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uk tier 1 entrepreneur visa

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

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sherjil_kh
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uk tier 1 entrepreneur visa

Post by sherjil_kh » Fri May 23, 2014 2:46 pm

HI ALL
i m new one and trying to fill my form for tier one i have some confusion if any one can help me
on page 26 G6

Is the money available to your business rather than to you by name?
Yes - You must provide a Companies House document showing the address of the registered office in the UK, or head office if there is no registered office in the UK and your name, as it appears on the application form, as a director. You must be a director for the business at the time the money is, or was, made available.
No

any one explain me which one i choose if i m the director of the company
thx

Olasunkanmi
Diamond Member
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Location: London, UK.

Re: uk tier 1 entrepreneur visa

Post by Olasunkanmi » Fri May 23, 2014 3:42 pm

@ sherjil_kh, if your investment funds is in your personal bank acct, then the answer to tick is NO.

But if the money is in your business account then you tick YES and you should be register as a director of the company to proof that you have access to the money in the business account.
The key to success is knowledge and hardwork, and to have faith.

sherjil_kh
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Joined: Fri Apr 11, 2014 8:39 pm

Re: uk tier 1 entrepreneur visa

Post by sherjil_kh » Fri May 23, 2014 5:56 pm

thx 4 verification
one more thing u said if money in personal account den click NO
my question is i m the director of the company and money in my personal account dn click on NO?

moh.moh
Junior Member
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Joined: Tue Aug 13, 2013 9:45 am

Re: uk tier 1 entrepreneur visa

Post by moh.moh » Fri May 23, 2014 11:07 pm

I applied for Tier 1 E on 12 may 2014. My all fund in my personal account but by mistake I click yes . It's means I mistake on application. Please let me know what I can do . Should I send letter to explain that I mistakenly click yes but it suppose to click No. Please some one answer my problem.
Thanks

BlackBirdSSG
Member of Standing
Posts: 264
Joined: Mon Feb 25, 2013 5:28 pm

Re: uk tier 1 entrepreneur visa

Post by BlackBirdSSG » Sat May 24, 2014 1:02 am

WRONG!!! Read the question again!
Is the money available to your business rather than to you by name?
Yes - You must provide a Companies House document showing the address of the registered office in the UK, or head office if there is no registered office in the UK and your name, as it appears on the application form, as a director. You must be a director for the business at the time the money is, or was, made available.
This simply depend on your documents.

For example: If you are officially being sponsored by a financial firm in the UK, they will only authorise funds issued under Company's name. This indicate that money is made available to the business, rather than the person by name. (and you should tick YES) . (Point 109 in Page 21 of 56)

In other case, if you are showing 3rd party documents where it states that 3rd party person is willing to give funds to Person ABC, then this mean funds are available to person by Name (and you should tick NO)

Read this : http://www.immigrationboards.com/uk-tie ... t#p1009384

Showing funding in Business Account is generally not acceptable by HO
(Read Policy Guidance's Point # 108 on Page 21 of 56)

moh.moh
Junior Member
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Re: uk tier 1 entrepreneur visa

Post by moh.moh » Sat May 24, 2014 2:42 am

Thanks for your reply but I am still confused in my case please let me know . I applied from 50k PSW route single application, all fund in my personal saving account natwest bank. I click Yes in the application please let me know it is wrong or right. Please reply.
Thanks

sherjil_kh
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Posts: 27
Joined: Fri Apr 11, 2014 8:39 pm

Re: uk tier 1 entrepreneur visa

Post by sherjil_kh » Sat May 24, 2014 1:23 pm

thanks blackbirds but in my case the money is in my current account so not third party involve here in this case i click on NO?

MOH MOH
in guidance clearly mention SAVING account not acceptable please read page 21......108 point

Olasunkanmi
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Location: London, UK.

Re: uk tier 1 entrepreneur visa

Post by Olasunkanmi » Sat May 24, 2014 3:27 pm

@ sherjil_kh, if the fund is in your personal account, then the answer to click is NO.

You being a director is only needed if you are using a company rather than applying as self-employed.

You still need to be a director of the business if you are applying with either business account or personal account.
The key to success is knowledge and hardwork, and to have faith.

Olasunkanmi
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Joined: Sat Aug 17, 2013 10:28 pm
Location: London, UK.

Re: uk tier 1 entrepreneur visa

Post by Olasunkanmi » Sat May 24, 2014 3:52 pm

@ moh.moh, you should send a letter to HO explaining your mistake. You should have click on NO since the money is in your personal account rather than in a business account.
The key to success is knowledge and hardwork, and to have faith.

Olasunkanmi
Diamond Member
Posts: 1324
Joined: Sat Aug 17, 2013 10:28 pm
Location: London, UK.

Re: uk tier 1 entrepreneur visa

Post by Olasunkanmi » Sat May 24, 2014 4:06 pm

@ BlackBirdSSG, you stated as thus;
Showing funding in Business Account is generally not acceptable by HO
(Read Policy Guidance's Point # 108 on Page 21 of 56)
The part that you quoted is as follows;
108. The total amount of available money must be either at least £200,000; or at least £50,000, as applicable. If the money is held in several financial institutions, you must supply a statement from each institution.
• The statements must be original documents and not a copy.
• The bank or building society holding the money must be based in the UK and regulated by the FCA/PRA;
• The money must be in cash in the account. We will not accept Individual Savings Accounts (ISAs) or assets such as stocks and shares;
The account must be in your own name only (or both names for an entrepreneurial team) only. You may use your money that is held in a joint account with your husband, wife, civil partner or unmarried or same-sex partner, but only if they are not applying to be a Tier 1 (Entrepreneur) migrant. Accounts in the name of a business or third party will not be accepted;
• Each bank or building society statement must be on the institution’s official stationery and confirm each of the following details:
o Your name, the name of your team member if you have formed an entrepreneurial team or the name of your business;
o The account number;
o The date of the statement;
o The financial institution’s name and logo;
• The bank or building society statement must have been issued by an authorised official of that institution.
This part of the policy guidance is very confusing and should not be interpreted simply as stated.

In my opinion, this part is clearly flawed and I think it may relate only to those that are in UK and have their funds in multiple bank accounts in UK banks. My reasons are as follows;

(i) This part states that no business account or third party account are accepted, but other part of the Immigration Rules and policy guidance clearly state that business account and third party accounts are accepted. There are also lots of applicants that have gotten their visa through third party funding.

(ii) Other part of the Immigration Rules and policy guidance states that you can apply together with a team member by showing money in joint account but this particular part state that you cannot apply with a team member (''partner'' team member) by using a joint account.

(iii) This part also state that the bank holding the funds must be based in the UK, whereas other part of the Immigration Rules and policy guidance states that you can use any bank from anywhere in the world as long as HO can verify the funds and also if the bank are on HO lists of acceptable banks.

In conclusion, business account are acceptable but requires complicated documentations, thus applicants should try to use personal bank account to avoid the stress of business account.
Last edited by Olasunkanmi on Sat May 24, 2014 4:22 pm, edited 1 time in total.
The key to success is knowledge and hardwork, and to have faith.

BlackBirdSSG
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Re: uk tier 1 entrepreneur visa

Post by BlackBirdSSG » Sat May 24, 2014 4:19 pm

Problem with this issue is that many people on this forum have their visas refused when they showed funding in Business Account.

Why do you wanna risk that? (regardless of clause being complicated or not). You have to understand how caseworker will be thinking and what the general trend is. Caseworkers are human beings and they can be wrong too.

@Olasunkanmi : I totally agree with you that there is ambiguity in this rule, and personally I think you CAN win in court

@sherjil_kh : There's a difference between ISA and Savings account. ISA accounts are not acceptable for Funding purposes. Savings account are acceptable for funding purposes. The idea is that Money should be available immediately as cash. I know that Cash ISA or Instant Access ISA accounts are available too, but I would not take risk with my application with ISA is not allowed. Caseworker might interpret 'ISA' as not acceptable and refuse.

sherjil_kh
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Re: uk tier 1 entrepreneur visa

Post by sherjil_kh » Sun May 25, 2014 9:08 am

thx blackbirds

BlackBirdSSG
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Re: uk tier 1 entrepreneur visa

Post by BlackBirdSSG » Mon May 26, 2014 2:25 am

You're welcome

Ozzi
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Re: uk tier 1 entrepreneur visa

Post by Ozzi » Mon May 26, 2014 8:44 pm

BlackBirdSSG wrote:You're welcome
I just want to ask if i got my maintenance is same account as my 50 k account so atm i got 52k is that ok?

BlackBirdSSG
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Re: uk tier 1 entrepreneur visa

Post by BlackBirdSSG » Mon May 26, 2014 10:19 pm

Ozzi wrote:
BlackBirdSSG wrote:You're welcome
I just want to ask if i got my maintenance is same account as my 50 k account so atm i got 52k is that ok?
No

Kindly read Point # 63 (Page 13 of 56) in Tier 1 Entrepreneur Policy Guidance [6th April 2014 Edition]

Better move £50K in new current or savings account & get statement. £50K bank statement have no time limit.

Ozzi
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Re: uk tier 1 entrepreneur visa

Post by Ozzi » Mon May 26, 2014 10:30 pm

BlackBirdSSG wrote:
Ozzi wrote:
BlackBirdSSG wrote:You're welcome
I just want to ask if i got my maintenance is same account as my 50 k account so atm i got 52k is that ok?
No

Kindly read Point # 63 (Page 13 of 56) in Tier 1 Entrepreneur Policy Guidance [6th April 2014 Edition]

Better move £50K in new current or savings account & get statement. £50K bank statement have no time limit.
Thanks but my visa is expiring on end of july if i move my 50k in different account as i know there is no time limit but if i show last 3 months maintenance it will be 52k for one month then rest it will be £1000 pound will be right?

BlackBirdSSG
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Re: uk tier 1 entrepreneur visa

Post by BlackBirdSSG » Tue May 27, 2014 12:19 am

In terms of maintenance, there is no maximum limit. The lower limit is £900* right now. From 1st of July, it will be £945*

So, you will have enough funds and you are providing whatever they are asking for.

*for 90 days minimum

Olasunkanmi
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Location: London, UK.

Re: uk tier 1 entrepreneur visa

Post by Olasunkanmi » Fri May 30, 2014 3:12 pm

@ Ozzi, you can use the account with 52k for both investment funds and maintenance funds as long as the total fund in the account is equal or more than the total for both maintenance and investment funds.
63. You may not use the same funds to score points for your funds available for investment and for maintenance funds for yourself and any dependants.
The above statement mean that you cannot have 50k for investment in your account and then rely on part of the 50k as your maintenance funds. But if the money is more than 50k and the extra covers your maintenance funds, then you should be fine.
The key to success is knowledge and hardwork, and to have faith.

samaygrg
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Location: United Kingdom

Re: uk tier 1 entrepreneur visa

Post by samaygrg » Sat May 31, 2014 11:55 am

Olasunkanmi wrote:@ Ozzi, you can use the account with 52k for both investment funds and maintenance funds as long as the total fund in the account is equal or more than the total for both maintenance and investment funds.
63. You may not use the same funds to score points for your funds available for investment and for maintenance funds for yourself and any dependants.
The above statement mean that you cannot have 50k for investment in your account and then rely on part of the 50k as your maintenance funds. But if the money is more than 50k and the extra covers your maintenance funds, then you should be fine.

Its better to have in different accounts as Moh suggested above {just to be safe on the side of the road}, however, if you can not, definitely you can show both in one account.

However, you have to clearly mention in your cover letter, that sum of money is meant for this and that {bold and underlined}. That's because, we know the freaking variations of caseworker's discretion to grant any decisions, we should not simply assume that they will understand themselves and will give the positive decisions on ur behalf.

sherjil_kh
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Re: uk tier 1 entrepreneur visa(got visa)

Post by sherjil_kh » Sun Jun 22, 2014 1:02 pm

Hi friends,
I applied for entrepreneurial Visa from PSW, got approval letter on friday 20/06/2014.I applied on 27/05/2014 without solicitor.30/05/2014 fee deduct from account,13/06/2014 got email for statement(maintenance statement i sent wrong) ,same day i sent it .This is possible because of you people thanks a lot to all of you.

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