I am not sure if anyone else noticed but there is a new version of the policy guidance on the gov website. Tier 1 (Entrepreneur) – Policy Guidance UPDATED 06 November 2014.
So far, I could notice two differences (underline below) from the August 2014 version as follows:
The following point is a new inclusion:74. Money held overseas in an institution that is not regulated by the FCA/PRA must have confirmation that the money can be transferred into the UK. This can be a document from your financial institution. Please note that if the institution holding the money does not have the same name as one listed by the FCA/PRA, evidence that the money can be transferred to the UK must be provided. Please also note that banks are not being asked to provide any guarantees that the money will be transferred.
The following point is a new inclusion:75. If you are applying from inside the UK, the money must be held in the UK.
If the members notice any other changes please update them here.Multiple sources of funding
A6. Where your funds are held in multiple bank accounts and you are required to submit multiple pieces of specified evidence, the documents must demonstrate that the total amount required (£50,000/£200,000) is available on the same date.
We will not accept evidence that does not show the full investment is available. For example:
You must show you have access to £200,000:
Tier 1(Entrepreneur) Policy Guidance version 11/2014 Page 52 of 59
- You have a bank statement which ends two weeks before the date of application showing £100,000; and
This evidence does not demonstrate you have access to the full £200,000 as this could be the same £100,000 which has been moved between the two different accounts.
- a letter from a different bank, dated one week before the date of application which states that you have access to £100,000.
Now, coming to point 74 above, they have added a new sentence - "Please also note that banks are not being asked to provide any guarantees that the money will be transferred". On one had they say we must show evidence/confirmation that the money can be transferred into the UK and that it could be a document from the financial institution. On the other hand the new sentence. How are we/the bank supposed to state this?
I have approached several banks in India but none of them agreed to state that the money is disposable/transferrable to UK.
Senior members, please share your comments and probably the bank letter format satisfying this. Thanks.