Tier 1 visa extension - maintenance funds in Business accoun

[ashish1982]

Hi,
I wanted to inquire if it is acceptable to show the Maintenance funds for Tier 1 extension in a Business Account. I am self employed and sole director of Pvt Limited company.

Kindly confirm if anyone has got their visas stamped using Business account.
Thanks.

[QuickSam]

Should be okay....I had a friend who was told by the CW that he could have showed the savings from his business account rather than the savings / current account.

That's just something that I have heard so better check with others.

[bobby80gh]

Should be okay....I had a friend who was told by the CW that he could have showed the savings from his business account rather than the savings / current account.

That's just something that I have heard so better check with others.

This is totally wrong advice and it is a dangerous precedent to set on this forum. You are a senior member and i don't expect you to give such an advice. The company is a separate legal entity and funds in the company account is not the directors money. If the company for instance goes bankrupt and the company can not meet its liabilities, the director can not be chased for those liabilities unless of course the director has acted fraudulently. May be in one instance the CW did not know what he/she was about and approved an application based on maintenance funds in a company account but this does not make it right. You should always present your applications based on the right procedures. The rules even state that the bank account should have your name on it and business accounts will normally have the name of the company on it. This implies that you can not use the business accounts to satisfy the maintenance requirement. You are only an employee of the business.

[ScopeD]

I think the bank statements needs to be from a "personal" account. The Policy Guidance says:

i) Personal bank or building society
statements covering a consecutive 90 day
period: The most recent statement must be
dated no more than one calendar month
before the date of application.
The personal bank or building society
statements should clearly show:
• the applicant’s name;
• the account number;
• the date of the statement;
• the fi nancial institution’s name and logo;
• any transactions during the 90 day
period

The business is not the applicant here. It is the Tier 1 migrant who is applying, I should think that to be in line with the rules, one needs to provide a personal statement rather than a business statement.

[srpdata]

Funds in the business account are not accepted and your case may be refused, As Bank statments issued are on the name of business not on your name.
Use your savings account to maintain your funds.

[n_w]

Does it mean we can show our ISA account funds for maintenance ?

[benneviss]

You must have an access to the account ,

Now ISA is a different case however, cash ISA might be ok .

[n_w]

Yes I meant Cash ISA account on applicant's name.

Thanks for the reply

[QuickSam]

Should be okay....I had a friend who was told by the CW that he could have showed the savings from his business account rather than the savings / current account.

That's just something that I have heard so better check with others.

Please try and understand what I had written. I guess this was written in English.

I never said that this person was allowed to extend with savings in business account. The person was told by the CW that he could have shown the savings in his business account as this person applied as self employed.

[amir khan]

Hi

I applied for further extension application of Tier-1 General) and I fixed my maintenance fund in my business account I am registered as self employed.and my business account is on my name then my business name. Now I received a letter from my application case worker he did not consider my business bank statement and he asked for produce any other account bank statement with same maintenance fund amount. I have no other account with the same amount plz help me and give some advice what I have to do at this stage.


Many thanks

[attari26]

asa

[alifaroo]

Hi Amir,
just want to know what happened to your case?! as I will be applying for an extension soon and i have got business account statements for maintenance funds - I don't have any other account with adequate funds.

Any one else been in this situation please advise.


Regards

Hi

I applied for further extension application of Tier-1 General) and I fixed my maintenance fund in my business account I am registered as self employed.and my business account is on my name then my business name. Now I received a letter from my application case worker he did not consider my business bank statement and he asked for produce any other account bank statement with same maintenance fund amount. I have no other account with the same amount plz help me and give some advice what I have to do at this stage.


Many thanks

[gaurav76.5]

As said earlier you can't show business account as proof for maintenaning funds unless te business account is your personal account as well..

[alifaroo]

As said earlier you can't show business account as proof for maintenaning funds unless te business account is your personal account as well..

thanks for you reply Gaurav - how would you call a business account is a personal account as well (do you mean that a business current account is in use of business as well as personal transactions!?)

[rpsarangi]

When personal current account is used for business .. You could use that for showing maintance of fund as mentioned by gaurav .. But business accounts is a risk .

[gaurav76.5]

thanks for you reply Gaurav - how would you call a business account is a personal account as well (do you mean that a business current account is in use of business as well as personal transactions!?)

If you are a sole trader you don't need a business account so in that case you do all your transaction from your personal account but if you have a limited company you open a business account and withdraw salary and dividend from that account..so in this case you wont be able to show business account for maintenance fund because its not held in your name it's held in company name...