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Is IB 200k account regulated by FCA will suit for Apply?

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

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FSOL
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Joined: Sun Jul 30, 2017 10:52 am

Is IB 200k account regulated by FCA will suit for Apply?

Post by FSOL » Sat Jun 16, 2018 6:33 pm

Good day, friends!
Slowly preparing to apply for an entrepreneur visa, and I want to ask another question.
Im slowly accumulate finance on the XYZ brokerage account, I buy shares and ETF (can sell all at once for the availability of cash). XYZ is regulated by the Financial
Conduct Authority (FCA) reg number is 1234

So the question is : When apply for an entrepreneur's visa, can I show on XYZ official stationery statement showing the XYZ name and logo, and confirm my name with available 200k, is this suitable as confirmation of available 200k as required in the guidance?
Of course, it would be better to transfer money from XYZ to a bank account in UK and then apply for a visa, but so far I have not found a way to open an bank account in UK untill apply for entrepreneur visa (Banks do not open acc with a tourist visa) and I expect that it will be easy to open an account in any UK bank with a entrepreneur visa and then transfer money. Option with a transfer to a Russian bank from XYZ (I'm planning to apply for a visa from Russia) and then after receiving a visa to the UK bank, not a good choice because there is a risk that money will be frozen and not be possible to transfer to the UK bank, even though there is all documents confirming the legal origin of the funds.
Thank you.

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marcnath
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Re: Is IB 200k account regulated by FCA will suit for Apply?

Post by marcnath » Sat Jun 16, 2018 10:07 pm

FSOL wrote:
Sat Jun 16, 2018 6:33 pm
Good day, friends!
Slowly preparing to apply for an entrepreneur visa, and I want to ask another question.
Im slowly accumulate finance on the XYZ brokerage account, I buy shares and ETF (can sell all at once for the availability of cash). XYZ is regulated by the Financial
Conduct Authority (FCA) reg number is 1234

So the question is : When apply for an entrepreneur's visa, can I show on XYZ official stationery statement showing the XYZ name and logo, and confirm my name with available 200k, is this suitable as confirmation of available 200k as required in the guidance?
Of course, it would be better to transfer money from XYZ to a bank account in UK and then apply for a visa, but so far I have not found a way to open an bank account in UK untill apply for entrepreneur visa (Banks do not open acc with a tourist visa) and I expect that it will be easy to open an account in any UK bank with a entrepreneur visa and then transfer money. Option with a transfer to a Russian bank from XYZ (I'm planning to apply for a visa from Russia) and then after receiving a visa to the UK bank, not a good choice because there is a risk that money will be frozen and not be possible to transfer to the UK bank, even though there is all documents confirming the legal origin of the funds.
Thank you.
Have you read the Guidance document where it specifies what are the documents needed for showing access to 200K. If XYZ is willing to provide those documents (which I am very doubtful they will) then there should be no issue.
My comments are in no way meant to be advisory. I have no professional knowledge of immigration. These are based on my own experience, convictions and personal interpretation of publicly available information.

FSOL
Newly Registered
Posts: 12
Joined: Sun Jul 30, 2017 10:52 am

Re: Is IB 200k account regulated by FCA will suit for Apply?

Post by FSOL » Thu Jun 21, 2018 7:06 am

Thank you marcnath for reply. I communicated with XYZ and they responded that they can send the necessary documents without problems, also dropped statement via e-mail for example. But the problem is that my account is registered in the office located in the United States not in UK, this office is regulated by the FINRA not the FCA, and they can not transfer my account to UK office. So the option with XYZ is not suitable.
Can I open an account in the bank by telling them about the fact that I want apply for the Tier 1 visa for further opening a business account and investing?
Somebody had a similar experience in opening an bank account?
Thank you.

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marcnath
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Posts: 6493
Joined: Tue Jul 03, 2012 3:27 pm
Location: Milton Keynes
United Kingdom

Re: Is IB 200k account regulated by FCA will suit for Apply?

Post by marcnath » Thu Jun 21, 2018 7:28 am

FSOL wrote:
Thu Jun 21, 2018 7:06 am
Thank you marcnath for reply. I communicated with XYZ and they responded that they can send the necessary documents without problems, also dropped statement via e-mail for example. But the problem is that my account is registered in the office located in the United States not in UK, this office is regulated by the FINRA not the FCA, and they can not transfer my account to UK office. So the option with XYZ is not suitable.
Can I open an account in the bank by telling them about the fact that I want apply for the Tier 1 visa for further opening a business account and investing?
Somebody had a similar experience in opening an bank account?
Thank you.
Again - read the guidance. There is no requirement for the money to be in an UK bank account. But it has to be cash, not stocks and so on and maintained for 90 days.
My comments are in no way meant to be advisory. I have no professional knowledge of immigration. These are based on my own experience, convictions and personal interpretation of publicly available information.

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