50K in personal or business account? Urgent help please

[stev.oxf2]

Dear all,

I am going to apply for Tier 1 Entrepreneur from PSW next week. I am not sure that funds should be in personal account or business account?

In "Statement of Changes in Immigration rules" https://www.gov.uk/government/uploads/s ... hc-532.pdf on page 6 of 9, it is stated that funds should be in business, rather than to the applicant by name.

But in policy guidelines of T1 Entrepreneur, i could not found this, if i am not wrong.

Can any one please explain it, what is best to keep funds, in personal or business account?

Regards

[stev.oxf2]

Dear all,

I am going to apply for Tier 1 Entrepreneur from PSW next week. I am not sure that funds should be in personal account or business account?

In "Statement of Changes in Immigration rules" https://www.gov.uk/government/uploads/s ... hc-532.pdf on page 6 of 9, it is stated that funds should be in business, rather than to the applicant by name.

But in policy guidelines of T1 Entrepreneur, i could not found this, if i am not wrong.

Can any one please explain it, what is best to keep funds, in personal or business account?

Regards

Any one please....

[Irfanmz]

@Stev.oxf2 if you have 50k funds available in your personal account you should transfer them all in to your business account before you application and produce bank statement. This will not only help you score points in your initial application but also it will benefit you in your extension application (as long as you can show that money has been transferred from your personal account hope this helps

[nasirkhan]

Genuine Entrepreneur Test
36. We may ask you to demonstrate that the funds you have used to apply remain available to you beyond the date of your application. The funds must continue to be available to you until they are spent for the purposes of your business or businesses. ‘Available to you’ means that the funds must be in one of the following:
(1) in your own possession,
(2) in the financial accounts of a UK incorporated business of which you are the director, or
(3) available from the third party or parties named in your application (if applicable).

[stev.oxf2]

Genuine Entrepreneur Test
36. We may ask you to demonstrate that the funds you have used to apply remain available to you beyond the date of your application. The funds must continue to be available to you until they are spent for the purposes of your business or businesses. ‘Available to you’ means that the funds must be in one of the following:
(1) in your own possession,
(2) in the financial accounts of a UK incorporated business of which you are the director, or
(3) available from the third party or parties named in your application (if applicable).

Dear Nasir and Irfan thanks for your reply.

Can you please clear one more thing; that simple transfer from personal to business account and then use of business account statement with initial application will be Ok?

Or we also need to change some thing in company shares, any other thing or any other letter from company house or some where else? As i don't know any thing about these accountancy things, so you suggestions will be highly valuable.

Suggestions from other members will also be highly appreciated.

Thanks for this

[cpmlkhan]

Genuine Entrepreneur Test
36. We may ask you to demonstrate that the funds you have used to apply remain available to you beyond the date of your application. The funds must continue to be available to you until they are spent for the purposes of your business or businesses. ‘Available to you’ means that the funds must be in one of the following:
(1) in your own possession,
(2) in the financial accounts of a UK incorporated business of which you are the director, or
(3) available from the third party or parties named in your application (if applicable).

Dear Nasir and Irfan thanks for your reply.

Can you please clear one more thing; that simple transfer from personal to business account and then use of business account statement with initial application will be Ok?

Or we also need to change some thing in company shares, any other thing or any other letter from company house or some where else? As i don't know any thing about these accountancy things, so you suggestions will be highly valuable.

Suggestions from other members will also be highly appreciated.

Thanks for this

Hello steve,

I prefer you to leave your money into your personal account rather than business. Its not compulsory at all.Just make sure your rest of the documents are up to the standard. Do not make your application more complicated. Hope you can understand.
BEST OF LUCK

Regards