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Tier 1 Enterpuner 50K Source

Only for UK Tier 1 (Entrepreneur) points system

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ozzy786
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Tier 1 Enterpuner 50K Source

Post by ozzy786 » Tue Apr 03, 2012 12:36 am

Hi
I have been reading on this 50K investement point.
but i am little confused about the source of the income.

Lets Say i get 50K from a Person in my Account, then i go to my Bank and asking them to issue me a letter that i am fully authrised to use this money for my New or Exsisting business. Will this be Valid?

As banks are FSA registered.

Please Guide me thanks

Lucapooka
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Post by Lucapooka » Tue Apr 03, 2012 8:54 am

No. The 50K entry level requires the source of funding to be from a recognised venture capital entity (who will have vetted your business plan and be supervising your endeavours). Otherwise you need 200K.

ozzy786
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Post by ozzy786 » Tue Apr 03, 2012 9:28 pm

http://www.immigrationboards.com/viewtopic.php?t=98745

Guru Check this another discussion. this is same case as mine.
What would u say?

Lucapooka
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Post by Lucapooka » Tue Apr 03, 2012 9:47 pm

I don't see how that other discussion is relevant to the original question relating to seed capital at the 50K threshold rather than the usual 200K.
Last edited by Lucapooka on Wed Apr 04, 2012 12:52 am, edited 1 time in total.

ozzy786
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Post by ozzy786 » Tue Apr 03, 2012 11:09 pm

OK

I just studied full Policy Guidance

Section d says that if you have PSW then you only need 50k of your own money and a business of which you are director.

I am on PSW and expires in first week of August. so if i register my Company now and Show then 50k of my money in UK bank then do i satisfy the requirement?

Sorry if i am asking too much, just searching for correct answer and guide.

Thanks

Lucapooka
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Post by Lucapooka » Wed Apr 04, 2012 12:59 am

ozzy786 wrote:OK
I just studied full Policy Guidance
Section d says that if you have PSW then you only need 50k of your own money and a business of which you are director.
Apart from on the list of categories from which one can switch, the terms PSW and Post Study Work do not appear anywhere else in the Tier 1 (ent) policy guidance . How, therefore, can you claim to have studied it fully and how can you also claim that there are concessions for applicants with a PSW status permitting them to apply at the lower 50K threshold (with their own money and that is not competition seed funding or from a VC firm)?

ozzy786
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Post by ozzy786 » Wed Apr 04, 2012 12:32 pm

yes I can claim full time study bcz i was a full time student on PSW now...
i dont get this.
if the threshold is not 50k for PSW holders then why would they write this in policy guidance of Tier 1 (ent)....?

:( :(

yhdil
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Post by yhdil » Wed Apr 04, 2012 12:52 pm

As far as I understood, they are bringing new policy from the 6th, April which is relatively relax for PSW visa holders.

It does say that PSW visa holder can qualify for Entrepreneurship if they have 50k GBP but it does specify that for that you need to be doing business and actively part of it and that business should be from the list of NQF Level 2 (not sure about the level).

There are certain other conditions for that as well; read:
http://www.immigrationboards.com/viewtopic.php?t=99490

rizwan567
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Post by rizwan567 » Wed Apr 25, 2012 11:06 am

Lucapooka is advising in right direction but on the basis of old policy.

New provision of 50k has been introduced for PSW holders enforced from 6 April 2012.

Answering the original question, you do not need to provide source of money as long as it is held in UK account. All you need is a bank statement and that it.

Hello 27
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Post by Hello 27 » Wed Apr 25, 2012 1:06 pm

What documents are needed if the third party outside UK willing to give me 50,000 pounds?.

Sushil-ACCA
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Post by Sushil-ACCA » Wed Apr 25, 2012 5:02 pm

yhdil wrote:As far as I understood, they are bringing new policy from the 6th, April which is relatively relax for PSW visa holders.

It does say that PSW visa holder can qualify for Entrepreneurship if they have 50k GBP but it does specify that for that you need to be doing business and actively part of it and that business should be from the list of NQF Level 2 (not sure about the level).

There are certain other conditions for that as well; read:
http://www.immigrationboards.com/viewtopic.php?t=99490

Applicant cant keep fund more than 6 months in bank
cant run taxi company
cant buy property

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