Tier 1 Entrepreneur IMPORTANT QUERIES

[hham1224]

Dear All,

Just want to know about the £50,000 funds requirement. I have been told by my friends that £50,000 must be in the UK. My father has the equivalent amount in my home country. Can I use these funds? Would this create any problem if I use my father's funds from Pakistan?

In addition to this, if I have a letter from companies House which confirms that I am the Director of the company, would that be sufficient (that will be the same letter which I received when I incorporated my company)?

I have all the contracts, advertisements, visiting cards, website etc. Is there any other thing I am missing here?

Last but not the least, is the business plan requirement of the visa?


Your views will be much Appreciated.

Best Wishes,

[smehmood]

Dear All,

Just want to know about the £50,000 funds requirement. I have been told by my friends that £50,000 must be in the UK. My father has the equivalent amount in my home country. Can I use these funds? Would this create any problem if I use my father's funds from Pakistan?

In addition to this, if I have a letter from companies House which confirms that I am the Director of the company, would that be sufficient (that will be the same letter which I received when I incorporated my company)?

I have all the contracts, advertisements, visiting cards, website etc. Is there any other thing I am missing here?

Last but not the least, is the business plan requirement of the visa?


Your views will be much Appreciated.

Best Wishes,

Hi

1. You can have investment funds held in pakistan but they should be in bank in your or someone else account.
if funds are in your account then you need a letter and bank statement from your bank
if funds are held in someone else ie brother, Father, then you need letter and some extra documents from the person who has money also called 3rd party.

2. you need current appointment report from company house.
3. so far you are not missing anything.

Hope it would help.

[thebestone]

[quote="hham1224"]

1. Funds could be anywhere if account name is in your father name you need a bank letter and third party letter with legal advisor as given in policy guidance.

2. You can get the current appointment report from the companies house website.

3. No business plan is required.

4. Atleast one fresh contract with your client, your business account evidence and filled ct41g hmrc form is also required

[tinafeb20]

Dear All,

Just want to know about the £50,000 funds requirement. I have been told by my friends that £50,000 must be in the UK. My father has the equivalent amount in my home country. Can I use these funds? Would this create any problem if I use my father's funds from Pakistan?

In addition to this, if I have a letter from companies House which confirms that I am the Director of the company, would that be sufficient (that will be the same letter which I received when I incorporated my company)?

I have all the contracts, advertisements, visiting cards, website etc. Is there any other thing I am missing here?

Last but not the least, is the business plan requirement of the visa?


Your views will be much Appreciated.

Best Wishes,

Hi Dear Friend,
I have small querry, how did u managed to get advertisements and creating website of your company and ads in website, can u please forward the details of them so i can also approach them in getting done those materials for my business as i am in similar situation as you. Many thanks in Advance.

Waiting 4 ur reply.

[hham1224]

Dear All,

Just want to know about the £50,000 funds requirement. I have been told by my friends that £50,000 must be in the UK. My father has the equivalent amount in my home country. Can I use these funds? Would this create any problem if I use my father's funds from Pakistan?

In addition to this, if I have a letter from companies House which confirms that I am the Director of the company, would that be sufficient (that will be the same letter which I received when I incorporated my company)?

I have all the contracts, advertisements, visiting cards, website etc. Is there any other thing I am missing here?

Last but not the least, is the business plan requirement of the visa?


Your views will be much Appreciated.

Best Wishes,

Hi Dear Friend,
I have small querry, how did u managed to get advertisements and creating website of your company and ads in website, can u please forward the details of them so i can also approach them in getting done those materials for my business as i am in similar situation as you. Many thanks in Advance.

Waiting 4 ur reply.

I am a Chartered Accountant and established my Accountancy Practice. If you have set up your business than you need all these things to get it running.

I made my own website (an excellent professional looking saved about some £££s)

I have advertised my services through local new papers and in other classified ads (Paid Gumtree etc)
Visiting cards
Since lots of my clients asked me to prepare their accounts for limited companies/visa purposes for UKBA/VAT compliance work/Corporation tax advisory and compliance /personal Tax advisory/compliance etc. so that was an easy start for me.



I hope this may help.



Best Wishes

[rehan01]

Hi hham1224,

You can use the money in your father account or like you written in your post that you can get the money transfer in your account in Pakistan for that you will need bank statement plus a letter from bank, but if you read policy guidance it give details information about the documents needed if you using funds in someone else account (father, brother etc account will be 3rd party in your case) so do the proper documentation as you are using 3rd party funding unless you transfer money in your account.

Secondly I am apply for TIER 1 Enterpreneur in country application and I am in need of a contract format for providing services to my clients if you have or you can please provide me with a format of contract that will be ok big help.

many thanks

Rehan

[hham1224]

Hi hham1224,

You can use the money in your father account or like you written in your post that you can get the money transfer in your account in Pakistan for that you will need bank statement plus a letter from bank, but if you read policy guidance it give details information about the documents needed if you using funds in someone else account (father, brother etc account will be 3rd party in your case) so do the proper documentation as you are using 3rd party funding unless you transfer money in your account.

Secondly I am apply for TIER 1 Enterpreneur in country application and I am in need of a contract format for providing services to my clients if you have or you can please provide me with a format of contract that will be ok big help.

many thanks

Rehan

I will be using my own bank account in Pakistan for the £50,000 funds. Do I need bank statement or the letter from the bank? I think the bank letter should be enough. Why would I need a bank statement?

If I only retain the funds for two days and get a letter from the bank as per template given in policy guidance. Would this satisfy the £50,000 funds requirement?

The reason I can only retain funds for two days, because my father is a businessman and I think UKBA understands this. In addition, the policy guidance is also silent on the number of days the £50,000 funds held in the bank.



Regards,

[hham1224]

Hi hham1224,

You can use the money in your father account or like you written in your post that you can get the money transfer in your account in Pakistan for that you will need bank statement plus a letter from bank, but if you read policy guidance it give details information about the documents needed if you using funds in someone else account (father, brother etc account will be 3rd party in your case) so do the proper documentation as you are using 3rd party funding unless you transfer money in your account.

Secondly I am apply for TIER 1 Enterpreneur in country application and I am in need of a contract format for providing services to my clients if you have or you can please provide me with a format of contract that will be ok big help.

many thanks

Rehan

I will be using my own bank account in Pakistan for the £50,000 funds. Do I need bank statement or the letter from the bank? I think the bank letter should be enough. Why would I need a bank statement?

If I only retain the funds for two days and get a letter from the bank as per template given in policy guidance. Would this satisfy the £50,000 funds requirement?

The reason I can only retain funds for two days, because my father is a businessman and I think UKBA understands this. In addition, the policy guidance is also silent on the number of days the £50,000 funds held in the bank.



Regards,

Dear all,

Can anyone confirm that funds in Pakistani account £50,000 will be acceptable by the UKBA as lot of people saying that Pakistani funds are not advisable?

I cant transfer the funds to the UK due to the potential UK tax issues. Please advise me on this ASAP as i m making my application soon.

Best wishes,

[smehmood]

Hi hham1224,

You can use the money in your father account or like you written in your post that you can get the money transfer in your account in Pakistan for that you will need bank statement plus a letter from bank, but if you read policy guidance it give details information about the documents needed if you using funds in someone else account (father, brother etc account will be 3rd party in your case) so do the proper documentation as you are using 3rd party funding unless you transfer money in your account.

Secondly I am apply for TIER 1 Enterpreneur in country application and I am in need of a contract format for providing services to my clients if you have or you can please provide me with a format of contract that will be ok big help.

many thanks

Rehan

I will be using my own bank account in Pakistan for the £50,000 funds. Do I need bank statement or the letter from the bank? I think the bank letter should be enough. Why would I need a bank statement?

If I only retain the funds for two days and get a letter from the bank as per template given in policy guidance. Would this satisfy the £50,000 funds requirement?

The reason I can only retain funds for two days, because my father is a businessman and I think UKBA understands this. In addition, the policy guidance is also silent on the number of days the £50,000 funds held in the bank.



Regards,

Dear all,

Can anyone confirm that funds in Pakistani account £50,000 will be acceptable by the UKBA as lot of people saying that Pakistani funds are not advisable?

I cant transfer the funds to the UK due to the potential UK tax issues. Please advise me on this ASAP as i m making my application soon.

Best wishes,

hi

who told you pakistani banks are not acceptable ? Whats wrong with Pakistani Banks?

I found these comments insulting...

Try to get both bank statement and letter.

Regards



Regards

[hham1224]

Dear All,

Just want to know about the £50,000 funds requirement. I have been told by my friends that £50,000 must be in the UK. My father has the equivalent amount in my home country. Can I use these funds? Would this create any problem if I use my father's funds from Pakistan?

In addition to this, if I have a letter from companies House which confirms that I am the Director of the company, would that be sufficient (that will be the same letter which I received when I incorporated my company)?

I have all the contracts, advertisements, visiting cards, website etc. Is there any other thing I am missing here?

Last but not the least, is the business plan requirement of the visa?


Your views will be much Appreciated.

Best Wishes,

Hi

1. You can have investment funds held in pakistan but they should be in bank in your or someone else account.
if funds are in your account then you need a letter and bank statement from your bank
if funds are held in someone else ie brother, Father, then you need letter and some extra documents from the person who has money also called 3rd party.

2. you need current appointment report from company house.
3. so far you are not missing anything.

Hope it would help.

If I take the bank statement and the bank statement shows that £50,000 is only maintained for two days, would this cause any problem?

In addition, I will also be providing the bank letter for the funds confirmation.


Best Wishes

[rehan01]

Dear All,

I am applying Tier 1 Enterpreneur and have Team Member applying with me, I have a question if funds are held in joint account do we still need to get the declaration from solicitors? or not?

as per my understanding if funds is in one of us personal account then we definitely need declaration from solicitors.

please advise.

regards

Rehan

[moongesture]

Dear All,

I am applying Tier 1 Enterpreneur and have Team Member applying with me, I have a question if funds are held in joint account do we still need to get the declaration from solicitors? or not?

as per my understanding if funds is in one of us personal account then we definitely need declaration from solicitors.

please advise.

regards

Rehan

No, if funds are in joint account and bank letter confirms both name then you do not need any further clarification.

[hham1224]

If I take the bank statement and the bank statement shows that £50,000 is only maintained for two days, would this cause any problem?



Best Wishes

[Akhan14]

If I take the bank statement and the bank statement shows that £50,000 is only maintained for two days, would this cause any problem?



Best Wishes

Have you applied for the tier 1 yet? I applied on the basis of 200k on the 12th, 125k in uk personal ac, 75k in third party pk bank, I only used bank letters for uk and pk accounts which serves the purpose.. As per policy guidance for pk or overseas only bank letter is required so why send a statement?! Also for uk either bank letter or bank statement or both..
Kind regards

[hham1224]

If I take the bank statement and the bank statement shows that £50,000 is only maintained for two days, would this cause any problem?



Best Wishes

Have you applied for the tier 1 yet? I applied on the basis of 200k on the 12th, 125k in uk personal ac, 75k in third party pk bank, I only used bank letters for uk and pk accounts which serves the purpose.. As per policy guidance for pk or overseas only bank letter is required so why send a statement?! Also for uk either bank letter or bank statement or both..
Kind regards

Yes I have applied on 12/12/12. But I have sent the bank letter along with the bank statement. The Bank statement only show the balance for 30 days of £50,000 funds.

Is holding funds of £50,000 for thirty days (30) will be OK? Please let me know.

Best Wishes

[Akhan14]

If I take the bank statement and the bank statement shows that £50,000 is only maintained for two days, would this cause any problem?



Best Wishes

Have you applied for the tier 1 yet? I applied on the basis of 200k on the 12th, 125k in uk personal ac, 75k in third party pk bank, I only used bank letters for uk and pk accounts which serves the purpose.. As per policy guidance for pk or overseas only bank letter is required so why send a statement?! Also for uk either bank letter or bank statement or both..
Kind regards

Yes I have applied on 12/12/12. But I have sent the bank letter along with the bank statement. The Bank statement only show the balance for 2 days of £50,000 funds.

Is holding funds of £50,000 for two days will be OK? Please let me know.

Best Wishes

As long as you have the required funds on the day you apply, you should
Not have any problems..

Good luck

[hham1224]

If I take the bank statement and the bank statement shows that £50,000 is only maintained for two days, would this cause any problem?



Best Wishes

Have you applied for the tier 1 yet? I applied on the basis of 200k on the 12th, 125k in uk personal ac, 75k in third party pk bank, I only used bank letters for uk and pk accounts which serves the purpose.. As per policy guidance for pk or overseas only bank letter is required so why send a statement?! Also for uk either bank letter or bank statement or both..
Kind regards

Yes I have applied on 12/12/12. But I have sent the bank letter along with the bank statement. The Bank statement only show the balance for 2 days of £50,000 funds.

Is holding funds of £50,000 for two days will be OK? Please let me know.

Best Wishes

As long as you have the required funds on the day you apply, you should
Not have any problems..

Good luck

Can you please refer this to any rule or reference where £50,000 funds must me kept to the date of application

[Akhan14]

Have you applied for the tier 1 yet? I applied on the basis of 200k on the 12th, 125k in uk personal ac, 75k in third party pk bank, I only used bank letters for uk and pk accounts which serves the purpose.. As per policy guidance for pk or overseas only bank letter is required so why send a statement?! Also for uk either bank letter or bank statement or both..
Kind regards

Yes I have applied on 12/12/12. But I have sent the bank letter along with the bank statement. The Bank statement only show the balance for 2 days of £50,000 funds.

Is holding funds of £50,000 for two days will be OK? Please let me know.

Best Wishes

As long as you have the required funds on the day you apply, you should
Not have any problems..

Good luck

Can you please refer this to any rule or reference where £50,000 funds must me kept to the date of application

In policy guidance for tier 1 enterpreneur, the only requirement to keep funds for a specific date is maintenance as u already know for 3 months, there is no such guidance for investment funds which u can relate that require you to keep these funds for specific time or you can't withdraw, common sense rule is to keep the money till varification of ukba just to save the headache afterwards..

Hope this helps..

[hham1224]

Yes I have applied on 12/12/12. But I have sent the bank letter along with the bank statement. The Bank statement only show the balance for 2 days of £50,000 funds.

Is holding funds of £50,000 for two days will be OK? Please let me know.

Best Wishes

As long as you have the required funds on the day you apply, you should
Not have any problems..

Good luck

Can you please refer this to any rule or reference where £50,000 funds must me kept to the date of application

In policy guidance for tier 1 enterpreneur, the only requirement to keep funds for a specific date is maintenance as u already know for 3 months, there is no such guidance for investment funds which u can relate that require you to keep these funds for specific time or you can't withdraw, common sense rule is to keep the money till varification of ukba just to save the headache afterwards..

Hope this helps..

Thanks for your prompt reply.

I have retained funds (£50,000) in Pakistani HSBC for 30 days up to 30 November 2012 and I submitted my application on 12/12/12. I dont know what to say.

Solicitors, they just sell their services and as far I know I can prepare my file better than any solicitor. I am a Chartered Accountant and advise my clients how can they set up their business and pay their taxes on time. In addition giving them tax planning advise to minimise their total tax liability while fulfilling their HMRC and the Companies House compliances.

I have explained the above because Tier 1 Ent is not a rocket science and UK taxation is more complicated than tier 1. I read the policy Guidance myself and can say with full confidence that there is no such thing in the policy guidance which says that £50,000 funds must me held to the date of application.

I hope this may help.

Best Wishes,

[Azizbek Kurbanov]

Hi Guys

Who have submitted their application switching from PSW (Funds in UK) – Please can you share your experience?

Confirming your business activity:

1. Did you provide one of these as stated in the Guide?

a). Advertising or marketing material that has been published locally or nationally, showing your name (and the name of the business if applicable) together with the business activity. This can include printouts of internet advertising;

b). Article(s) in a newspaper or other publication showing your name (and the name of the business if applicable) together with the business activity. This can include an online link to the publication;

c). Information from a trade fair(s) that you have had a stand or given a presentation to market your business. This must show your name (and the name of the business if applicable) together with the business activity;

d). Personal registration with a trade’s body linked to your occupation.

AND
Trading activity

2. Did you provide at least of one contract showing trading activity ?

[Akhan14]

As long as you have the required funds on the day you apply, you should
Not have any problems..

Good luck

Can you please refer this to any rule or reference where £50,000 funds must me kept to the date of application

In policy guidance for tier 1 enterpreneur, the only requirement to keep funds for a specific date is maintenance as u already know for 3 months, there is no such guidance for investment funds which u can relate that require you to keep these funds for specific time or you can't withdraw, common sense rule is to keep the money till varification of ukba just to save the headache afterwards..

Hope this helps..

Thanks for your prompt reply.

I have retained funds (£50,000) in Pakistani HSBC for 30 days up to 30 November 2012 and I submitted my application on 12/12/12. I dont know what to say.

Solicitors, they just sell their services and as far I know I can prepare my file better than any solicitor. I am a Chartered Accountant and advise my clients how can they set up their business and pay their taxes on time. In addition giving them tax planning advise to minimise their total tax liability while fulfilling their HMRC and the Companies House compliances.

I have explained the above because Tier 1 Ent is not a rocket science and UK taxation is more complicated than tier 1. I read the policy Guidance myself and can say with full confidence that there is no such thing in the policy guidance which says that £50,000 funds must me held to the date of application.

I hope this may help.

Even if its not mentioned in the policy guidance, you are showing funds for
Investment in the uk business and upon varification with your bank ukba may
Ask you for a fresh bank letter or statement if they found you have withdrawn the funds..
I have spoken to various solicitors about this and they always advise(free of charge!!)to keep the funds till ukba varification!!
And if you do withdraw you shoud have a valid justification, which i can think of one where u transfer your funds to uk to your personal account!!

Regards

[Akhan14]

As long as you have the required funds on the day you apply, you should
Not have any problems..

Good luck

Can you please refer this to any rule or reference where £50,000 funds must me kept to the date of application

In policy guidance for tier 1 enterpreneur, the only requirement to keep funds for a specific date is maintenance as u already know for 3 months, there is no such guidance for investment funds which u can relate that require you to keep these funds for specific time or you can't withdraw, common sense rule is to keep the money till varification of ukba just to save the headache afterwards..

Hope this helps..

Thanks for your prompt reply.

I have retained funds (£50,000) in Pakistani HSBC for 30 days up to 30 November 2012 and I submitted my application on 12/12/12. I dont know what to say.

Solicitors, they just sell their services and as far I know I can prepare my file better than any solicitor. I am a Chartered Accountant and advise my clients how can they set up their business and pay their taxes on time. In addition giving them tax planning advise to minimise their total tax liability while fulfilling their HMRC and the Companies House compliances.

I have explained the above because Tier 1 Ent is not a rocket science and UK taxation is more complicated than tier 1. I read the policy Guidance myself and can say with full confidence that there is no such thing in the policy guidance which says that £50,000 funds must me held to the date of application.

I hope this may help.

Even if its not mentioned in the policy guidance, you are showing funds for
Investment in the uk business and upon varification with your bank ukba may
Ask you for a fresh bank letter or statement if they found you have withdrawn the funds..
I have spoken to various solicitors about this and they always advise(free of charge!!)to keep the funds till ukba varification!!
And if you do withdraw you shoud have a valid justification, which i can think of one where u transfer your funds to uk to your personal account/ business account if your on PSW to invest in the business!!

Regards

[hham1224]

Can you please refer this to any rule or reference where £50,000 funds must me kept to the date of application

In policy guidance for tier 1 enterpreneur, the only requirement to keep funds for a specific date is maintenance as u already know for 3 months, there is no such guidance for investment funds which u can relate that require you to keep these funds for specific time or you can't withdraw, common sense rule is to keep the money till varification of ukba just to save the headache afterwards..

Hope this helps..

Thanks for your prompt reply.

I have retained funds (£50,000) in Pakistani HSBC for 30 days up to 30 November 2012 and I submitted my application on 12/12/12. I dont know what to say.

Solicitors, they just sell their services and as far I know I can prepare my file better than any solicitor. I am a Chartered Accountant and advise my clients how can they set up their business and pay their taxes on time. In addition giving them tax planning advise to minimise their total tax liability while fulfilling their HMRC and the Companies House compliances.

I have explained the above because Tier 1 Ent is not a rocket science and UK taxation is more complicated than tier 1. I read the policy Guidance myself and can say with full confidence that there is no such thing in the policy guidance which says that £50,000 funds must me held to the date of application.

I hope this may help.

Even if its not mentioned in the policy guidance, you are showing funds for
Investment in the uk business and upon varification with your bank ukba may
Ask you for a fresh bank letter or statement if they found you have withdrawn the funds..
I have spoken to various solicitors about this and they always advise(free of charge!!)to keep the funds till ukba varification!!
And if you do withdraw you shoud have a valid justification, which i can think of one where u transfer your funds to uk to your personal account/ business account if your on PSW to invest in the business!!

Regards

I have heard from people who have applied by only retaining funds in their account for 15 days or less and they got the visa. Few of them are in this forum.

Hope this helps

Best Wishes,

[rehan01]

Hello All,

I am planning to apply for TIER 1 entrepreneur visa and I have found team, I have 50k in uk joint bank account with my team member who is my younger brother and we both on psw visa.

my question is do I need to get a letter from solicitor or notary or a letter from the bank ?????? that we both have equal excess to the funds? or having funds in joint account solve this issue.

2nd question is regarding contract if someone can help me with the format of the contract showing the activity of trading.

I will be very thankful if anyone can advise me on that.

many thanks

Rehan

[khan_81]

Hi All,
I am applying for Enterprenure Visa at the end of next month, if possible can anyone who applied or someone got the visa, supply their Business Plan template so I can work accordingly for my application,

Thanks in Advance,

Khan