Team Or Single Is Batter (50K)

[nofear_mna]

Hi everyone i need advice from you people. Me and my friend cousin both are on psw and want to switch to Tier 1 Ent under 50000 rule.
I have got 50000 in my account outside U.K but My cousin got around 25000 only so he want me to make a team with him.
But someone told me its better to do it individually but i want to help my cousin and i know in future its good for us as well in terms of doing business.
So i want advice from you people regarding this. And if there are any implications please kindly tell me. Thanks

[Lucapooka]

The rules allow for individual or team applications. Either application is treated equally on its merits. There is no concept of a first or second class category; one having priority or preferential treatment.

[crazy_ram]

Hi,
If you trust each other and both are committed and serious about running your business for at least 5 years period of time after getting your visas, you can team up, start you business and apply for visa. If you expect any problems in running the business together for at least 5 years or any other disturbances, misunderstanding or any other problem then you have to think twice.

Benefits of Teaming up are;
1. Share the starting investment amount (50K).
2. Share the administrative costs of the business, share work at business.
3. Process will be easier at the time of extension (you can create employment for 2 settled persons together)

Risks;
1. If partner is not serious at the business, other partner have to struggle to manage everything.
2. If any one member of tham dont want to continue in the business or dont want tier1 extension, the other member's life is going to be miserable.

I hope this helps,

Regards,
RAM

[nofear_mna]

Hi,
If you trust each other and both are committed and serious about running your business for at least 5 years period of time after getting your visas, you can team up, start you business and apply for visa. If you expect any problems in running the business together for at least 5 years or any other disturbances, misunderstanding or any other problem then you have to think twice.

Benefits of Teaming up are;
1. Share the starting investment amount (50K).
2. Share the administrative costs of the business, share work at business.
3. Process will be easier at the time of extension (you can create employment for 2 settled persons together)

Risks;
1. If partner is not serious at the business, other partner have to struggle to manage everything.
2. If any one member of tham dont want to continue in the business or dont want tier1 extension, the other member's life is going to be miserable.

I hope this helps,

Regards,
RAM

THANK YOU VERY MUCH BOTH OF YOU.
MR RAM CAN YOU PLEASE EXPLAIN ME WHAT WILL HAPPEN IF ANYONE FROM US NOT CONTINUE AFTER GETTING VISA. I WILL BE VERY THANKFUL TO YOU. THANKS

[Lucapooka]

Anyone who does not continue would be required to change their immigration status or leave the UK. He may retain a controlling interest in the business interests but if he leaves the UK one must assume this could only do this remotely and with the support of any visits he might be permitted to make. Or the departing individual sells out to the other.

[nofear_mna]

Anyone who does not continue would be required to change their immigration status or leave the UK. He may retain a controlling interest in the business interests but if he leaves the UK one must assume this could only do this remotely and with the support of any visits he might be permitted to make. Or the departing individual sells out to the other.

hi ! thanks for your reply so if someone leaves the business it will not effect the immigration status of other person. Thanks

[Lucapooka]

It will not if they continue to run the business in accordance with the UKBA requirements.

[nofear_mna]

It will not if they continue to run the business in accordance with the UKBA requirements.

one last question is it possible to switch from tier 1 ent to any other category if someone cant want to carry on this category. thanks

[hitman2]

Hello All,

This is my first post to this forum, I am a bit confused regarding team funds and want to have some suggestions., all the other documents are almost done but the following part is unclear.

Me and my team member are both on PSW so we have to arrange 50K

- I have got 25K in my personal account
- Half of my team member's funds are back home in his personal account
and half of the funds are in UK in his personal account.

I've read the policy guidance and it suggests that 50K should be accessable to both members and the only way to show this (as in policy guidance) is by creating a shared account and depositing all 50K in it.

I've taken advices from different consultants and most of them are suggesting to create a joint account, is there any other option that we can opt other then creating joint acccount?

waiting for some suggestions!

[nickb]

Hello All,

This is my first post to this forum, I am a bit confused regarding team funds and want to have some suggestions., all the other documents are almost done but the following part is unclear.

Me and my team member are both on PSW so we have to arrange 50K

- I have got 25K in my personal account
- Half of my team member's funds are back home in his personal account
and half of the funds are in UK in his personal account.

I've read the policy guidance and it suggests that 50K should be accessable to both members and the only way to show this (as in policy guidance) is by creating a shared account and depositing all 50K in it.

I've taken advices from different consultants and most of them are suggesting to create a joint account, is there any other option that we can opt other then creating joint acccount?

waiting for some suggestions!

Well you need to have equal access so a joint account seems to be the most obvious answer but why don't you speak to your bank and and find out if there is any other possibility. Instead of opening a new joint account you could look at becoming a joint account holder in the existing accounts.

[hitman2]

Thanks for your response nickb, the issue is not opening a joint account, there are around 10K of funds in my team member's overseas personal account and it is not joint account either.

My team member is saying that we can both write a letter or declaration (like in third party case) to give access to each other's funds for a business but I am not sure on this, I am trying to call UKBA from the last month but they are not responding at all, no reply to the emails as well.

Hopefully some one in this forum can answer this, thanks in advance

[hitman2]

Can someone suggest anything on this, I have to apply next week, any prompt response would be great,

let me repharase the question, can team members be 3rd party for each other to give access to their funds ?