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Money invested during application process

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

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dancingguy05
Member
Posts: 233
Joined: Sun Sep 19, 2010 2:09 pm

Money invested during application process

Post by dancingguy05 » Fri May 09, 2014 7:14 pm

I put almost 4000 pounds on the company I applied for t1E besides 50000 pounds lying in my account after applying visa . Can i not take back 4000 from the 50000 and put back 46000 in business.
the money i put after the application sent to HO can be counted as investment?
Please suggest
tx

dancingguy05
Member
Posts: 233
Joined: Sun Sep 19, 2010 2:09 pm

Re: Money invested during application process

Post by dancingguy05 » Fri May 09, 2014 7:59 pm

any advice please
tx

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 11:10 pm
Pakistan

Re: Money invested during application process

Post by ishfaqsangra » Fri May 09, 2014 9:25 pm

make it more clear.
You put money in business account 4000 and then applied with 50,000 in your personal account (plus that 4000 was in business account) now you got visa?
if yes then you should have transferred that money as director's loan and that should be invested and the rest available in to you should be 46,000
you can withdraw 4 thousands from your personal account which you showed to apply as you have already transferred 4000 in company's account as directors loan for investmen

dancingguy05
Member
Posts: 233
Joined: Sun Sep 19, 2010 2:09 pm

Re: Money invested during application process

Post by dancingguy05 » Fri May 09, 2014 9:31 pm

ishfaqsangra wrote:make it more clear.
You put money in business account 4000 and then applied with 50,000 in your personal account (plus that 4000 was in business account) now you got visa?
if yes then you should have transferred that money as director's loan and that should be invested and the rest available in to you should be 46,000
you can withdraw 4 thousands from your personal account which you showed to apply as you have already transferred 4000 in company's account as directors loan for investmen
sorry for the confusion
to summarise
when applied 50000 in my personal account
when application under process, I did not disturb 50 000, instead I put money in the business account 4000.
Now i got visa
my question is as I already put 4000 in the business account while under process of my application will that come under investment
also can I now just put 46 000 to my business account. and the rest of 4000 of 50000 can be used by me

hope this is clear

tx

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 11:10 pm
Pakistan

Re: Money invested during application process

Post by ishfaqsangra » Sat May 10, 2014 12:46 am

still confusing did you put extra 4000 in business account other than 50,000 in personal account.
If you have put that money in business account as directors loan then that should be used by business for growth an running,and rest 46,000 should be in your personal account.

so yes if that 4000 was extra(other than 50 in your personal)that you put in business account then you need to have 46 in personal so you can withdraw 4000 from personal provided that 4000 is in business account and has been used or will be used by business for growth and expenses etc.
just transferring is not investment(they should be used by business ( other than your own salary) but yes you can withdraw 4000 from personal as you have already transferred 4000 to business(as directors loan/through share capital)and available to invest requirement is 46,000.

Olasunkanmi
Diamond Member
Posts: 1324
Joined: Sat Aug 17, 2013 11:28 pm
Location: London, UK.

Re: Money invested during application process

Post by Olasunkanmi » Sat May 10, 2014 8:56 am

@ dancingguy05, since you already transferred £4,000 into your business account, then you only have to transfer the remaining £46,000 within the 3yrs of your visa before extension.

Don't worry too much about the £50,000 in your personal account now as long as you can show that the remaining funds are still available for investment if asked. The requirement is that you should invest £50,000 within 3yrs in your business, so all you have to do is to have all necessary evidences that you have invested £50,000 into your business within 3yrs for your next extension.

The money in your business account does not necessarily mean it is invested money, the money must be spent by the business to qualify for points during extension. So simply transferring £4,000 into business account is not the issue, the money should be spent by your business and the spending should also exclude your own remuneration.
The key to success is knowledge and hardwork, and to have faith.

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