Tier 1 Switch (Grad to 50K) 90 days Maintenance Short

[Check31]

Hi All,

Just realised today am in hole.
I will be applying to switch from my Graduate Entrepreneur Visa (made 2 years) to the Tier 1 50k for my first time. I am in the UK.
However, have been so super busy since currently developing a SaaS (Software as a service) platform that i missed to put the maintenance funds for 90 days. Since the beginning of the 90 days coincides with the period i am trying to wrap up with everything as preparing for beta launch. That is why didn't have the £945 at all times since had to take on 2 software engineers to complete final touches and kept moving everything that got into my account to pay developers.

I didn't even realise the 90 days maintenance applied to the other Tier 1 50K if switching and considering the 50K amount have to show. As had just left everything to deal with later on. Before i send my application i would have probably spent about £30K in developing the platform meaning i would need to show about £20K.

But before i make my application i will only have had the full £945 funds continuously for 60 days.

Would like to inquire what are the possibilities as have invested so much on the software and just when about to soon start reaping the rewards already having a few businesses ready to signup on the platform then this.

Would be grateful for your help and thanks a bunch in advance.

Cheers!

[marcnath]

Hi All,

Just realised today am in hole.
I will be applying to switch from my Graduate Entrepreneur Visa (made 2 years) to the Tier 1 50k for my first time. I am in the UK.
However, have been so super busy since currently developing a SaaS (Software as a service) platform that i missed to put the maintenance funds for 90 days. Since the beginning of the 90 days coincides with the period i am trying to wrap up with everything as preparing for beta launch. That is why didn't have the £945 at all times since had to take on 2 software engineers to complete final touches and kept moving everything that got into my account to pay developers.

I didn't even realise the 90 days maintenance applied to the other Tier 1 50K if switching and considering the 50K amount have to show. As had just left everything to deal with later on. Before i send my application i would have probably spent about £30K in developing the platform meaning i would need to show about £20K.

But before i make my application i will only have had the full £945 funds continuously for 60 days.

Would like to inquire what are the possibilities as have invested so much on the software and just when about to soon start reaping the rewards already having a few businesses ready to signup on the platform then this.

Would be grateful for your help and thanks a bunch in advance.

Cheers!

That requirement is one of the pitfalls unfortunately and there is no real exclusion for that.

You also need to show the additional 20K for 90 days. Are you saying you just maintained exactly 20K for that purpose ?

Remember you can meet the 90 days in any combination of accounts - in UK or overseas.

If nothing else works, you can go ahead and make the application with the 60 days of funds. And whenever you get to 90 days, send in an updated bank statement for 90 days. Not sure if it will work because the immigration rules specifically state it is 90 days from date of application but worth trying.

Your worst case is to file a new application once you fulfil the requirement. You can wait until you get the refusal or withdraw the current application anytime and send in the new application.

[Check31]

Hi marcnath,

Thanks for your response and very much appreciate you taking the time to respond.

With regards to the 20K i intend to use it as director's loan. As spoke with a friend a long while ago (like 1 year ago) and that's what she did and didn't have to show the 50K for 90 days and she was granted.

During the process as i was busy preparing for the beta launch, i had everything mixed up and thought the 90 days applied only to the 50K which in mind i would use director's loan as an option. Think that might have been one of the reasons i didn't take the time to properly look up the rules on this.
But didn't realise this applied to as well to the £945 maintenance funds.

Thanks again for your feedback.
Think may go with the application with explanations as to why 60 days and show its because i moved the funds to my business account ( which i am a sole founder and signatory) though might not help.
So will go with your suggestions of once it makes 90 days can either try as you suggested by sending the full statement or making a fresh application (either through withdrawal or after they refuse). Only downside is i am going to have fork out that hefty application fee again. Which i guess are the consequences of me not getting to fully understand the rules in time and have to accept.

Cheers!

PS: Guess will also try the Tier 1 (Exceptional Talent) - Promise route now as well as have just been reading a little more about it.
Since my SaaS application is close to beta launch. As can get letters from my current mentor who is the CEO of a successful tech company as well as other recommendations from other incubator and accelarator programs i am currently a member.

[Check31]

Another reason didn't hold the 20K and thought would use the director's loan option was because i mined some crypto when it wasnt worth much. Missed out on cashing out at their highs which shouldn't have had any issues. So was hoping to get a good high price before converting all.

But realising if i had gotten out and held atleast the 20K i could use part of that for maintenance and what is outstanding as director's loan.

But boy have i learned a lesson.

Currently going through the regulations again to make sure i don't miss anything.

[Check31]

Think ended up focusing too much on the business and missed a lot of details with the Visa application.
As been really busy attending events, trying to acquire customers, while managing the project an preparing for beta launch, etc. It can be crazy busy especially when you are the sole founder and have to put in all the hard graft.

But still no excuses. I just wished i had read the rules a little more. But still thankful i found out eventhough late, could have been worst. Would just take it from here.

If have any other advice, would very much appreciate!

[sachin87]

Hi Friends,

I can give you an idea for this 90 days maintaining appropriate fund. you have to join with some one who has current account with Santander and he is having your appropriate money for 90 days then if you request for last 90 days from your internet banking you will have that statement on your name only and your maintaining fund for 90 days which I did before.