Queries when applying as Entrepreneur Partners

[shivani2422]

Hi 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?
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 ?
3. What does investment of funds in the Business means ?
4. What does equal access to funds means?
5. Do the maintenance funds needs to be in individual accounts or is it again a requirement in a shared account?
It would be very helpful if anyone can guide and suggest.

[CR001]

What did you previously apply for??

eea-route-applications/priority-visa-st ... l#p1567985

[shivani2422]

This is the first time , I am applying for TIER 1 ENTREPRENEUR VISA and is very confused about the correct way and process for it .

[CR001]

What did you previously apply for??

eea-route-applications/priority-visa-st ... l#p1567985

Please do click on the link I posted of your previous post about some application you made.

[shivani2422]

That query was for last year when , I applied for Priority Tourist VISA .
Luckily, I got that in time and that was then and there sorted.

My query is now for a different scenario where , I am planning to apply for TIER 1 UK Entrepreneur VISA with my Entrepreneur partner .

So would like the help in that .

Looking forward for the answers and help.

[np_7777]

Hi 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.

[marcnath]

Hi 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?

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.

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 ?

Yes, if you are relying on your own funds. It is not needed for third party funding.

3. What does investment of funds in the Business means ?

Exactly what it says - investment of money into your business

4. What does equal access to funds means?

Again, the language is straightforward. A joint account is possibly the best way of meeting that.

5. Do the maintenance funds needs to be in individual accounts or is it again a requirement in a shared account?

Individual is fine

It would be very helpful if anyone can guide and suggest.

[mohamedlasheen]

Hi 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.

All and np_7777,

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

[mohamedlasheen]

I mean the joint account is a typical saving account

[marcnath]

Hi 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.

All and np_7777,

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

I have not seen anything that insists it has to be a current account.

[np_7777]

This 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

[marcnath]

This 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

ISAs is a very UK specific term and is an investment account. There are normal savings accounts in the UK which should be acceptable.

[shivani2422]

Hello All,

Thank you so much for replying to my queries. It cleared things for me .

Could you please tell me if my partner can act as my third party for the funds and if yes, then what all documents are required to show for the same.

Thanks