ishfaqsangra wrote:At page 62 in the new guidance (how to assesss Tier1 Applicants,intial/extension) updated 17 November says
"How the money must be used
Money must be fully used in the business and not held in the business bank account in order to qualify for the award of points.
Money deposited in a bank account, even if it is in a UK business bank account, is not
counted as investment in business.
The money must be used in the business to encourage growth or expansion, to improve
services or products and to make sure the business is profitable.
Director’s loans however are permitted to remain in a bank account, provided the loan is not called in"
What does this mean that Director's loan in Limited company is allowed to be in the account if not fully invested?
Or?
Hi ishfaqsangra,
Would you be able to share the guidance because I could not find any of such information whereas updated on the 6/nov/14 (Guidance – Tier 1 (Entrepreneur) – version 7.0 Valid from 06 November 2014), there is not such thing mention same applies to the Tier 1 (Entrepreneur) of the Points Based System – Policy Guidance 11/14. Both states the same
" Money must be fully used in the business and not held in the business bank account in order to qualify for the award of points.Money deposited in a bank account, even if it is in a UK business bank account, is not counted as investment in business.The money must be used in the business to encourage growth or expansion, to improve services or products and to make sure the business is profitable. Director’s loans however are permitted to remain in a bank account, provided the loan is not called in." Page 62/63 IMMIGRATION RULE GUIDANCE)
"Money should be fully used in the business and not held in the business bank account in order to qualify for the award of points.
Money deposited in a bank account, even if it is in a United Kingdom business bank account, is not counted as investment in business. The money should be used in the business to encourage growth or expansion, to improve services or products and to ensure the business is profitable" page-54(Policy guidance 11/14)
I will check the term "called in" stands for with accountant and surely get back to the board whereas senior member might able to advice some?