Applying as team of 2 with own personal bank accounts.

Tripletrouble · Post by **Tripletrouble** » Fri Aug 24, 2012 11:54 pm

Hello,
This is a point from the Policy Guidance,

"If you have formed an Entrepreneurial Team with another applicant, the documents must
confirm that the funds are available to both team members. Your Entrepreneurial team member
must also qualify to use the same amount of investment if the total amount available to your
entrepreneurial team is £50,000 or more. If the other team member does not also qualify for
this level of investment, the total amount available to the team must be at £200,000 or more."

Could anyone tell me how can we confirm that the funds are available to both team member.

Thank you.

Post by **Lucapooka** » Sat Aug 25, 2012 12:02 am

Have you read the guidance? Which of the paragraphs with regard to this requirement are you struggling with?

Tripletrouble · Post by **Tripletrouble** » Sat Aug 25, 2012 12:20 am

Yes, I read the policy. This is point 58. Me and my team member have 25K in our personal accounts. How can we show that the money can be accessed by both of us.

Post by **Lucapooka** » Sat Aug 25, 2012 9:05 am

By whom (persons or entities) is the money held and in which country?

Tripletrouble · Post by **Tripletrouble** » Sat Aug 25, 2012 9:12 am

I have my money in my personal bank account in uk and my team member has his money in his personal bank account also in uk. Can we just send our statements only or do we need any other letters

Post by **Lucapooka** » Sat Aug 25, 2012 10:22 am

In the case of money held in a UK bank, the guidance indicates that you can just send your individual statements. However, if I were making this application I would also include an affidavit from both of naming your parters as having unfettered access (in terms of your permission) to use this money for the purpose intended in the application. This is in lieu of a letter from each bank naming the other team member, which I think is something you will not be able to get from a normal High Street bank in the UK.

Tripletrouble · Post by **Tripletrouble** » Sat Aug 25, 2012 11:17 am

Please, any advice on how we can get this done.

Post by **Lucapooka** » Sat Aug 25, 2012 11:27 am

Any solicitor should be able to draft and swear a letter for you.

Tripletrouble · Post by **Tripletrouble** » Sat Aug 25, 2012 11:51 am

Thank you very much for your help.

saeedusman · Post by **saeedusman** » Sat Aug 25, 2012 1:34 pm

Why not you both open a joint account and deposit all your funds (£50k) in that account and use that statement.
I believe that should be enough and should cover you both.

Tripletrouble · Post by **Tripletrouble** » Sat Aug 25, 2012 2:19 pm

Thank you, saeedusman
We were also thinking of doing the same.

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Applying as team of 2 with own personal bank accounts.

Applying as team of 2 with own personal bank accounts.