Urgent help regarding 50K PSW route please

[Sayed14]

Hello all,

Please someone, urgently need assistance regarding 50K PSW route. We are applying as an entrepreneur team.

Me and my partner (entrepreneur of course ) holds 25k each in our sole current accounts in the UK. Now, my question is whether its okay to keep the money in sole accounts or do we need a joint account? I checked the guidance notes which is so very confusing. Bear in mind that we got visa till the end of the month.

Your assistance in this regard will be highly appreciated.

[iqbal7]

Hell all,

Please someone, urgently need assistance regarding 50K PSW route. We are applying as an entrepreneur team.

Me and my partner (entrepreneur of course ) holds 25k each in our sole current accounts in the UK. Now, my question is whether its okay to keep the money in sole accounts or do we need a joint account? I checked the guidance notes which is so very confusing. Bear in mind that we got visa till the end of the month.

Your assistance in this regard will be highly appreciated.

Dear

Its okey you do not need joint account you can apply with these two accounts. you both just need to write a affidavit in the favor of each other. These letter must be written in front of solicitor.
Wish you good luck.

[Sayed14]

Thanks Iqbal... I spoke to one of the solicitor and he wasn't sure himself.

[kashnex]

Hell all,

Please someone, urgently need assistance regarding 50K PSW route. We are applying as an entrepreneur team.

Me and my partner (entrepreneur of course ) holds 25k each in our sole current accounts in the UK. Now, my question is whether its okay to keep the money in sole accounts or do we need a joint account? I checked the guidance notes which is so very confusing. Bear in mind that we got visa till the end of the month.

Your assistance in this regard will be highly appreciated.

Dear

Its okey you do not need joint account you can apply with these two accounts. you both just need to write a affidavit in the favor of each other. These letter must be written in front of solicitor.
Wish you good luck.

I agreed with Mr. Iqbal.... if your solicitor is confused than you should find better solicitor

[rehan01]

ofcourse you can apply with funds in 2 different accounts but you need affidavits as mention by Iqbal, plus a declaration / letter from solicitor confirming that you signed in front and he confirm it as genuine etc.


but I have told you easy solution is to open a joint account and have funds there, by doing this you don't need declaration etc from solicitor and its more authentic than a solicitor I will say.

hope it help

regards

Rehan

[Sayed14]

Thanks Rehan much appreciated... I am gonna speak to my mate about it.

[sakib2000]

agree with rehan but want to ask a quick question about this let say team member doesnt know each other how can you put 50k in joint account where both have got same access.isnt it a bit risky?just want to know is there anything can be done like put some restriction on account let say both party need to sign when withdraw the money.please share ur experiance

[rehan01]

agree with rehan but want to ask a quick question about this let say team member doesnt know each other how can you put 50k in joint account where both have got same access.isnt it a bit risky?just want to know is there anything can be done like put some restriction on account let say both party need to sign when withdraw the money.please share ur experiance

Hi saqib,

Firstly before you form a team with someone plz make sure u knw the person as u will be doing a business with tht person and if tht person decieved you at some stage than it might cost you a future. So do a proper home work before forming team with someone and I personaly think no will form a team without knowing someone and sharing his own money of 25K.


Regarding joint bank account u can have joint signatory so in tht case both of you need to sign the check to withdraw the money etc.


Hope it help

Regards

Rehan