Parent as Third Party Funder

[kuzaaah]

Hi,

I am preparing my Tier Ent application. How risky is the use of funding from a Third Party who are one's Parent. Though I am in the UK, my parents are based overseas and are ready to provide the £50k equivalent funds in the local currency. Does third party funding from one's parent a move that could pose a risk to my application? I am aware of the need for bank statements, bank letter, parent declaration, and legal letter. Has anyone used a third party funds from parents?
Thank you

[bubbly123]

@kuzaaah: Try to transfer all 50k in Uk ban account.
Most of the refusals are based on 3rd party funding.
My advice is to keep money in UK.

[Sound]

Yes bubbly is right!

[kuzaaah]

Thanks Guys for your reply.
But I think that opens up another hurdle. Transferring 50k from a non EU country to the UK could be viewed as money Laundering by banks. besides, I am also aware that HO Case Workers also do want to know the trail of transfers into the account that has the 50k. In other words, Home Office do not want to see a single transfer of 50k on one date without a proof showing where the money came from and from who.
This is diffficult

[Laila007]

My father was my investor on my Tier 1 Entrep. He didnt transfer the money and there was no issue - I got the full points. In fact, I think a parent is more credible source of funds than some random stranger that you have no connection to.

[NAR]

Thanks Guys for your reply.
But I think that opens up another hurdle. Transferring 50k from a non EU country to the UK could be viewed as money Laundering by banks. besides, I am also aware that HO Case Workers also do want to know the trail of transfers into the account that has the 50k. In other words, Home Office do not want to see a single transfer of 50k on one date without a proof showing where the money came from and from who.
This is diffficult

If they had the money for more than 3 months in their own bank account, and the bank is an internationally recognized bank (not on any watch list), then there is no issue at all. Case workers are not the ones who investigate money laundering, the receiving bank itself will look into it and once they approve the transfer and it showed up in your account in the UK, you are fine. I transferred £220K (single transfer) from the Middle East to UK, got a bank statement the next day it appeared in the account. Used that bank statement a month later with no problems.

[kuzaaah]

Wow, I like the replies from NAR and Laila007. They represent both sides of the coin.
NAR, I come from a country with a well known notoriety. Even transferring my tuition fees to a UK university account, I was subjected to all kinds of scrutiny with the demand for several documents to substantiate the validity and credibility of my request for funds transfer. So funny that banks in my home country will not want to effect transfer to an individual's foreign account solely based on business reasons when such transfer is not payment for goods and services. Nevertheless, there is no harm in trying.

For Laila, I had strongly considered the financing support from my parents and they have agreed. But I felt that if they have the funds available NOW, why don't they transfer it into my account instead of having it in their account? I was only exploring areas that could generate cynicism and misgivings by the Case Worker reviewing my file. However, if others have succeeded using parents as source of finance for the tier 1 entrepreneur, what stops me from trying? I just want to get it right... thanks anyway!

[kuzaaah]

Hi Laila,
Pls when did you apply for your tier 1?
Please did you submit any contract letter or loan agreement letter agreed between your dad and yourself? I mean were there other formal agreement letters beside the documentation requirements stated on the Policy Guidance (i.e. bank statement, formal letter from third party's bank, declaration from third party and legal letter)

[kuzaaah]

For third party funding of investment for the tier 1 visa, 3 letters are required - Bank letter, declaration letter from third party and the letter from the Solicitor witnessing the signatures of third party and applicant. Please can anyone forward to me the format of the solicitor's letter and letter of declaration? I have the format for the bank letter as stated in the appendix of the Policy Guidance.