We have taken out money... Any advice

[WwW]

Me and my friend has applied for Entrepreneur visa from PSW as a team. We had 50000 for about 40-50 days in our joint account. We managed that money from overseas from other family members and from UK friends.

Some of them needed that money back so we have to give them back. We have given 30000 back to them. We asked from an accountant for our actions before giving that money to their owners. First he enforced us to keep in our account until decision. In case of emergency he advised us to first transfer 30000 from our joint account to our company's business account. Then from company's business account to other parties but other parties were overseas and in UK and they did not want to get their money back from our business account.

So we transferred 30,000 from company's business account to our personal bank accounts in split transactions and then from our personal accounts, we have returned back that money to actual owners.

We are running our business. We have already submitted business plan, contract and a few invoices with Website Pages and Marketing material. After applying one of us has done some professional courses related to business as well. Our business is real while our investment funds were partially ours own and partially others'. We can arrange those funds again with difficulties but still possible.

So what should we do now? Any idea would be life line for us after these rigid rules!

[askhan]

the idea was to keep the money untill you invest in your business.

also borrowing money is fine, but returning them back after few days NOT AT ALL!! it clearly means that amount was not yours.

so it sounds fishy !!..... do one thing get the money ASAP back to your account as your visa is still in process and they can call and check any time as they are very strict on T1 E, and this category is not dealing under PBS.

it upto CW Discretion.

hope it helps

[WwW]

Thank you very much askhan for your helping advice. We are also thinking to keep our statement to 50,000 ASAP.

After reading your answer, one question:

If they call or check our bank in UK, the closing balance of our joint account would be 20,000 now.

30,000 is transferred to our company's business account. So bank could provide them information that we have transferred our money to business account. It is good I think.

But after this we transferred that money to our personal accounts which is BAD. SO can bank provide them information where that money gone after and after that?

[Jabs]

Is the access you have to the funds rather then a balance in a particular account. If you have the money in multiple accounts i.e. business or personal then that is fine. Avoid transfering too much into your business account at this stage.

UKBA will only make contact about applications and/or arrange an interview if something obviously doesn't seem right, otherwise, they don't have the time and resources to contact everyone.

Since you applied in October, I think you going to be alright provided your application was in order.

Good Luck.

[rehan01]

Me and my friend has applied in October for Entrepreneur visa from PSW as a team. We had 50000 for about 40-50 days in our joint account. We managed that money from overseas from other family members and from UK friends.

Some of them needed that money back so we have to give them back. We have given 30000 back to them. We asked from an accountant for our actions before giving that money to their owners. First he enforced us to keep in our account until decision. In case of emergency he advised us to first transfer 30000 from our joint account to our company's business account. Then from company's business account to other parties but other parties were overseas and in UK and they did not want to get their money back from our business account.

So we transferred 30,000 from company's business account to our personal bank accounts in split transactions and then from our personal accounts, we have returned back that money to actual owners.

We are running our business. We have already submitted business plan, contract and a few invoices with Website Pages and Marketing material. After applying one of us has done some professional courses related to business as well. Our business is real while our investment funds were partially ours own and partially others'. We can arrange those funds again with difficulties but still possible.

So what should we do now? Any idea would be life line for us after these rigid rules!

I think you should bring the balance back to 50k asap, and upon enquiry from UKBA bank will only provide them with the balance on requested details. I don't think they will ask to confirm transactions etc.

regards

[WwW]

Thank you Jab and Rehan01 for replies:


If somebody has already spent part of funds in business investment before decision then closing balance would be lesser. This is not against the policy and is justifiable through proper documents.

The verification process will be interesting in this situation. Can they refuse only by knowing closing balance while part of funds are already invested? If they ask for updated statement then in our case we will have to provide them two statements:
1- Our joint account statement (Where 50,000 were held)
2- Our Company's business account statement. (Where 30,000 transferred
from joint account in different transactions)

Now my point is:
As we transferred 30,000 from business account to our personal accounts and then returned back that money from our personal accounts to family members and friends in overseas and UK. So is their any possibility that we show transaction from Business account to Personal account as Dividend or Expenditures?

[rehan01]

Thank you Jab and Rehan01 for replies:


If somebody has already spent part of funds in business investment before decision then closing balance would be lesser. This is not against the policy and is justifiable through proper documents.

The verification process will be interesting in this situation. Can they refuse only by knowing closing balance while part of funds are already invested? If they ask for updated statement then in our case we will have to provide them two statements:

1- Our joint account statement (Where 50,000 were held)
2- Our Company's business account statement. (Where 30,000 transferred
from joint account in different transactions)

Now my point is
As we transferred 30,000 from business account to our personal accounts and then returned back that money from our personal accounts to family members and friends in overseas and UK. So is their any possibility that we show transaction from Business account to Personal account as Dividend or Expenditures?

I think upon confirming balance with bank they might ask for fresh bank statement of 50k or if money already invested than appropriate documents to prove that this much amount is invested and remaining balance is available in bank account than its fine.

regards

[askhan]

Thank you very much askhan for your helping advice. We are also thinking to keep our statement to 50,000 ASAP.

After reading your answer, one question:

If they call or check our bank in UK, the closing balance of our joint account would be 20,000 now.

30,000 is transferred to our company's business account. So bank could provide them information that we have transferred our money to business account. It is good I think.

please read the guidence note (NEW one) the balance should not less then 50K

But after this we transferred that money to our personal accounts which is BAD. SO can bank provide them information where that money gone after and after that?

bank will not tell them the further transaction but you never know if they ask

[WwW]

So logically we should not start our business until decision. It doesn't matter if we register our selves as self employed or company within 3 months of application.

Any expenditures like liability insurance, telephone bills, promotional expenditures like website, leaflets etc must be paid from our personal arrangements so that 50,000 keep at place.

In our business, there must be liability insurance which is paid from our company's business account on direct debit basis. As we are working and we have shown invoices even dated before application in October. We made our company live so we needed telephone numbers, we are paying their direct debits from our business account. So how 50,000 could remain 50,000 all the time before application decision? Even after 6-9 months (2.5 Months company registration + Visa decision time where 3 months already gone after application)

[rehan01]

So logically we should not start our business until decision. It doesn't matter if we register our selves as self employed or company within 3 months of application.

Any expenditures like liability insurance, telephone bills, promotional expenditures like website, leaflets etc must be paid from our personal arrangements so that 50,000 keep at place.

In our business, there must be liability insurance which is paid from our company's business account on direct debit basis. As we are working and we have shown invoices even dated before application in October. We made our company live so we needed telephone numbers, we are paying their direct debits from our business account. So how 50,000 could remain 50,000 all the time before application decision? Even after 6-9 months (2.5 Months company registration + Visa decision time where 3 months already gone after application)

As explained before you can use the money from funds ok 50k, but you will be asked to prove all this eg (like you mention, bills and liability insurance)

say you have receipt total upto 5k in 6 months by the time you get decision on your application so at that time if they request fresh bank statement to show on going access to 50 k than you will need to send 5k of investment proofs plus 45k of balance of funds in account.

Also you are trading your business is in operation you can provide them with more contract too I guess so its even better.


regards

[WwW]

Well said,

So this time they will definitely ask (Where they needed to do this) us to show updated statements and any progress we made so far with full proof. I dont think that they will do it over telephones with UK banks.

So in my opinion, applications made in UK with Own Funds are likely to get more attention by HO. Others are less likely to get damage.

In this regard only to survive as valid applicant, we have to keep our case accordingly for any justification.

1--- To again make funds upto 50,000
OR
2--- To produce evidence of investments only and only in the shown business if funds are less that 50,000.

[rehan01]

Well said,

So this time they will definitely ask (Where they needed to do this) us to show updated statements and any progress we made so far with full proof. I dont think that they will do it over telephones with UK banks.

So in my opinion, applications made in UK with Own Funds are likely to get more attention by HO. Others are less likely to get damage.

In this regard only to survive as valid applicant, we have to keep our case accordingly for any justification.

1--- To again make funds upto 50,000
OR
2--- To produce evidence of investments only and only in the shown business if funds are less that 50,000.

Correct