Query on statements and business

[chetnabanswal]

Hello, I would be applying for the entrepreneur visa extension in March and I had the following questions regarding the bank statements:
1. I completed my masters in the UK and then was on post study work visa. Since I was switching from the post study work visa to entrepreneurship visa in 2014, I had taken a loan of £13,500 initially and then approximately £25,000 from my family who are British citizens. The money was transferred in my personal account and I transferred the money from my personal account to my business account on the same day which is evident on my statements. I was wondering if this would be an issue? Is taking a loan from the family an issue?
2. Should I attach the complete bank statements or only the statements of the days on which transactions occurred?
3. Should I attach the contracts and invoices of the companies with whom we work?
4. Do we need to show how is the business doing in comparison to the original business plan and what are teh projections for the future?
Thank you!

[jafersadeq]

Hello, I would be applying for the entrepreneur visa extension in March and I had the following questions regarding the bank statements:
1. I completed my masters in the UK and then was on post study work visa. Since I was switching from the post study work visa to entrepreneurship visa in 2014, I had taken a loan of £13,500 initially and then approximately £25,000 from my family who are British citizens. The money was transferred in my personal account and I transferred the money from my personal account to my business account on the same day which is evident on my statements. I was wondering if this would be an issue? Is taking a loan from the family an issue?
NO, the money which is in your personal account is your money
2. Should I attach the complete bank statements or only the statements of the days on which transactions occurred? Just the business bank statement, no requirement to send the personal bank statement.
3. Should I attach the contracts and invoices of the companies with whom we work?
NO
4. Do we need to show how is the business doing in comparison to the original business plan and what are teh projections for the future? NO
Thank you!

[Amz]

Hi Jafer

Would it be wise to attach NOC letters from the source who put the money into Applicant's personal account and then the applicant transferred that from his personal account into his business account ?

Or it simply does not matter where the money came from into applicant's personal bank account as long as the money transferred into business bank account comes in from applicant's personal bank account?

Regards

[jafersadeq]

1-If you transfer the funds from your back home to your UK personal account and after months you transferred it to your business account, then your name will appear in the business bank statement that you transferred the funds, do you want to show your personal account in your back home and your personal account in the UK and the business account in the UK?
2- There are many source of funds, gift, will, business..etc. what is the problem if one of your family give you money as a gift?
In initial application HO asks you about the source of funds. Read the guidance about the initial application.

Thanks,

[ishfaqsangra]

they are not looking into how you got that money as you have shown that initially in your accounts or third party , what they now look is it should come from your personal to your business.

When and how those funds come to your business is not questioned but they should have been available all the time before being transferred to you or your business as they declared in third party letter.

otherwise, source is not being asked at extension until they look for third party ones and then ask for trail this is my personal understandings, I may be wrong.