Refusal -- Entrepreneur Extension. Advice?

[niomi]

Thanks all. I am retransferring the funds although solicitor said it still might not count.

My question now is: after submitting admin review, how long should I wait before submitting a new application & voiding the admin review? I've calculated that if I apply within 28 days of my refusal, I would need to do this by 2 June. Does this make sense to everyone here that I should submit the NEW application without waiting for the admin review decision?

[rajbhanu300]

Dear Members,

Looking at the rejected case in this thread, I just want to know if the money transferred from abroad to my business account is not directly from my account but instead came via my parent's account, will there be any issue during extension? If yes, what can be done now? Do I need to provide my personal account abroad showing transfer to my parent's account and also my parent's account showing transfer to my Uk business account? Any suggestions?

Your replies will be highly appreciated.

Thanks

[Mrchaany]

All funds need to be transfer from directors personal account

[Mrchaany]

All funds need to be transfer from directors personal account.
Means directors names should be visible at business bank statement

[rajbhanu300]

Thanks Business2Business.

So if personal name is not visible in the business account at the time of transfer, they will refuse you mean. Now, the transfer has already been done a year ago as I was not knowing about this concept. So can anybody suggest me a solution for this, specially experienced members like Zimba88 and others.

Looking for your valuable suggestions as soon as possible.

Thanks

[zimba]

Thanks Business2Business.

So if personal name is not visible in the business account at the time of transfer, they will refuse you mean. Now, the transfer has already been done a year ago as I was not knowing about this concept. So can anybody suggest me a solution for this, specially experienced members like Zimba88 and others.

Looking for your valuable suggestions as soon as possible.

Thanks

If you are claiming to have given your business a loan, the money transfer must be traceable back to you under your name in the business accounts.

[noajthan]

... Now, the transfer has already been done a year ago as I was not knowing about this concept.

...

Looking for your valuable suggestions as soon as possible.

Thanks

Suggest anyone indulging in a T1E enterprise would be well-advised to read the supporting guidance ahead of time rather than trying to play catch up and fix basic mistakes after the event.

[rajbhanu300]

So what's the solution to fix this problem? Any ideas?

[zimba]

So what's the solution to fix this problem? Any ideas?

You either have to redo the transaction is the money is not all gone or you better go for shares option that does not require bank statements from your business.

[ishfaqsangra]

I dont understand the name thing in business account .I dont think the name should appear in business account.reference could be as Directors loan and then personal account statment shows transation on the same date xxxxxltd on personal account statement.
The whole concept is the identifiable transaction from your personal account.
My directors loan on business account are as Directors loan in transaction and my personal account shows the reference to xxxxltd company. All transfers are online and clearly identifiable.name in statements being the single director which will definitely be in reference is not mandatory

[sm12]

The immigration rules clearly state that business bank statement has to provided with readily identifiable transactions. It can be easily implied from this statement that they are looking for names in the business statement transactions. I guess if the name is not visible, then sending personal statements also would make them identifiable.

[rajbhanu300]

Thank you very much for your valuable suggestions.

One more thing I would like to clear that, is it possible to show half the investment as 'Directors Loan' and the half as 'Share Capital'? Also if it is possible and the business statements shows money from third party will there be any issue?

Hoping to hear from you soon.

Thanks

[helpingperson]

Investment can be made in form of share capital and director loan, even combination. It depends on your business needs and future business plans.

[ishfaqsangra]

@sm12 they did not mention that your name should appear in business account statement.the transaction should be identifiable.and simply if your personal account which will have your name and business account match for the claimed loan thats it.
Just putting name in reference is not what they looking for thats why both personal and business account statements are required.

[sm12]

Ishfaq,

No, the guidance clearly mentions ONLY business statements. They have not asked for personal statements. It says that your business statements should show you transferred money to the business account. This suggests your name is needed.
And recently, someone I know got an extension only on the basis of his name in the business statements. No personal statement was even submitted except for maintenance, which further suggests they are primarily looking for the business statements to conclusively confirm your name name.

[sm12]

Just checked both the rules and the guidance. Only the business bank statement is required to show business received money through readily identifiable transactions. How would transactions be readily identifiable? Obviously, since only business bank statements are mentioned, the statements should have your name.
If the name is not present, then perhaps submit personal bank statements with matching transactions.

[ishfaqsangra]

I understand that and thanks for input.
But if we use Directors Loan as reference and
provide personal statements showing the transfer
same day with Ltd company name that seems Good enough.
If money comes from anyone and they put my name in reference which will appear in business statement then will that be acceptable? I m assuming no personal statements are being provided.
I am of the opinion that both personal and business bank statement should be provided and highlighted.

[sm12]

Yes, as money can be invested "on your behalf and showing your name". They have stated this in the guidance.

[oriz]

Hi Niomi,

what was the outcome of the AR?

[niomi]

Hi Niomi,

what was the outcome of the AR?

I did not wait for the outcome and sent in a new application, also re-transferred the portion of funds in question. Been waiting over 7 weeks now.

[oriz]

Thanks for the update.

I have received a refusal for my application a few days ago on the exactly the same issue. The only difference is that I did not present my business statements - I am considering applying for an AR on the grounds of evidential sequence.

Were you allowed to invest again after the lapse of your original visa valid date?

[niomi]

Were you allowed to invest again after the lapse of your original visa valid date?

I finally received an invitation for interview today after waiting nearly 3 months. So, this is a sign that they either:

1) accepted my accountant's letter declaring the director's loan account was in fact in my name

or

2) accepted the extra funds that I submitted directly from my personal to my business account as investment

[oriz]

I suggest you focus on the former. They would probably want to determine whether this is a genuine entrepreneur case or a financial recycling.

Good luck anyway!

[regularuser]

Hi Oriz,

Whats your timeline ?

[oriz]

I'm afraid my story is less optimistic than yours...

My lawyers initially recommended that I do not follow the process of AR and try to re-apply.

Once they reviewed the application package (these are new lawyers) they told me that my investment structure was 'ill-advised', which means that there is a good chance that I will not get the ILR.

We are calculating our options now.

Good luck to you though!