Shares paid up value

[kingofaces]

Some questions for switching from Tier 1 (PSW) to Tier 1 (Entrepreneur) please!

Is it must to open a business bank account for the new company or not? Is it must to fill in Table 3a1 which shows the details of money already invested or can I jump straight from G10 to G18?
In other words, is there a need to show the amount of money invested in the shares of new company even if it is £1 in the form of share capital?

Is it okay to prove business activity without showing that there has been money already invested?

Thanks in advance

regards

[rehan01]

Hi,

its best to open business bank account as long as your company is registered you can open the bank account by providing proof of address and there wont be any issue at all.

if you are claiming money already invested then you need to complete table 3a1 etc (otherwise you don't need to complete it as you going through the form check which applies to go and follow the step)

showing business activity you need to show the contract between the parties and it will fulfil the requirements.


this is my understanding so plz wait for the experts advise

good luck and all the best.

regards
Rehan