DL agreement loan period

[n8net]

for 200k Tier 1 Ent route, is it ok for the loan dates to span over a 3 year period ?

in the DL, that I am drafting one, I have the following under .
Drawdown

The Loan of £200,000 is available for drawing by the Borrower in instalments between 16 May 2013 – 23 May 2016 (the “Loan Dates”). The Lender shall pay the loan amount to the borrower in immediately available cleared funds on the Loan dates. The advances are payable to the Borrower by the Lender on the loan dates.

is this ok ?

[zimba]

Loaning money to your company in instalments is okay. Loan period usually refers to the period in which your company will be in debt to you after which you can claim repayments

[n8net]

in the noted section of my report, should I get a mention of the directors loans under the exact name as it appears on my business bank statement.

for eg : If it says Mr J Doe

should the notes say Mr J Doe or Mr John Doe is fine ? also should it say unsecured there and then or as long as it is mentioned in the DL, it is unsecured and subordinated in favour of third parties it is fine.

thanks

[zimba]

in the noted section of my report, should I get a mention of the directors loans under the exact name as it appears on my business bank statement.

for eg : If it says Mr J Doe

should the notes say Mr J Doe or Mr John Doe is fine ? also should it say unsecured there and then or as long as it is mentioned in the DL, it is unsecured and subordinated in favour of third parties it is fine.

thanks

Your FULL name must appear on both loan agreement and in accounts notes. The loan agreement must say it is unsecured and subordinated in favour of third parties

[n8net]

thanks Zimba,

on a related note, I understand that there is no need to submit corresponding business bank statements showing each of the transaction of money coming into my account (I did several transfers from two of my personal account to Business account) and each of them have my shorted name (J Doe and one as John D) as reference.

my question is

a) is it mandatory to provide business bank statements for each of the transactions ? (I could not see it in guidance from 128-199)

b) how can I get around this naming issue if it is a problem ?

thanks

[n8net]

any input Zimba ?

[moongesture]

thanks Zimba,

on a related note, I understand that there is no need to submit corresponding business bank statements showing each of the transaction of money coming into my account (I did several transfers from two of my personal account to Business account) and each of them have my shorted name (J Doe and one as John D) as reference.

my question is

a) is it mandatory to provide business bank statements for each of the transactions ? (I could not see it in guidance from 128-199)

As per Immigration rule re: specified documents for T1 Ent " .... If the applicant has made the investment in the form of a director’s loan, it must be shown both in the relevant set of financial accounts provided, and through readily identifiable transactions in the applicant’s business bank statements, which must clearly show the transfer of this money from the applicant to his business."

b) how can I get around this naming issue if it is a problem ?

Provide personal bank statement from which you managed the transfer. Otherwise it is not at all a matter.
thanks

[ekbe01]

A question about signing the DL agreement: I'm the only director of my company, and I'm loaning money to my company. Do I sign the agreement myself, or I have to hire someone to sign it on behalf of the company? Thank you.

[moongesture]

A question about signing the DL agreement: I'm the only director of my company, and I'm loaning money to my company. Do I sign the agreement myself, or I have to hire someone to sign it on behalf of the company? Thank you.

if you are the sole director of the company and loaning money (to your own company) then you have to act in both capacities. No one else have any authority to sign the legal draft..