Third Party Funds

[gauravagrawal84]

Hi guys,

I have a few questions regarding tier 1 entrepreneur visa application 200k route as team of 2 from outside UK one member in India and other in Egypt.

1) We plan to use third party funds of 40K from a UK friend. Can he show the money in his saving bank account or it has to be in his business account?? Moreover does the third party needs to show that the funds has been there in his account for more then 90 days else would the HO question the source of funds to the third party too?

2) I plan to get the following documents from the third party please confirm that they are sufficient or else please do mention what else is required:

a) Bank statement confirming balance i.e. 40k present in his personal saving account may be for less then 90 days.
b) letter from 3rd party on stamp paper saying they are offering me the money
c) Letter from advocate (legal person) to confirm 3rd party person's sign.

3) Even though he is from Egypt he is currently in UK on tier 4 dependent visa and has got all his funds 120K in UK. What documentation will he need to get from his UK bank to show that I have got access to his 120K funds. Does the UK bank issues such letters? I have got the rest 40k in my ICICI bank saving bank account in india. Will that be fine ? I think I will too require to get the similar documentation for him which I m happy to check with my bank once someone tells me what I am supposed to ask my bank for?

4) Do i need to keep my funds in my Indian account for more then 90 days before making the application or can I just show the source of funds.

5) If after getting the visa lets say we spend 50k pounds to take over an existing restaurant then will that 50k will be counted as investment or not.

6) As I mentioned above my partner has got 120k in UK account but he will be making his application from Egypt. I have got 40K in my Indian Account and I would be making the application from India and the rest money from third party friend present in UK. So even if we have a genuine business plan will the HO straight forward reject our application because of difference in the funds we both are showing and also because we belong to different countries.

Looking forward for a response.

Regards,
Gaurav

[zimba]

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