TIER 1 ENTREPRENEUR 50K URGENT PLEASE!!!!

[KlareSim]

wondering if you guys can help me.
I am thinking about T1E and I have over 50,000 pounds in my UK account.
but I DON'T have PSW visa.
I read about guidance a few times but don’t understand really.
Does it mean I should put money into some venture capitalist funding(or should I invest privately?), UK Entrepreneurial seed funding or UK Government Department?
Or is it ok that I just submit a bank statement showing that I hold 50,000 pounds (plus maintenance) in my UK account?
It will be much appreciated if you can help me.
Thanks.

[Lucapooka]

I am thinking about T1E and I have over 50,000 pounds in my UK account.
but I DON'T have PSW visa.

So you can't apply on that basis. You will need 200K

The 50K venture capital/UK govt. funding is given in exceptional circumstances to exceptional people with innovative ideas, or business plans that are considered to be of high merit. Do you think you might be in the running for such funding?

[makingastart]

The 50K venture capital/UK govt. funding is given in exceptional circumstances to exceptional people with innovative ideas, or business plans that are considered to be of high merit.

I wonder if anyone actually got that on this board

[Lucapooka]

Well perhaps my use of exceptional is misleading. It's an investment by professional investors who look for opportunities that have a high potential of success. They are not doing this for love; they are in this to make money, and take great steps to ensure their investment is as secure as possible. As such, it's beyond the reach of most people who wish to loan money to begin their small business; the risks with that are generally too great.

[KlareSim]

The 50K venture capital/UK govt. funding is given in exceptional circumstances to exceptional people with innovative ideas, or business plans that are considered to be of high merit. Do you think you might be in the running for such funding?

according to the guidance, its not that I should prove my innovative business plan and convince some professional investor to give me 50k to start my business.
It says I need to hold 50k in one of the venture capitalist firms, then I submit the documentary evidence confirming that.

You are making me confused.

[nickb]

The 50K venture capital/UK govt. funding is given in exceptional circumstances to exceptional people with innovative ideas, or business plans that are considered to be of high merit. Do you think you might be in the running for such funding?

according to the guidance, its not that I should prove my innovative business plan and convince some professional investor to give me 50k to start my business.
It says I need to hold 50k in one of the venture capitalist firms, then I submit the documentary evidence confirming that.

You are making me confused.

He is not confusing you. You don't need to show any innovative business idea to UKBA but need to do that to the VC firms in order to get funding. They won't simply give you money because this is not like loan. Recommend that you read up on how VC works.

[KlareSim]

He is not confusing you. You don't need to show any innovative business idea to UKBA but need to do that to the VC firms in order to get funding. They won't simply give you money because this is not like loan. Recommend that you read up on how VC works

As I understood, I need to put my money to VC firms, not they give me money. and I get a document from accountant of the the firm showing that I have money in an account at the VC firm in order to apply for T1E(50k).

Is it not how it works?

[Lucapooka]

Absolutely not! For the 50K capital threshold (other than for a PSW migrant) the money has to be held by the VC group, rather than the applicant. The VC entity thinks your idea is so good that they are willing to invest in that project. Clearly you have not read the guidance and I suggest you do this.

[PaperPusher]

He is not confusing you. You don't need to show any innovative business idea to UKBA but need to do that to the VC firms in order to get funding. They won't simply give you money because this is not like loan. Recommend that you read up on how VC works

As I understood, I need to put my money to VC firms, not they give me money. and I get a document from accountant of the the firm showing that I have money in an account at the VC firm in order to apply for T1E(50k).

Is it not how it works?

No it isn't how things work.

http://www.bvca.co.uk/assets/features/show/FAQs

http://www.ukba.homeoffice.gov.uk/sitec ... dance1.pdf