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Director's Loan agreement and Fund transfer

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

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Nana51113
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Re: Director's Loan agreement and Fund transfer

Post by Nana51113 » Sun Jan 06, 2019 4:12 pm

Dear Merchant and Enterprenur-A

Could you please share the link about the maintainance fund validity ? Is it in the guidance ? I can nor find it at all?

And is there any link about the validity of letter for being the signatory of the business account? Or the business statement which will be provided apart from the one showing the investments?

Is there any one who is aware if there will be new service in Sheffield by end of January I have tried to find the nearest new service center it shown Swinton please let me know if anyone knows there is one in Sheffield

Many thanks

Nana51113
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Re: Director's Loan agreement and Fund transfer

Post by Nana51113 » Tue Jan 08, 2019 3:12 am

Dear all ,

Can anyone please advice about my previous question

Many thanks

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Re: Director's Loan agreement and Fund transfer

Post by bizman » Tue Jan 08, 2019 5:06 am

At what stage of the application are you..? Is it initial application or extension application or ILR. If it is both initial application or extension, you need to prove you have maintenance funds for yourself and all your dependents for 90 days in your account but if it is ILR, you don’t need to prove this.
Secondly according to immigration rule, if you have a letter from your bank, you don’t need a business statement. It’s either of the two. You can read the Tier 1 Entrepreneur guidance for this.
Bizman

Nana51113
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Re: Director's Loan agreement and Fund transfer

Post by Nana51113 » Thu Jan 10, 2019 9:00 am

Many thanks Bizman,

I am in my initial application , yes I do understand I have to keep maintainance fund in my account for 90 consecutive day before the day of the application
However I did print my statement on 20th December and I am applying on 17th January so will this statement be valid ? I can see the members have said yes it should be valid but my question is where in the guidance it shows the validity of the maintainnace fund ? Can anyone share the link please

The second question about the letter from the bank again it is dated in October 2018 so should I get new one is there any restrictions for the validity of that letter?

Hope to get response as soon as possible

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Re: Director's Loan agreement and Fund transfer

Post by bizman » Thu Jan 10, 2019 6:30 pm

Immigration rule says the documents should be dated within three months of the date of application. You have to calculate the three months from the date of your application, so if the date in October falls within the three month and also the statement, they they are valid. I am driving at the moment, will look for the link and send it later. But it is the same Tier 1 ent guidiance.
Bizman

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marcnath
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Re: Director's Loan agreement and Fund transfer

Post by marcnath » Thu Jan 10, 2019 7:02 pm

bizman wrote:
Thu Jan 10, 2019 6:30 pm
Immigration rule says the documents should be dated within three months of the date of application. You have to calculate the three months from the date of your application, so if the date in October falls within the three month and also the statement, they they are valid. I am driving at the moment, will look for the link and send it later. But it is the same Tier 1 ent guidiance.
It has to be within 31 days of date of application, not three months.
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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Re: Director's Loan agreement and Fund transfer

Post by bizman » Thu Jan 10, 2019 9:36 pm

This is the link from policy guidance. Machnath is right.

Documents we require
The evidence used to support personal savings for at least 90 consecutive days must be issued by an authorised official of that organisation.
Evidence must be in the form of cash funds held in an account (this includes savings accounts and current accounts even when notice must be given). Other accounts or financial instruments such as shares, bonds, overdrafts, credit cards, pension funds etc, are not acceptable, regardless of notice period.
Where you are providing evidence of maintenance from a single account, we will always assess the funds available to you from the closing balance given on the document provided.
Tier 1 (Entrepreneur) Policy Guidance – version 0 7 /2018 – Page 37
Where 2 or more pieces of evidence from a single account are submitted (for example 2 consecutive bank statements) we will assess the funds available to you from the closing balance of the most recent document.
Where evidence from 2 or more accounts are submitted, we will assess the funds available to you using:
• the most recent closing balance of one account, plus
• any additional money available to you on the date of that closing balance, for which
you have provided the required evidence.
We will always use the closing balance date from the account that most favours you.
No points will be awarded where the specified documents show that the funds are held in a financial institution with which the Home Office is unable to make satisfactory verification checks. A list of financial institutions which do not satisfactorily verify financial statements is published on in Appendix P of the Immigration Rules.
If you wish to rely on a joint account as evidence of available funds, you must be named on the account along with one or more other named individual
Only the following specified documents will be accepted as evidence of this requirement:
i. Personal bank or building society statements covering a consecutive 90-day period:
The most recent statement must be dated no more than 31 days before the date of application. The personal bank or building society statements should clearly show:
• your name;
• the account number;
• the date of the statement;
• the financial institution’s name and logo;
• any transactions during the 90 day period;
• there are enough funds present in the account. The balance must always be £3,310 or £945 (as appropriate), covering the 90-day period before the date of application
All statements must be on the bank’s stationery, unless you are submitting electronic statements.
Ad hoc bank statements printed on the bank’s letterhead are admissible as evidence (this excludes mini-statements from cash points (ATMS)).
If you wish to submit electronic bank statements these must contain all of the details listed above. In addition, you will need to provide either:
• a supporting letter from your bank, on the bank’s headed paper, confirming the authenticity of the statements; or
• an electronic bank statement bearing the official stamp of the bank in question will be accepted. This stamp should appear on every page of the statement.
Tier 1 (Entrepreneur) Policy Guidance – version 0 7 /2018 – Page 38

We will not accept statements which only show the balance in the account on a particular day as these documents do not show that you have held enough funds for the full period needed.
ii. Building society pass book covering a consecutive 90-day period, ending no more than 31 days before the date of application.
The building society pass book should clearly show:
• your name;
• the account number;
• the financial institution’s name and logo;
• any transactions during the 90 day period; and
• there are enough funds present in the account. The balance must always be £3,310 or £945 (as appropriate), covering the 90-day period before the date of application.
iii. Letter from bank confirming funds and that they have been in the bank for at least 90 days:
The letter from a bank or building society should show:
• your name;
• the account number;
• the date of the letter;
• the financial institution’s name and logo;
• the funds held in your account; and
• that the funds of £3,310 or £945 (as appropriate), have been in the bank for at least a consecutive 90 day period on and immediately before the date of the letter.
The letter must be dated no more than 31 days before the date of application. All statements must be on the bank’s letterhead/official stationery
We will not accept letters which only show the balance in the account on a particular day as these documents do not show that you have held enough funds for the full period needed.
iv. Letter from a financial institution
The letter(s) from a regulated financial institution that you send us must cover a consecutive 90 day period ending no more than 31 days before the date of your application. The letter(s) must clearly show:
• your name; and
Tier 1 (Entrepreneur) Policy Guidance – version 0 7 /2018 – Page 39

• the account number; and
• the date of the letter; and
• the financial institution’s name and logo; and
• the money in the account; and
• that the funds of £3,310 or £945 (as appropriate), have been in the bank for at least a consecutive 90 day period on and immediately before the date of the letter.
The financial institution must be regulated by either the Financial Conduct Authority (FCA), the Prudential Regulatory Authority (PRA) or, in the case of overseas accounts, by the home regulator (the official regulatory body for the country the financial institution is in and where the money is held) for the purpose of personal savings accounts.
We will not accept letters which only show the balance in the account on a particular day as these documents do not show that you have held sufficient funds for the full period needed.
Bizman

Nana51113
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Re: Director's Loan agreement and Fund transfer

Post by Nana51113 » Sat Jan 12, 2019 9:48 am

Many thanks Bizman, the information you have sent covered all my concerns about personal statement

My other question about the business letter from the bank to show I am the signatory of that account what about the date validity of that letter is it also 31 days from the date of application ?

Please advice

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Re: Director's Loan agreement and Fund transfer

Post by marcnath » Sat Jan 12, 2019 5:12 pm

Nana51113 wrote:
Sat Jan 12, 2019 9:48 am
Many thanks Bizman, the information you have sent covered all my concerns about personal statement

My other question about the business letter from the bank to show I am the signatory of that account what about the date validity of that letter is it also 31 days from the date of application ?

Please advice
There are no dates specified for the business statement/letter.
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.

Nana51113
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Re: Director's Loan agreement and Fund transfer

Post by Nana51113 » Sat Jan 12, 2019 7:46 pm

Thank you Merchant,

I am wondering the business plan financial needs to cover 5 years or three years for initial application?

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marcnath
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Re: Director's Loan agreement and Fund transfer

Post by marcnath » Sat Jan 12, 2019 9:45 pm

Nana51113 wrote:
Sat Jan 12, 2019 7:46 pm
Thank you Merchant,

I am wondering the business plan financial needs to cover 5 years or three years for initial application?
This is not specified
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.

Nana51113
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Posts: 64
Joined: Mon Dec 10, 2018 8:16 am

Re: Director's Loan agreement and Fund transfer

Post by Nana51113 » Thu Jan 17, 2019 12:29 pm

Dear All ,

Can anyone please advice what document exactly required from companies house ?? is it only the current appointment report ? what about certificate of incorporation ? and confirmations statements to show the number of shares and capital as it is not included in the appointments report ?

Please advice

Many thanks in advance

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Re: Director's Loan agreement and Fund transfer

Post by marcnath » Thu Jan 17, 2019 3:26 pm

Nana51113 wrote:
Thu Jan 17, 2019 12:29 pm
Dear All ,

Can anyone please advice what document exactly required from companies house ?? is it only the current appointment report ? what about certificate of incorporation ? and confirmations statements to show the number of shares and capital as it is not included in the appointments report ?

Please advice

Many thanks in advance
None for your initial application
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.

Nana51113
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Posts: 64
Joined: Mon Dec 10, 2018 8:16 am

Re: Director's Loan agreement and Fund transfer

Post by Nana51113 » Thu Jan 17, 2019 5:19 pm

Thank you Merchant for your quick respond

Is this document NOT required for initial application even if I did invest the money?

Another very urgent question I did invest the money in USD and my accountant has made the accounts in Sterling pound I have no problem with that the big problem I have instructed the accountant to use OANDA website for currency converter and on that website there is an option to choose the date where the transaction has been made and I did choose 20 April 2018 so it has shown the rate and when I did tried to print the page I have noticed it is saying this is the rate for the 24 hrs ending 19 April 2018 therefore the rate we have used should be for 21 April 2018 and the same for the rest

Actually the difference is not that much , what should we do now ? The accounts has been submitted to companies house shall the accountant re-do the accounts ? Please advice as soon as possible

Nana51113
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Re: Director's Loan agreement and Fund transfer

Post by Nana51113 » Thu Jan 17, 2019 6:06 pm

I have got a personal account in USD currency and business account In USD too I did invest in several transactions NOT one , the accountant has made the accounts in GBP my questions are should the director loan agreement reflect the dates of these transactions and the exchange rate of it ? Or the director loan should match the whole amount mentioned in the accounts which is converted into GBP ? as the whole amount shown as a director loan includes cash investment as well ?

Please advice

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marcnath
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Re: Director's Loan agreement and Fund transfer

Post by marcnath » Thu Jan 17, 2019 8:40 pm

Nana51113 wrote:
Thu Jan 17, 2019 6:06 pm
I have got a personal account in USD currency and business account In USD too I did invest in several transactions NOT one , the accountant has made the accounts in GBP my questions are should the director loan agreement reflect the dates of these transactions and the exchange rate of it ? Or the director loan should match the whole amount mentioned in the accounts which is converted into GBP ? as the whole amount shown as a director loan includes cash investment as well ?

Please advice
This was answered before. The currency does not change the answer
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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marcnath
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Re: Director's Loan agreement and Fund transfer

Post by marcnath » Thu Jan 17, 2019 8:42 pm

Nana51113 wrote:
Thu Jan 17, 2019 5:19 pm
Thank you Merchant for your quick respond

Is this document NOT required for initial application even if I did invest the money?

Another very urgent question I did invest the money in USD and my accountant has made the accounts in Sterling pound I have no problem with that the big problem I have instructed the accountant to use OANDA website for currency converter and on that website there is an option to choose the date where the transaction has been made and I did choose 20 April 2018 so it has shown the rate and when I did tried to print the page I have noticed it is saying this is the rate for the 24 hrs ending 19 April 2018 therefore the rate we have used should be for 21 April 2018 and the same for the rest

Actually the difference is not that much , what should we do now ? The accounts has been submitted to companies house shall the accountant re-do the accounts ? Please advice as soon as possible
Yes, you need it if you are claiming points for money invested. CAR is the only document from companies house.
The OANDA exchange rate is irrelevant for money already invested.
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.

Nana51113
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Posts: 64
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Re: Director's Loan agreement and Fund transfer

Post by Nana51113 » Thu Jan 17, 2019 8:57 pm

Many thanks for clarification Merchant,

In regards to the OANDA I will provide the business bank statement in USD so all the investment are shown in USD and the HO need this as evidence along with company accounts, However the company account are made in GBP , so how will they make sure this is the correct amount reflected on the accounts? Which is in GBP?

Please advice

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Re: Director's Loan agreement and Fund transfer

Post by marcnath » Thu Jan 17, 2019 9:19 pm

Nana51113 wrote:
Thu Jan 17, 2019 8:57 pm
Many thanks for clarification Merchant,

In regards to the OANDA I will provide the business bank statement in USD so all the investment are shown in USD and the HO need this as evidence along with company accounts, However the company account are made in GBP , so how will they make sure this is the correct amount reflected on the accounts? Which is in GBP?

Please advice
The CW may have a challenge comparing the investment amounts, so you should include a letter from the accountant showing the GBP amount for each transaction so it matches with your accounts.
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.

Nana51113
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Posts: 64
Joined: Mon Dec 10, 2018 8:16 am

Re: Director's Loan agreement and Fund transfer

Post by Nana51113 » Thu Jan 17, 2019 10:20 pm

Thanks Merchant,

So now we came to the point which concerns me , to show the amount in GBP will he need to show the exchange rate used ? And if yes the website which has been used is OANDA and the date he typed there is 20 April 2018 and other dates as well but when I have print the exchange rate from OANDA website I have found under 20 April 2018 a sentence saying this rates are for the 24 hrs period ending 19 April 2018 so my question now does the accountant need to re-do the accounts ? To choose the date to develop 21 April 2018 so it will show these rates are for the period ended 20 April 2018 ?

My accountant has attached a ledger sheet which is the director account details is that OK to show the exchange rates over there or it needs to be shown in a separate letter ? Or in the accounts it self and where please advice

I feel so worried now

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Re: Director's Loan agreement and Fund transfer

Post by Nana51113 » Fri Jan 18, 2019 8:24 am

Hi Merchant,

Could you please kindly answer my inquiry it so urgent to sort this out please advice what should I do now??

Thank you

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Re: Director's Loan agreement and Fund transfer

Post by marcnath » Fri Jan 18, 2019 11:13 am

Nana51113 wrote:
Thu Jan 17, 2019 10:20 pm
Thanks Merchant,

So now we came to the point which concerns me , to show the amount in GBP will he need to show the exchange rate used ? And if yes the website which has been used is OANDA and the date he typed there is 20 April 2018 and other dates as well but when I have print the exchange rate from OANDA website I have found under 20 April 2018 a sentence saying this rates are for the 24 hrs period ending 19 April 2018 so my question now does the accountant need to re-do the accounts ? To choose the date to develop 21 April 2018 so it will show these rates are for the period ended 20 April 2018 ?

My accountant has attached a ledger sheet which is the director account details is that OK to show the exchange rates over there or it needs to be shown in a separate letter ? Or in the accounts it self and where please advice

I feel so worried now
It does not matter where and how you show it - there are no requirements to even show it under the immigration rules. You are only showing to help the CW when they review your application, so any form in which it is easy for them to read and understand is ok
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.

Nana51113
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Posts: 64
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Re: Director's Loan agreement and Fund transfer

Post by Nana51113 » Sat Jan 19, 2019 2:52 pm

Hi Merchant,

Many thanks for your response , I just wanted to make sure of the sentence you have mentioned in your response which is
are requirements to even show it under the immigration rules???

Do you mean there are No requirements ? Or there is requirements? And if there is requirements to show it where in the immigration rules I can not find anything about the requirements for investment exchange rate please advice?

Thank you

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marcnath
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Re: Director's Loan agreement and Fund transfer

Post by marcnath » Sat Jan 19, 2019 8:00 pm

Nana51113 wrote:
Sat Jan 19, 2019 2:52 pm
Hi Merchant,

Many thanks for your response , I just wanted to make sure of the sentence you have mentioned in your response which is
are requirements to even show it under the immigration rules???

Do you mean there are No requirements ? Or there is requirements? And if there is requirements to show it where in the immigration rules I can not find anything about the requirements for investment exchange rate please advice?

Thank you
Yes - I meant no requirements. Have updated the answer.
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.

Nana51113
Junior Member
Posts: 64
Joined: Mon Dec 10, 2018 8:16 am

Re: Director's Loan agreement and Fund transfer

Post by Nana51113 » Sun Jan 20, 2019 6:02 pm

Thank you Merchant for your clarification ,

Please can you advice is it better to send the documents by post or to use the new service where they will ask for scanning the documents ? Which is better for CW to read from paper or from the online?

Did anyone use the new service please advice ?

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