, so I thought it's mine,

Again, my apologies to you all.

Nana51113 · Post by **Nana51113** » Sun Jan 06, 2019 1:40 am

This is my post I did not use others post we do not have the same topic at all your topic about Job creation for ILR my topic is about loan agreement
So it has nothing to do with my topic and NOT same title as well you can see from page 1 it is all my posts under my name Nana51113

Is there any one able to help with my questions please

Nana51113 · Post by **Nana51113** » Sun Jan 06, 2019 9:27 am

Thank you very much Merchant for quick response ,

Another question about the loan agreement between me and the company

1- which date the agreement should start is it before the first transaction from my personal account to the company account ? OR the date on the balance sheet ? the first transaction i have made was on 20th March 2017 BUT the company accounts is ended on 8 September 2018 so which date the loan agreement should start from ? please advice

2- Should the loan agreement cover the amount of 50K only if i am on the 50K route or it should cover the whole amount which has been mentioned in the company accounts made by accountant like 57K please advice

3- in the new application form online it does ask about the value of invetment made to the company how should I answer this question if the accountant shows in the account 57K as director loan and part of this amount is director salary so how should I answer this question in the form ? Should I deduct the amount of salary paid or type the whole amount as it is in the company accounts from the accountant

I need urgent help please as I have to submit the application

marcnath · Post by **marcnath** » Sun Jan 06, 2019 9:29 am

Nana51113 wrote: ↑
Sat Jan 05, 2019 12:25 pm
Thank you very much Merchant for quick response ,

Another question about the loan agreement between me and the company

1- which date the agreement should start is it before the first transaction from my personal account to the company account ? OR the date on the balance sheet ? the first transaction i have made was on 20th March 2017 BUT the company accounts is ended on 8 September 2018 so which date the loan agreement should start from ? please advice

2- Should the loan agreement cover the amount of 50K only if i am on the 50K route or it should cover the whole amount which has been mentioned in the company accounts made by accountant like 57K please advice

you advice is highly appreciated

1 - Again, these do not matter. The immigration rules/guidance clearly states what is important in a DL Agreement. Everything else is up to common sense approaches. Common sense dictates that the date will be before the first loan amount was disbursed but even that is not important.
2 - I seem to keep giving the same answer. It has to cover a minimum of 50K. Beyond that it does not matter as far as immigration rules are concerned. Common sense again says you do the agreement to cover at least the actual amount loaned but it does not matter.

Nana51113 · Post by **Nana51113** » Sun Jan 06, 2019 10:54 am

Many thanks Merchant

What about maintainance funds statement validity about 945 pounds so if I am applying on 17th January 2019 and I did print the statements on 20th December 2018 to cover the previous 90 days will this statment be OK or I will need to print new one ?

I can not find any rules about the statement validity in the guidance please advice

2- I have got a letter from my bank that I am the signatory of my business account this has been dated on 10th September 2018 is this OK or I need to get new one ? Is there any conditions about the dates for this letter please advice

Thank you very much

tier1entrepreneur-A · Post by **tier1entrepreneur-A** » Sun Jan 06, 2019 11:29 am

Nana51113 wrote: ↑
Sun Jan 06, 2019 10:54 am
Many thanks Merchant

What about maintainance funds statement validity about 945 pounds so if I am applying on 17th January 2019 and I did print the statements on 20th December 2018 to cover the previous 90 days will this statment be OK or I will need to print new one ?

I can not find any rules about the statement validity in the guidance please advice

2- I have got a letter from my bank that I am the signatory of my business account this has been dated on 10th September 2018 is this OK or I need to get new one ? Is there any conditions about the dates for this letter please advice

Thank you very much

I just will answer point 1,
The bank statement is valid for 30 days as per HO rules.

marcnath · Post by **marcnath** » Sun Jan 06, 2019 1:00 pm

Nana51113 wrote: ↑
Sun Jan 06, 2019 10:54 am
Many thanks Merchant

What about maintainance funds statement validity about 945 pounds so if I am applying on 17th January 2019 and I did print the statements on 20th December 2018 to cover the previous 90 days will this statment be OK or I will need to print new one ?

I can not find any rules about the statement validity in the guidance please advice

2- I have got a letter from my bank that I am the signatory of my business account this has been dated on 10th September 2018 is this OK or I need to get new one ? Is there any conditions about the dates for this letter please advice

Thank you very much

Both are ok

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Director's Loan agreement and Fund transfer

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