is it necessary to have joint account for applying as a team

[saqibabbas]

hi
i have 200k in my own account, i want one of my friend to be as team member, do we need to open joint account or we can apply keeping funds in one member's account ?


hi kim1,
the thing i wanted to ask is weather money for investment should be held in one of the team member account or it must be in joint account ?

[kim1]

http://www.ukba.homeoffice.gov.uk/sitec ... dance1.pdf

Bullet 28 guidance notes

28.
Money for investment can be shared by a team of a maximum of two Entrepreneurs. Each
team member may apply to come to the UK as a Tier 1 (Entrepreneur) using the same investment funds. Neither applicant must have used the same funds with any other applicant

[rehan01]

hi
i have 200k in my own account, i want one of my friend to be as team member, do we need to open joint account or we can apply keeping funds in one member's account ?


hi kim1,
the thing i wanted to ask is weather money for investment should be held in one of the team member account or it must be in joint account ?

its better to keep money in joint account because as you will meet the requirement of both having equal excess to the money otherwise you will need declarations etc.