Tier 1 Enterpreneur 200K bank statement /switching from T2

[sindhoo]

Hi Guys,
I just want know how much is the timescale for the money(200K) to be held in your account for overseas account. Is it one day ,one month , six months or more.

If money is in your account for one month and you applied for visa as per the timeline (which is going at the moment for some people is more than one year) , can you take some of your money and use it or you have to keep it until they verify it .

For example you had 200K for 1 month and later on you need money so you took out 10K from your account. how it will affect your application . Will they check after 8 months or 1 year when they are working/processing your application that do you still have 200K or less with 10K or they are not allowed to do that they will just check on the date of your bank letter and ask for confirmation from the bank that on that date did this guy had 200K in his account. Please advice


Please correct me If I am wrong , the other question I have is when someone switch from tier 2 general to Tier 1 entrepreneur can he register his company or he needs to wait until he is granted Tier 1 visa . As per Tier 2 general policy guide someone can only work 10 hours in the same profession on which he was granted visa with the consent of his employer(company policy).

If that is the case Tier 2 general person can register a company , then is it good idea to submit only business plan . Thanks for your help guys

[sindhoo]

Experts , Gurus please advice . Thanks

[Olasunkanmi]

@ sindhoo,

You can put the 200k in your account for any duration before submitting your application but be ready to answer if ask for source of the money. They might ask for source if you are invited for interview.
Also its advisable to leave the 200k in your account until after your application is treated. The rule state that the 200k should continue to be avaliable to you, so its logical not to take a penny out during application processing.

In regard to someone who is presently on tier2 genearal visa, he can open a company and register as a director but he should not start any business trading until his tier1 entrepreneur visa is granted.
If he is not comfortable opening a company because of the complications then he can simply register with HMRC as self-employ individual and not carry out any job except as stated on his present tier2 general visa until his tier1 entrepreneur visa is granted.

[sindhoo]

@Olasunkanmi
Thanks for your information,
I will register myself as self employed but will not do any business , is it better to have website as well to show them that I am serious . but not do anything until I get my visa.

[kayess1984]

@ sindhoo,

You can put the 200k in your account for any duration before submitting your application but be ready to answer if ask for source of the money. They might ask for source if you are invited for interview.
Also its advisable to leave the 200k in your account until after your application is treated. The rule state that the 200k should continue to be avaliable to you, so its logical not to take a penny out during application processing.

In regard to someone who is presently on tier2 genearal visa, he can open a company and register as a director but he should not start any business trading until his tier1 entrepreneur visa is granted.
If he is not comfortable opening a company because of the complications then he can simply register with HMRC as self-employ individual and not carry out any job except as stated on his present tier2 general visa until his tier1 entrepreneur visa is granted.

@ Olasunkanmi, I would really appreciate if you could help me as well. Is it possible to say that the source of funds is by selling overseas property which was in my parents name and now the money is with me in my account to start my business in the UK. Would they accept this answer or not? Thanks in advance mate.

[Newguy200k]

Hi Sindhoo....May I know the outcome of your application. I am planning to file my application for T1 E, switching from T2 G. Keen to know what happened with your's. Pl. share details. Thanks in advance.