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Transfer of Funds in business Account + Property Development

Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.

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MTZ510
Member of Standing
Posts: 312
Joined: Wed Feb 27, 2013 11:24 am
Location: Leeds, United Kingdom

Transfer of Funds in business Account + Property Development

Post by MTZ510 » Sat Nov 09, 2013 6:04 pm

Hi All,

Got Tier 1 Entrepreneur visa outside UK 200K category, going to incorporate a private limited company and then open a business bank account. Initially i was planning to transfer 100K into the company business bank account remaining funds will be in my personal account in my home country. But over here in UK i have met an immigration lawyer who told me that i should transfer entire 200K in to the business account with in 6 months of landing in UK. I am confused !!

Secondly during my brief stay in UK i have developed some interest in the property development and management business, i am interested in buying property in auctions and then selling after getting it renovated. some where i read that property business is not approved for Tier 1 extension applications will appreciate if members can advice whether property development business is allowed or not.

Thanks

Jenlord
Junior Member
Posts: 53
Joined: Tue Oct 01, 2013 7:49 am
Location: Pakistan

Re: Transfer of Funds in business Account + Property Develop

Post by Jenlord » Sat Nov 09, 2013 6:50 pm

MTZ510 wrote:Hi All,

Got Tier 1 Entrepreneur visa outside UK 200K category, going to incorporate a private limited company and then open a business bank account. Initially i was planning to transfer 100K into the company business bank account remaining funds will be in my personal account in my home country. But over here in UK i have met an immigration lawyer who told me that i should transfer entire 200K in to the business account with in 6 months of landing in UK. I am confused !!

Secondly during my brief stay in UK i have developed some interest in the property development and management business, i am interested in buying property in auctions and then selling after getting it renovated. some where i read that property business is not approved for Tier 1 extension applications will appreciate if members can advice whether property development business is allowed or not.

Thanks
It is not. However, you must invest the whole 200k in a span of 3 years. Its not written in policy guideline to transfer the funds within 6 months of your arrival. Funds should be invested in a span of 3 years. Consult an accountant. Cheers.
I exist in a world beyond yours.

Asefchdry
Junior Member
Posts: 54
Joined: Tue Aug 06, 2013 9:43 am
Location: Lahore

Post by Asefchdry » Wed Nov 13, 2013 9:44 am

56. The amount of money invested should not:
• include the value of any residential accommodation or property development, or property
management; or
• be in the form of a director’s loan, unless it is unsecured and is subordinated in favour of
the third-party creditors.
57. If you have bought property for your business which includes residential accommodation, we
will not accept the value of this part of the property as investment in the business. The value
of this part of the property should be deducted from the amount of your investment. You must
provide an estimate of the value of this living accommodation from a surveyor who is a member
of the Royal Institution of Chartered Surveyors (RICS). This valuation must be produced
and dated within the three months prior to the date of application. For more information on
membership of RICS please see www.rics.org.

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