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1. No, individual accounts is finenp_7777 wrote: ↑Fri Nov 30, 2018 11:40 amI along with another colleague plan to apply for Tier 1 Entrepreneur visa.
We have arranged for £200k funds, have a business plan and both of us have 20+ years of relevant experience with strong senior management experience.
Have the following questions :-
1. Do the funds need to be in a joint Bank account between myself and my partner ONLY? Currently we have the funds in our individual accounts,
2. Do we need to mandatorily hold the funds for 90 consecutive calendar days OR will it suffice if we provide supporting for source of funds and apply earlier ?
Thanks in Advance
That is an interesting interpretation and I can see why you may think that.
I don't recall anyone here posting specifically that they had kept money in joint accounts. However, there was at least one case where the team members claimed investment and employment points from entirely separate businesses. That seems to have been an extreme or just pure luck as it is clearly not in line with the rules. But, as I posted earlier, because other parts of the immigration rules allow you to use each other's funds, I consider it would be safe to use personal accounts.shakebassri wrote: ↑Tue Dec 04, 2018 6:38 amThanks@Marcnath & @bajo85. We have the same issue we have 200K funds in individual account (100K each) but we didnot go for "joint account" and is also difficult as we are in 2 different country currently. Has anyone got accepted in Team ENT without joint account ? Thanks for reply/ suggestion, will be very valuable for us.
marcnath wrote: ↑Tue Dec 04, 2018 6:42 amThat is an interesting interpretation and I can see why you may think that.
There are other sections where it is clear the team members can depend up on each other's funds, so I don't believe the intention of that clause was that the money has to be in a joint account.
Unless someone has an example that HO is doing such a strong interpretation, I would believe that it is can be in individual accoounts.
Thanks and that's valuable. Clearly HO has been tightening that.bajo85 wrote: ↑Tue Dec 04, 2018 11:00 ammarcnath wrote: ↑Tue Dec 04, 2018 6:42 amThat is an interesting interpretation and I can see why you may think that.
There are other sections where it is clear the team members can depend up on each other's funds, so I don't believe the intention of that clause was that the money has to be in a joint account.
Unless someone has an example that HO is doing such a strong interpretation, I would believe that it is can be in individual accoounts.
Dear @Marcnath, I said that on the basis of my personal experience. We 2 friends had 28k each in our personal accounts and got a signed “statotry declaration” attested by Solicitor, stating that we have more than 50k in our accounts and that we have formed team to invest this sum in our business. But Home Office refused us by saying that though we both team members had funds but we didn’t have equal level of control on those funds. Then we re-applied after opening a joint bank account and eventually got successful.
So I advise not to take a chance and must consult the paragraph “Money held by you” on page 14 of Tier 1 (Entrepreneur) Policy Guidance – version 0 7 /2018 –
The following is the pertinent part of the paragraph to your question
(2) The account must be in your own name only (or both names for an entrepreneurial team or where it is a joint account with your spouse, civil partner or partner), not in the name of a business or third party.
and please remember 1 thing, submit “specified documents” only not what you think are equivalent of the required docs
I hope it’ll help
Thank You
marcnath wrote: ↑Tue Dec 04, 2018 11:17 amThanks and that's valuable. Clearly HO has been tightening that.bajo85 wrote: ↑Tue Dec 04, 2018 11:00 ammarcnath wrote: ↑Tue Dec 04, 2018 6:42 amThat is an interesting interpretation and I can see why you may think that.
There are other sections where it is clear the team members can depend up on each other's funds, so I don't believe the intention of that clause was that the money has to be in a joint account.
Unless someone has an example that HO is doing such a strong interpretation, I would believe that it is can be in individual accoounts.
Dear @Marcnath, I said that on the basis of my personal experience. We 2 friends had 28k each in our personal accounts and got a signed “statotry declaration” attested by Solicitor, stating that we have more than 50k in our accounts and that we have formed team to invest this sum in our business. But Home Office refused us by saying that though we both team members had funds but we didn’t have equal level of control on those funds. Then we re-applied after opening a joint bank account and eventually got successful.
So I advise not to take a chance and must consult the paragraph “Money held by you” on page 14 of Tier 1 (Entrepreneur) Policy Guidance – version 0 7 /2018 –
The following is the pertinent part of the paragraph to your question
(2) The account must be in your own name only (or both names for an entrepreneurial team or where it is a joint account with your spouse, civil partner or partner), not in the name of a business or third party.
and please remember 1 thing, submit “specified documents” only not what you think are equivalent of the required docs
I hope it’ll help
Thank You
I still believe even the clause you quoted can be argued that they need to accept individual accounts but I totally agree that it is not worth the effort - better to have a joint account.
Did you then have to wait 90 days for the joint account ?