Entrepreneur Visa Third Party

akap12 wrote:Got it !
Makes sense now

Great !

I just realised you have created 3-4 different thread on very similar topics.

Please refrain from doing so. Once you start a thread, stay on it, so that people who are trying to help will have the full background and don't have to repeat themselves.

Hi marcnath,
One last question:

If i have a active business with around 30k in funds and I am predicting to have up-to 45k in my business account (as a sole trader/bank statements have my name) in about 3.5 months which is the time I will be applying for my Entrepreneurs visa, can I show my business bank statements along with my personal?
Im not sure I will have the full 50k in my personal.
Or is it okay to transfer my business money to my personal before tax? (I am allowed to use my business money even before tax right?)

Thanks !

akap12 wrote:Hi marcnath,
One last question:

If i have a active business with around 30k in funds and I am predicting to have up-to 45k in my business account (as a sole trader/bank statements have my name) in about 3.5 months which is the time I will be applying for my Entrepreneurs visa, can I show my business bank statements along with my personal?
Im not sure I will have the full 50k in my personal.
Or is it okay to transfer my business money to my personal before tax? (I am allowed to use my business money even before tax right?)

Thanks !

On these issues, I always go back to the intent of this route - which is to bring new money and new jobs into the economy and hopefully spur further growth. The requirements are therefore that you have fresh funds of your own.

The criteria is set up in a way that it is tough to beat the system. But there will still be some loopholes and I am not going to be advising on the loopholes.

I realised that even the suggestion I made earlier is possibly wrong. If you take the money out of the business after taxes, it is the equivalent of you taking remuneration from the business. And so, that cannot be part of your investment. Apologies for that.

For your case, you are switching from T1GE to T1E. Which means you only need to show access to funding, not actual investment (obviously it is easier for the next extension if you show investment).

If you will have the money in your account for 90 days before application, you could use the money to show access to fund. But that will only buy you time. You will still need to find 50K of your own funds in the next three years as new investment.

So, sorry, even if I congratulate you on having a good business, there is no easy way out that I can see to avoid having some new money of your own.

marcnath wrote:

akap12 wrote:Hi marcnath,
One last question:

If i have a active business with around 30k in funds and I am predicting to have up-to 45k in my business account (as a sole trader/bank statements have my name) in about 3.5 months which is the time I will be applying for my Entrepreneurs visa, can I show my business bank statements along with my personal?
Im not sure I will have the full 50k in my personal.
Or is it okay to transfer my business money to my personal before tax? (I am allowed to use my business money even before tax right?)

Thanks !

On these issues, I always go back to the intent of this route - which is to bring new money and new jobs into the economy and hopefully spur further growth. The requirements are therefore that you have fresh funds of your own.

The criteria is set up in a way that it is tough to beat the system. But there will still be some loopholes and I am not going to be advising on the loopholes.

I realised that even the suggestion I made earlier is possibly wrong. If you take the money out of the business after taxes, it is the equivalent of you taking remuneration from the business. And so, that cannot be part of your investment. Apologies for that.

For your case, you are switching from T1GE to T1E. Which means you only need to show access to funding, not actual investment (obviously it is easier for the next extension if you show investment).

If you will have the money in your account for 90 days before application, you could use the money to show access to fund. But that will only buy you time. You will still need to find 50K of your own funds in the next three years as new investment.

So, sorry, even if I congratulate you on having a good business, there is no easy way out that I can see to avoid having some new money of your own.

Thank again for a prompt reply !

So from what I understand, if you make money by being a graduate entrepreneur, then it doesn't hold value because you have to show 50k from your own account weather or not your business is successful?
What is the difference between me being able to apply as a successful entrepreneur vs someone who wasn't so successful with their business? Doesn't graduate entrepreneur visa website say if a graduate entrepreneur is successful with their business, they may switch to an entrepreneur visa? :/

akap12 wrote: Thank again for a prompt reply !

So from what I understand, if you make money by being a graduate entrepreneur, then it doesn't hold value because you have to show 50k from your own account weather or not your business is successful?
What is the difference between me being able to apply as a successful entrepreneur vs someone who wasn't so successful with their business? Doesn't graduate entrepreneur visa website say if a graduate entrepreneur is successful with their business, they may switch to an entrepreneur visa? :/

I appreciate your concerns. You are raising valid policy questions and if I were setting policy, I probably would not do it this way. But as I am not, I can't answer the questions.

But having said that, I also can understand why some of these policies are in place - however silly or unfair they may seem. Part of it so that everyone has an fair and equal chance - for example, they want to avoid the ability for someone to "buy" their way in.

You have been obviously doing a good job and don't let this discourage you. Yes, you may switch to a T1E as was said. But the conditions to switch is something that was clear when you applied for the T1GE and that hasn't changed.

As I said, read the guidance carefully and take professional advice. I think there may be a way around to use that money, but that is a loophole and I am not going to discuss that here as I could be very wrong.

marcnath wrote:

akap12 wrote: Thank again for a prompt reply !

So from what I understand, if you make money by being a graduate entrepreneur, then it doesn't hold value because you have to show 50k from your own account weather or not your business is successful?
What is the difference between me being able to apply as a successful entrepreneur vs someone who wasn't so successful with their business? Doesn't graduate entrepreneur visa website say if a graduate entrepreneur is successful with their business, they may switch to an entrepreneur visa? :/

I appreciate your concerns. You are raising valid policy questions and if I were setting policy, I probably would not do it this way. But as I am not, I can't answer the questions.

But having said that, I also can understand why some of these policies are in place - however silly or unfair they may seem. Part of it so that everyone has an fair and equal chance - for example, they want to avoid the ability for someone to "buy" their way in.

You have been obviously doing a good job and don't let this discourage you. Yes, you may switch to a T1E as was said. But the conditions to switch is something that was clear when you applied for the T1GE and that hasn't changed.

As I said, read the guidance carefully and take professional advice. I think there may be a way around to use that money, but that is a loophole and I am not going to discuss that here as I could be very wrong.

Thanks for a swift reply.
I'm already looking into getting professional help.
I thought I could simply read the policy guidance and go about applying for the visa (without proper funding as what I've understood).

Thanks again, got more help/advice then i expected

Hi everyone,
I just have a question.
I put XX k in my personal account for my Tier 1 Entrepreneur Visa today and I am due to apply on 27th Sept, 2017 (visa expiry date).
My 90 day period would end on the 26th Sept, 2017.

Should i post my application on the 27th which is the day my visa expires/and i have >90days statement or the 26th which is the last day of my 90 day period?

Thanks in advance !

PS: I don;t want to sign a 3rd party declaration so I am looking to put money for more than 90 days in my personal acc

akap12 wrote:Hi everyone,
I just have a question.
I put XX k in my personal account for my Tier 1 Entrepreneur Visa today and I am due to apply on 27th Sept, 2017 (visa expiry date).
My 90 day period would end on the 26th Sept, 2017.

Should i post my application on the 27th which is the day my visa expires/and i have >90days statement or the 26th which is the last day of my 90 day period?

Thanks in advance !

PS: I don;t want to sign a 3rd party declaration so I am looking to put money for more than 90 days in my personal acc

Please don't start new threads for related questions. It helps people trying to help you have all the background.

26th or 27th is not going to make a difference - the requirement is at least 90 days, not more than 90 days. You need the statement covering the 90 days. So you can send the application the day you have the statement with you.

By the way, given that you have two 31 day months, wouldn't 25th be the 90th day ?

POSTS MERGED

Hi everyone,
I am using 40k on my own money and 10k of my siblings money for my Entrepreneur visa.

Can someone help me with the template required for third party funding?
I cant find it online.

Many thanks

The guidance document has the template in it - right somewhere towards the end

zimba88 wrote: ↑

Wed Jun 28, 2017 12:49 pm

POSTS MERGED

All topics merged (again).

marcnath wrote: ↑

Thu Aug 31, 2017 11:52 am

The guidance document has the template in it - right somewhere towards the end

Hi marcnath,
Thank you for a quick reply !

I just wanted to ask: should the template letter be issued from my Bank in the UK or from my brothers bank (third party)?

akap12 wrote: ↑

Thu Aug 31, 2017 6:16 pm

marcnath wrote: ↑

Thu Aug 31, 2017 11:52 am

The guidance document has the template in it - right somewhere towards the end

Hi marcnath,
Thank you for a quick reply !

I just wanted to ask: should the template letter be issued from my Bank in the UK or from my brothers bank (third party)?

Have you read the template letter ?

Where was the reference to the bank ?

Anyway, if you can get a bank in UK to certify anything in your brother's bank overseas, that would be quite an accomplishment in itself.

Have you read the template letter ?

Where was the reference to the bank ?

Anyway, if you can get a bank in UK to certify anything in your brother's bank overseas, that would be quite an accomplishment in itself.

Yes there are two letters that are required. The template says one of the letters has to be printed in the letter headed paper of the bank/financial institution.
I think a better approach would be getting a letter from the bank in the US(brothers account) stating I have been transferred the 10k for business purposes with a third party declaration letter.

The bank in the UK(my account) will show this in the statements so I don't think a letter would be required. Maybe just a formal letter saying I have the money to invest.

Thanks !

marcnath wrote: ↑

Wed Jun 28, 2017 6:46 am

akap12 wrote:Hi everyone,
I just have a question.
I put XX k in my personal account for my Tier 1 Entrepreneur Visa today and I am due to apply on 27th Sept, 2017 (visa expiry date).
My 90 day period would end on the 26th Sept, 2017.

Should i post my application on the 27th which is the day my visa expires/and i have >90days statement or the 26th which is the last day of my 90 day period?

Thanks in advance !

PS: I don;t want to sign a 3rd party declaration so I am looking to put money for more than 90 days in my personal acc

Please don't start new threads for related questions. It helps people trying to help you have all the background.

26th or 27th is not going to make a difference - the requirement is at least 90 days, not more than 90 days. You need the statement covering the 90 days. So you can send the application the day you have the statement with you.

By the way, given that you have two 31 day months, wouldn't 25th be the 90th day ?

Hi marcnath,
My funds start from the 29th June 2017.
If i use the website to calculate new date after 90 days it says 27th Sept (not sure if its inclusive).

My current leave expires on the 27th. Should i apply on the 26th or 27th?

Thanks again !

26th would be the 90th day. Not sure if HO wants 90th day to be completed or started

So, safer to apply on 27th.

It is very tight to apply that close, if there is a problem with payment, then the application will be invalid and you can no longer make an intime application.

As credit card payments sometimes get declined, you should use a postal order or bank draft to ensure that there can be no problems with payment.

marcnath wrote: ↑

Thu Sep 21, 2017 10:41 am

26th would be the 90th day. Not sure if HO wants 90th day to be completed or started

So, safer to apply on 27th.

It is very tight to apply that close, if there is a problem with payment, then the application will be invalid and you can no longer make an intime application.

As credit card payments sometimes get declined, you should use a postal order or bank draft to ensure that there can be no problems with payment.

If i apply on the 27th, doesn't that mean when they get my application (next day), it would have been already 1 day after my visa expires? :/

Also, usually if the debit card gets declined, they usually send a letter to your address to type the card details again ? I had this issue with my graduate entrepreneur payment.

Many Thanks !

Date of application within the country is the day you post (unless you courier it, then it is date of receipt).
There have been cases when they have just returned the application if payment is unsuccessful. So there's no guarantee

marcnath wrote: ↑

Thu Sep 21, 2017 11:19 am

Date of application within the country is the day you post (unless you courier it, then it is date of receipt).
There have been cases when they have just returned the application if payment is unsuccessful. So there's no guarantee

Do they have a grace period if something like this happens?
If i go to the bank and let them know about a transaction that is going to happen with that amount, will it help?