Table 3a1, page 34, entrepreneur tier 1 extension (£50k)

[raj.m]

Hi guys

I'm just going through the tier 1 entrepreneur extension form and looking at table 3a1 on page 34. I've got a couple of questions and I'll be grateful if you could help.

What should I put in the column "Business Premises in the UK"? I do have a registered office for my company (my UK home address), however my business is an online business and as such, I do not have an office. Therefore, what should I put in this column? Yes or No?

My second question is about the "Business Bank Account" column. The title "Business Bank Account" has an asterisk next to it and at the bottom of the page, it says "*which you are a signatory of and showing transactions, and where applicable showing the transfer of director’s loan funds from the applicant
to the business.". I am slightly confused here. I have invested the entire £50K by share capital. So do I still need to send my business bank statements and personal bank statements to show the corresponding entries of investment? I thought that there was no need to send business bank statements but now I am confused.

Many thanks in advance,
Raj

[zimba]

You need also to show your company is a uk business, this means that your company registered address(premises) must be in the uk and you should have a Uk bank account. The guide is quite clear on this

[raj.m]

You need also to show your company is a uk business, this means that your company registered address(premises) must be in the uk and you should have a Uk bank account. The guide is quite clear on this

To show that I have a uk bank account, I will be sending them a letter from my bank which confirms that I am a signatory of the bank account and that I use it for my business.

Do I still need to send them my business bank statements?

[Napoleon77]

You need also to show your company is a uk business, this means that your company registered address(premises) must be in the uk and you should have a Uk bank account. The guide is quite clear on this

To show that I have a uk bank account, I will be sending them a letter from my bank which confirms that I am a signatory of the bank account and that I use it for my business.

Do I still need to send them my business bank statements?

Hi Raj

My understanding of the rules is that if you send a letter from your bank then you do not need to send your bank statements. However, you would still need to send your business bank statement IF you invested funds in your company by means of Directors Loan.

[raj.m]

You need also to show your company is a uk business, this means that your company registered address(premises) must be in the uk and you should have a Uk bank account. The guide is quite clear on this

To show that I have a uk bank account, I will be sending them a letter from my bank which confirms that I am a signatory of the bank account and that I use it for my business.

Do I still need to send them my business bank statements?

Hi Raj

My understanding of the rules is that if you send a letter from your bank then you do not need to send your bank statements. However, you would still need to send your business bank statement IF you invested funds in your company by means of Directors Loan.

Hi, thanks to you and Zimba for your inputs. I invested the entire 50k by share capital. I don't need to send my business bank statements in that case, right?

[zimba]

Yes. To show you have a uk business bank account, you either send bank statements or the bank letter. Bank statements showing investment is required only if you given your company a loan. However I suggest you include them in your application anyway.