Money Transfer Advice

[ajaypratap11]

Hi Guys,

I got my visa in end of January 2014 and i have not invest any amount of money.
my question is :
1) what is the best way to transfer 50k from india in good exchange rate.
2) i am planning to change my business plan bcoz i am not getting any work in the market, do i need to inform ukba that i am changing my business plan?

Waiting for your reply.

Thanks

Regards
Ajay

[Olasunkanmi]

@ ajaypratap11, you don't need to transfer the whole 50k at once, you can do it in bits as your business requires.

You can also do any other business apart from the one you got your visa with as long as its still at or above NQF level 4.

[ajaypratap11]

Thanks Olasunkanmi

Is it compulsory that I need show the amount is tranfer from my parent account bcoz I showed third party.

Or can I borrow money from my friend in uk and pay off him in india.

[aby00156]

Thanks Olasunkanmi

Is it compulsory that I need show the amount is tranfer from my parent account bcoz I showed third party.

Or can I borrow money from my friend in uk and pay off him in india.

@ajay : As you said you got your visa .. you do not need to transfer that money now unless you are genuinely using it for your business. Ideally according to HO you must invest 50k in 3 years (by any means i.e. you can even rotate the profit of your business not necessary the 50k that you showed to get your visa), the 50k investment should not show directors salary, home or residential rents and bills etc. All the investment criteria is in the guidance.

[Olasunkanmi]

Thanks Olasunkanmi

Is it compulsory that I need show the amount is tranfer from my parent account bcoz I showed third party.

Or can I borrow money from my friend in uk and pay off him in india.

You don't have to show how fund get transferred, all you need to do is invest 50k funds in your business within 3yrs and show evidence of the investment.

But it might be a good idea to keep record of how money get transferred to your UK bank account, like bank transfer from your friend in UK and probably bank transfer from your parent account in India into your friend account.

[ajaypratap11]

@ Olasunkanmi

Thanks for your advice ,

i planning to start recruitment agency for temporary staff in hotels and restaurant like housekeeping ,porters, receptionist, reservation agent, chefs etc. and my job title would be HR Manager .

So my question is this business counts under 50k route.