Tier 1 Entrepreneur Team

[sankhlacad1]

Hi Friends,
I am newbie to this forum so apologies for any silly question(s)
We are a team of two female entrepreneurs wish to apply for T1E visa in July 2016. One of us have 85lacs INR in her saving account in India and other one have 135 lacs INR in her savings account in India. We have couple of questions. Kindly respond.
1. Can the amount stay in their savings account for 90 days? One of the solicitor said the money needs to be in joint account. We tried to open a joint account in India but we both are from different states/addresses and banks are not happy to open a joint account hence the money kept in individual's saving account. Is joint account a must or good to have?
2. After visa grant, how to transfer money to UK? I mean does Indian banks simply transfer the money to UK account once requested OR there is some other formalities to do with India tax deptt or RBI etc.?
3. Do we need to transfer full £200K at the same time or we can transfer as and when required by business needs. We prefer to keep some money in India as we are expecting some imports from India as raw material.
4. During the running business, can one or both director withdraw money from business account as loan for personal commitments if needed?
5.Our business idea have a very low cost involved and expected high returns. We foresee a situation that after 3 years our profits will certainly rise to good levels but actual spent in business is not complete 200K. Which means, we will be able to invest/spend 100K but rest of the amount will be in account. Is this acceptable to UKBA during extension ? Thanks in advance.

[noajthan]

Hi Friends,
I am new bee to this forum so apologies for any silly question(s)
We are a team of two female entrepreneurs wish to apply for T1E visa in July 2016. One of us have 85lacs INR in her saving account in India and other one have 135 lacs INR in her savings account in India. We have couple of questions. Kindly respond.

...

Sounds great. Welcome aboard.

Not everyone here understands lacs INR as this forum and Tier 1 visa in particular is focused on UK.

4) That would counteract or negate the investment.
Spending on personal matters/remuneration is not investment.

5 ) Wonderful.

However, you need to be aware that money simply stashed away in a bank account is not considered as 'invested'.
So no, having £100K left over is not acceptable to UKVI. It means you have not spent £200K on 'UK plc'.

(btw - there is no UKBA anymore).

By year 3, your initial 200K needs to have been fully vested in the business.
(Regardless of whether this triggers cashflow problems in years 4 or 5 due to a lack of capital reserves).

The other details are covered in the HO guidance for Tier 1 - suggest get up to speed with that.

[CR001]

And don't forget the job creation requirement.

[alex87]

Hi Friends,
I am new bee to this forum so apologies for any silly question(s)
We are a team of two female entrepreneurs wish to apply for T1E visa in July 2016. One of us have 85lacs INR in her saving account in India and other one have 135 lacs INR in her savings account in India. We have couple of questions. Kindly respond.

...

Sounds great. Welcome aboard.

Not everyone here understands lacs INR as this forum and Tier 1 visa in particular is focused on UK.

4) That would counteract or negate the investment.
Spending on personal matters/remuneration is not investment.

5 ) Wonderful.

However, you need to be aware that money simply stashed away in a bank account is not considered as 'invested'.
So no, having £100K left over is not acceptable to UKVI. It means you have not spent £200K on 'UK plc'.

(btw - there is no UKBA anymore).

By year 3, your initial 200K needs to have been fully vested in the business.
(Regardless of whether this triggers cashflow problems in years 4 or 5 due to a lack of capital reserves).

The other details are covered in the HO guidance for Tier 1 - suggest get up to speed with that.

I know this is just one example but an acquaintance got an extension having spent £170,000 out of the £200,000. Perhaps they want to see most of the funds being used if not all.

[sankhlacad1]

Thanks for the reply of some of questions. Here I need to explain a bit more about unanswered or partly answered questions
1. One of T1E team member have £85000 equivalent money in her savings a/c and other one have £135000 equivalent in savings a/c. Is this acceptable to UKVI ? Our solicitor says the full money needs to be in a joint account but I found no clue on HO website. Any suggestion?
2.
3.
4. We may need to withdraw part of money from our business a/c during 3 years. I agree this will negate the investment but if we return the money to business, within 3 years and invest in business, is this acceptable to UKVI ?
5. Very well answered. Thanks a lot.

[CR001]

4. You cannot use the business account as a 'personal piggy bank' if that is what you mean, so no, this would not be acceptable to HO.

[sankhlacad1]

Is spouse of an entrepreneur allowed to work for business? If yes, his/her salary can be claimed as an investment in business? Thanks

[CR001]

Salaries are not considered 'investment', they are business expenses, so no, you cannot claim this as investment.

Spouse can probably work for you but would be excluded from your job creation requirement that has to be met. Your job creation has to be people who are settled (ILR) or British/EU citizens.

Have you read the full requirements for this visa? Have you done market research? Have you got a robust business plan and projection for the business? Website, advertising, etc??

There is no discretion by HO, you have to meet ALL the requirements.

[noajthan]

Similar question on employing family members in the proposed business adventure:
http://www.immigrationboards.com/uk-tie ... 04705.html

[sankhlacad1]

Thanks for the response.
Yes, we have ready the full requirements now.
Yes we have done market research. Market research and business projection are explained in the business plan. Do we need an additional document to submit as market research?
We have a business plan in place. Is this robust? is difficult to answer.
We are setting up a new business. Do you think website and advertising is necessary for visa application? I guess not. You might be thinking about extension case.
Please suggest if I am wrong.

[sankhlacad1]

Hi members,
We are team of two entrepreneurs from India. We have deposited all our money in one joint account shared between two partners. Both partners have 100% access to the money. The money includes maintenance funds for both families. (Equivalent of £200,000 + maintenance family 1 + maintenance family 2 + additional money to take care of currency fluctuations) All in single joint account.
Our question is...Are we satisfying the requirement of maintenance funds OR it should be in separate personal account(s)? UKVI guideline confused us i.e. point no. 92 & 254.
92.In all cases you may not use the same funds to score points for your funds available for
investment and for maintenance funds for yourself and any dependants.
254. You may not use the same funds to score points for investment funds and to score points for maintenance funds for yourself or your dependants.
Waiting for your expert opinion as we are running against time. Thanks in advance.