Business Account requirement for Tier 1 Entrepreneur Visa

[JuliusA]

Thank you all for your contributions to this forum

Does money need to definitely be in a business account? I am due to apply next week and Business account opening is taking toooo long. Will it pose a problem if I show the money in my current account which implies that it is available to me?


As a contractor working for my business in IT/Telecoms, please any suggestions on how to go about advertisement or Trade body registration while assuming this status?

Please any help will be much Appreciated.

[Olasunkanmi]

@ JuliousA, its better to leave the money in your personal account to avoid HO problems associated with business account. But business account is also accepted just that its causing lots of controversy at the moment. You can place advert on Gumtree, yell.com, etc. Trade body registration is not compulsory, but you can register with any if you wish.

[Meesha]

Hi Dear,
I believe money must be in your personal account. And you need only bank letter showing that you have opened a business bank account.
Read immigration rules about it. Paragraph 41SD (a) and (c) point ii of Appendix A-Attributes of immigration rules, which is about money held in UK only. It states as
"the account must be in the applicant's own name only (or both names for an entrepreneurial team), not in the name of a business or third party"

[JuliusA]

Thank you @olasukanmi and @Meesha for your responses.......................One last question please.

Will it be possible to apply then without a Business Bank Account???

Well that's what I am hoping to do as the account may not be resolved before my last leave date.

Thank you in advance!!!

[Meesha]

well if u r applying psw 50k then
it is suggested to show that u have business bank account. Get some letter from bank. The bank with whom u have 50k should let u open business acc quickly. Send something about business bank account like any doc showing ur intentions of opening business bank account. Usually banks asks you to sign a page on day one of your business bank acc opening, at least send this page to HO. HO may will ask you about additional info later for business bank acc confirmation . its better in this way rather than sending nothing.
Meanwhile open bank acc. completely. i know one person who got visa rejected due to not having business bank acc. Go to bank manager and explain that u need it done quickly for visa purposes, they usually give you some doc to show that u are under procedure. I strongly suggest you to get something from bank relating to business account (For last trick, try saying to bank that if they r not letting u open business bank acc, u will transfer ur money in some other bank as keeping money is their bank is not helping u; but say politely).
You can get this doc in a single day. Try different bank branches as it varies from person to person how they deal with you. my friend visited 5 branches for business bank account opening and then got it done in single day as manager at 5th branch was nice lady.

Good luck

[JuliusA]

well if u r applying psw 50k then
it is suggested to show that u have business bank account. Get some letter from bank. The bank with whom u have 50k should let u open business acc quickly. Send something about business bank account like any doc showing ur intentions of opening business bank account. Usually banks asks you to sign a page on day one of your business bank acc opening, at least send this page to HO. HO may will ask you about additional info later for business bank acc confirmation . its better in this way rather than sending nothing.
Meanwhile open bank acc. completely. i know one person who got visa rejected due to not having business bank acc. Go to bank manager and explain that u need it done quickly for visa purposes, they usually give you some doc to show that u are under procedure. I strongly suggest you to get something from bank relating to business account (For last trick, try saying to bank that if they r not letting u open business bank acc, u will transfer ur money in some other bank as keeping money is their bank is not helping u; but say politely).
You can get this doc in a single day. Try different bank branches as it varies from person to person how they deal with you. my friend visited 5 branches for business bank account opening and then got it done in single day as manager at 5th branch was nice lady.

Good luck

Thank you for your candid suggestion and best wishes. I will endeavour to give this a shot and will sure post results that I get.