Ok I have gone through a number of Refusal letters and I have concluded that a specific pattern is followed and there are similarities in the refusal letters. {(Both:Own Investment funds & Third Party(200K )}
Business Plan is now required by BHC.(If you don't submit they will call you on later date to provide one)
So common factors stated below
1) Place of Business
Applicants answer that I have visited and liked the place Or I have previously lived in that area. (Wrong Answer)
The above should be answered in the context of the Business evaluation, and should be mainly stressed on the pro's of the business in the concerned locality.
2) Legal and Financial obligation
You should cover all aspects of the concerning the legal requirements and the financial obligation (In respect to allocate the amount of expenditure towards stated obligations)
3) Limited Company.
You must satisfy, why you specifically chose to establish a Limited company, you should acquaint your self with the mechanism of the Company's house towards the limited company.(In detail)
4) Market research and Target Customer.
They don't stress on what market research you have done towards your business and what is your target audience in the field you have chosen to do business.
In case they don't ask you about either of them , when given the chance (mainly when they ask "do you want to add something more ") do add the market research and the target customer, Answer in talking numbers (e.g population, percentages, spending trends, recent growths in sector"from fresh articals about you chosen business")
The Sample of refusal letters I have taken in account were all different businesses and were single applicant/Entrepreneur teams/self investment funds and third party funds.
All of them were different in nature of business and places to be established.
Astonishingly they all contained the reasons " Rationale for Place of Business" "Legal and Financial obligation" "Limited Company" " Market research and Target Customer" ?
I am no expert on providing advice on the immigration matters and the above stated were my personal view after seeing the refusals.
You should cover all the aspects of the business you wish to establish or going to take on, for interview purposes but Stress on the above mentioned also just for the sake of the trend followed by the ECO's towards refusing applicants.
As a sample do see what kind of questions they ask.
http://www.immigrationboards.com/viewtopic.php?t=131153
I hope it helps future applicants.
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