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Applying for Extension - Investment query

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

Moderators: Casa, John, ChetanOjha, archigabe, CR001, push, JAJ, ca.funke, Amber, zimba, vinny, Obie, EUsmileWEallsmile, batleykhan, meself2, geriatrix

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cappachino
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Joined: Mon Mar 25, 2013 9:24 pm
Location: LONDON

Applying for Extension - Investment query

Post by cappachino » Wed Jun 15, 2016 12:45 am

At last the day has come.
I am about to apply for my extension under Tier 1 Entrepreneur (200k)
I have invested my 200k into my SOLE PROPRIETOR BUSINESS as and when required, transferring it from my personal account to my sole proprietor business bank account.
I started my business approximately 10 days after I arrived into the country (June 2013). In the beginning I was using my personal bank account as my business bank account was not operational. Once my business account was operational (September 2013) only my business bank account was used for business purpose.
NOW my question is:
Do I have to send my 3 year business bank statement or a few months (2 to 3) months bank statement showing business transactions like rent, salary etc will suffice?
(as per guidance the only requirement I was able to find for sole proprietor investment, was Unaudited accounts with compilation report showing Investment made on my name in the financial accounts of the business) Will also be sending a letter from my accountant confirming the amount invested.
Response will be appreciated.

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zimba
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Re: Applying for Extension - Investment query

Post by zimba » Wed Jun 15, 2016 10:42 am

As a sole trader, I suggest you to show full amount being spent or transferred to your business account. Send personal statements showing you spent money personal (before opening a business account) and also business statements covering the the transfers after your opened an account
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

cappachino
Member of Standing
Posts: 490
Joined: Mon Mar 25, 2013 9:24 pm
Location: LONDON

Re: Applying for Extension - Investment query

Post by cappachino » Wed Jun 15, 2016 10:50 am

zimba88 wrote:As a sole trader, I suggest you to show full amount being spent or transferred to your business account. Send personal statements showing you spent money personal (before opening a business account) and also business statements covering the the transfers after your opened an account
Thanks for your reply.
Logically it makes sense. But as per guidence my understanding is that they only require financial accounts made by an accredited accountant showing money invested.
Money invested would come in the balance sheet as capital introduced and my name.
Correct me if I am wrong.
Don't want to send extra unnecessary documents. As more documents more questions and confusion.

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