*Business Bank Account (Tier 1 Entrepreneur Extension.)

[Jewel15]

1. Business Bank Account which you are a signatory and showing transactions, and where applicable showing the transfer of director's loan funds from the applicant to the business. [Source: Tier 1 Application form, Version April, 2016, section 3, Table 3b1]

2. Company bank statement from a UK account which shows transactions for that company. OR

a letter from the bank on it's headed paper which confirms that the company has a bank account, that the applicant is a signatory of that account, and that the company uses that account for the purposes of their business. [Source: Policy Guidance, April, 2016]

My Questions Are:
In the application form they must wanted to see company business statement with transactions.On the other hand, in the policy guidance they said, Bank statements OR A letter from a UK-regulated financial institution on its headed paper, confirming that the company has a bank account and the applicant is a signatory of that account and that the company uses the that account for the purposes of his business.

That's making me really confused. I do not like to submit extra documents with my extension application.Instead of Business statements, if i just submit a letter from my business manager confirming that the company has a bank account and i am the signatory of that account and company uses that account for the purposes of business, along with Identifiable transactions in the company bank statements (Both business and personal statements transactions), Do you think that will be sufficient?

They did not mention exactly how many months statement they are looking for. If i have to submit Company statement, how many months business statement i have to submit? Is this 1 Month? 3 months? 6 months? 12 Months? 24 Months? or whole 3 years?

For genuineness test, My company has some Associations Membership certificates, Chamber of commerce membership certificate.I am running business from home.I have one full time employe who is my close family members. My company does not have any insurance yet. Do you think I will be in trouble just for insurance? If i do all the insurance now, do you think caseworker will asked why 3 years ago i did not do all the insurance? Shall I apply without insurance?

If someone give answer my all the questions that will be great. Thank you in advance for your help.

Kind regards
Sandip Ray

[zimba]

if i just submit a letter from my business manager confirming that the company has a bank account and i am the signatory of that account and company uses that account for the purposes of business, along with Identifiable transactions in the company bank statements (Both business and personal statements transactions), Do you think that will be sufficient?
They did not mention exactly how many months statement they are looking for. If i have to submit Company statement, how many months business statement i have to submit? Is this 1 Month? 3 months? 6 months? 12 Months? 24 Months? or whole 3 years?

Getting such a letter from a bank usually is not an easy task. Simply sending the mots recent bank statements with few transactions is enough

For genuineness test, My company has some Associations Membership certificates, Chamber of commerce membership certificate.I am running business from home.I have one full time employe who is my close family members. My company does not have any insurance yet. Do you think I will be in trouble just for insurance? If i do all the insurance now, do you think caseworker will asked why 3 years ago i did not do all the insurance? Shall I apply without insurance?

HO can question you on your business practices if they choose to. The only insurance general required by the law is the employer's liability insurance.

[mcr2013]

but my question is how we show them investment or the funds going out suppose we bought something in 2013 and we provide them last few months business bank statements

[zimba]

but my question is how we show them investment or the funds going out suppose we bought something in 2013 and we provide them last few months business bank statements

Who said you need to show them your transactions for your business ????? Are you following the requirements and the rules or are you assuming them ?

[sweetad]

Investment is shown either by the money transfered from your personal account to your business account and you do not need a letter from bank just get the business statements that is enough ..and investment is reflected into your annual accounts as well.if its a director loan ask your accountant to add that entry into your accounts that shows the loan given by you to your business.

[mcr2013]

Sry if I m wrong plz correct me . I undersrand from here that 3 years annual accounts are more than enough to show DL and investments plus as a refrence we can submit last 7 8 months business bank statements as well is it right ?

[zimba]

Sry if I m wrong plz correct me . I undersrand from here that 3 years annual accounts are more than enough to show DL and investments plus as a refrence we can submit last 7 8 months business bank statements as well is it right ?

-Loan agreement
-Company accounts
-Bank statements showing the investment transferred to your company

[mcr2013]

Zimba could u plz clear ur last point bank statemens showing transactions suppose I put 10k after 4 months 10k like that so I need those 5 6 personnel sate mens of those months when I transfer money from my personnel account to business account or u meant 5 6 stateens of business accounts when the money came in of those months

[zimba]

Rules require only business bank statements showing the investment transactions (could be one or could be 20)

[nasiaziz]

I would atleast submit bank statments for last one and half yearsto proof that company was doing business genuinely.
the bank is the most solid proof of the business being genuine.
not a requirement but to prove that your business is genuine bank statment for 1 to 2 years or 3 shud be sent according to my understanding.

[hina_pirzada]

you do not need to submit full bank statement. Only send those pages where the transaction is showing.

For example if you transfer your money in 20 transaction in 20 months so only send particular pages.

Sending too much and unnecessary documents will raise questions so send limited document as per policy guidance.

[cascade1]

Hi

What about the insurance question the gentleman asked.

If we only send the latest insurance both employers and professional indemnity. Is that okay? By latest I mean 2016 to 2017

[zimba]

There are no requirements to send insurance documents

[babaty2k02]

There are no requirements to send insurance documents

Insurance documents is a silent requirement. If you are an employer in the Uk, you need to have some insurance that covers the employee. As well as insurance that covers the business, and the products. Not stated specifically in the policy guidance/immigration rule, hence THE SILENT REQUIREMENT

[awan905]

Hi

What about the insurance question the gentleman asked.

If we only send the latest insurance both employers and professional indemnity. Is that okay? By latest I mean 2016 to 2017

I only sent the renewal documents of last year and they were accepted though home office doesnot ask for it but it is must to have employee insurance.

[zimba]

Insurance documents is a silent requirement. If you are an employer in the Uk, you need to have some insurance that covers the employee. As well as insurance that covers the business, and the products. Not stated specifically in the policy guidance/immigration rule, hence THE SILENT REQUIREMENT

There NO SUCH a thing as a silent requirement and no you do NOT need to send your insurance documents.

[babaty2k02]

Insurance documents is a silent requirement. If you are an employer in the Uk, you need to have some insurance that covers the employee. As well as insurance that covers the business, and the products. Not stated specifically in the policy guidance/immigration rule, hence THE SILENT REQUIREMENT

There NO SUCH a thing as a silent requirement and no you do NOT need to send your insurance documents.

Ok. But I totally disagree with you. But its okay to disagree, the person that was asking the advise had a choice to make.

('SILENT' used in the context of not specifically stated but important)

[zimba]

It is not about a disagreement with me. It is the issue of documents required for your application based on the immigration rules and such a requirement is not there. Immigration rules do NOT require you to prove it, even if it is a legal requirement in business law.