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Moderators: Casa, Amber, archigabe, batleykhan, ca.funke, ChetanOjha, EUsmileWEallsmile, JAJ, John, Obie, push, geriatrix, vinny, CR001, zimba, meself2
Please do click on the link I posted of your previous post about some application you made.CR001 wrote: ↑Sat Jan 05, 2019 3:18 pmWhat did you previously apply for??
eea-route-applications/priority-visa-st ... l#p1567985
shivani2422 wrote: ↑Sat Jan 05, 2019 2:20 pmHi All,
Need your help regarding the TIER1 Entrepreneur application for UK.
We are two entrepreneur partners who have arranged for £200k funds and is planning to apply for Tier 1 Entrepreneur visa.
1. Do the funds need to be in a joint Bank account between myself and my entrepreneur partner?
--- Joint Bank account is the most unambiguous way of getting the required points. And it needs to be a Current account (Savings Account, Mutual Funds etc. is not ok)
2. Do we need to mandatory hold the funds for 90 consecutive calendar days OR will it suffice if we provide supporting for source of funds and apply earlier ?
--- 90 days is clearly mentioned in the guidance. I have not seen cases where people have been able to bypass that.
3. What does investment of funds in the Business means ?
--- You need to fund the business with your funds. It can also be a Director's loan
4. What does equal access to funds means?
--- Joint Bank account means equal access.
5. Do the maintenance funds needs to be in individual accounts or is it again a requirement in a shared account?
--- I believe this is ok in individual account
It would be very helpful if anyone can guide and suggest.
The immigration rules do not require you to have a joint bank account. However, it requires you to have equal control. So a joint account is he easiest way of meeting that requirement.shivani2422 wrote: ↑Sat Jan 05, 2019 2:20 pmHi All,
Need your help regarding the TIER1 Entrepreneur application for UK.
We are two entrepreneur partners who have arranged for £200k funds and is planning to apply for Tier 1 Entrepreneur visa.
1. Do the funds need to be in a joint Bank account between myself and my entrepreneur partner?
Yes, if you are relying on your own funds. It is not needed for third party funding.shivani2422 wrote: ↑Sat Jan 05, 2019 2:20 pm2. Do we need to mandatory hold the funds for 90 consecutive calendar days OR will it suffice if we provide supporting for source of funds and apply earlier ?
Exactly what it says - investment of money into your businessshivani2422 wrote: ↑Sat Jan 05, 2019 2:20 pm3. What does investment of funds in the Business means ?
Again, the language is straightforward. A joint account is possibly the best way of meeting that.
Individual is fineshivani2422 wrote: ↑Sat Jan 05, 2019 2:20 pm5. Do the maintenance funds needs to be in individual accounts or is it again a requirement in a shared account?
shivani2422 wrote: ↑Sat Jan 05, 2019 2:20 pmIt would be very helpful if anyone can guide and suggest.
All and np_7777,np_7777 wrote: ↑Sun Jan 06, 2019 2:54 pmshivani2422 wrote: ↑Sat Jan 05, 2019 2:20 pmHi All,
Need your help regarding the TIER1 Entrepreneur application for UK.
We are two entrepreneur partners who have arranged for £200k funds and is planning to apply for Tier 1 Entrepreneur visa.
1. Do the funds need to be in a joint Bank account between myself and my entrepreneur partner?
--- Joint Bank account is the most unambiguous way of getting the required points. And it needs to be a Current account (Savings Account, Mutual Funds etc. is not ok)
2. Do we need to mandatory hold the funds for 90 consecutive calendar days OR will it suffice if we provide supporting for source of funds and apply earlier ?
--- 90 days is clearly mentioned in the guidance. I have not seen cases where people have been able to bypass that.
3. What does investment of funds in the Business means ?
--- You need to fund the business with your funds. It can also be a Director's loan
4. What does equal access to funds means?
--- Joint Bank account means equal access.
5. Do the maintenance funds needs to be in individual accounts or is it again a requirement in a shared account?
--- I believe this is ok in individual account
It would be very helpful if anyone can guide and suggest.
I have not seen anything that insists it has to be a current account.mohamedlasheen wrote: ↑Mon Jan 07, 2019 2:47 pmAll and np_7777,np_7777 wrote: ↑Sun Jan 06, 2019 2:54 pmshivani2422 wrote: ↑Sat Jan 05, 2019 2:20 pmHi All,
Need your help regarding the TIER1 Entrepreneur application for UK.
We are two entrepreneur partners who have arranged for £200k funds and is planning to apply for Tier 1 Entrepreneur visa.
1. Do the funds need to be in a joint Bank account between myself and my entrepreneur partner?
--- Joint Bank account is the most unambiguous way of getting the required points. And it needs to be a Current account (Savings Account, Mutual Funds etc. is not ok)
2. Do we need to mandatory hold the funds for 90 consecutive calendar days OR will it suffice if we provide supporting for source of funds and apply earlier ?
--- 90 days is clearly mentioned in the guidance. I have not seen cases where people have been able to bypass that.
3. What does investment of funds in the Business means ?
--- You need to fund the business with your funds. It can also be a Director's loan
4. What does equal access to funds means?
--- Joint Bank account means equal access.
5. Do the maintenance funds needs to be in individual accounts or is it again a requirement in a shared account?
--- I believe this is ok in individual account
It would be very helpful if anyone can guide and suggest.
Regarding the response of point 2, I am holding the money in a saving joint account in Egypt in cash, I did not see any requirements or a must to be in a current joint account. please advise
ISAs is a very UK specific term and is an investment account. There are normal savings accounts in the UK which should be acceptable.np_7777 wrote: ↑Tue Jan 08, 2019 2:45 pmThis is on Page 9 of the Guidance (https://www.gov.uk/government/publicati ... trepreneur)
"Available money must be cash, not in Individual Savings Accounts (ISAs) or other assets such as stocks and shares"
However please note that the term "Savings Account" means different country to country. So while a Savings Account might still be ok, in my view Current account is the safest as it is as good as cash in terms on liquidity