Tier1 Entrepreneur third party funding

[adeel82]

Hello Everyone,

This is my first post on this forum. I am preparing to apply for Tier1 Entrepreneur visa and I am currently on PSW. I have third party funding for the 50,000£ investment. I am curious about the time frame in which 50k should be invested in UK. As the visa will be valid for three years, so 50k must be invested within the three years or is there any specific time limit to invest the money once visa has been granted? I have heard from some people that once visa is granted,you have to bring 50k or invest 50k in UK within first six months. Any information on this? Please adivse......

[dpr1979]

The GBP 50000 funds need to be invested within 3 years time period to facilitate your extension or ILR whichever maybe the case. The 6 months time period is for entry clearance individuals to register themselves with HM revenue.

[adeel82]

Many thanks, that helps a lot........

[sheraz7]

http://www.ukba.homeoffice.gov.uk/visas ... -to-funds/

[adeel82]

Many thanks, I think both the templates in Annex E have to used for overseas third party funding. I am confused over one thing that "it is mentioned that money must be disposable in UK". This should be mentioned in the letter from the bank that money is transferable to UK or in the declaration letter from third party? I don't know that bank will mention my name in their letter or not.I have to check it as well.

Help please.........

[dpr1979]

you will need the following set of documents:
PS: these are proofs just for third party funding, rest of the docs as per the policy guidelines

A) A letter from the financial institution holding the funds
it should state:
1) should be on a letter head of the financial institution
2) issued by an authorised official
3) should mention the name of the regulatory body
4) applicant/applicants name
5) date
6) funds available to the applicant/applicants
7) name,address,landline,email of third party
8 ) The funds are disposable in the uk
9) third party should state that these funds are available for you

B) A declaration

it should state:
1) funds are available to the applicant/applicants
2) name of the third party, applicant/applicants name
3) date
4) third party and applicant/applicants signature
5) funds available to you in GBP
6) confirmation that the money should be available to you until transferred to you or your business in uk
7) third party relationship with the applicant/applicants
8 ) the funds are disposable in the uk

C) Letter from a legal representative
1) the above declaration contains your signature
2) name of the legal representative
3) registration authority of the LP
4) date
5) third party an your name
6) declaration is signed and valid in LP's presence
7) ID document number, date of issue, place of issue, date of expiry of the third party

hope it helps

[adeel82]

Many many thanks dpr1979, it helps a lot........

[obaied]

Dear dpr1979,
thanks for your explanation on third party funding.

Could you pl help me in this regard.

I am going to Apply for T1E visa from outside UK. And i am going to show fund from the USA and the third party is my Father-in-law.

Now my queries are
which Bank especially provide me the exact letter where they put my name on the Bank Letter?
and how i can write my signature in front of the Legal Representative in the USA? as it is not possible!

Please answer as soon as possible.
I also request from other senior member.

regards,
Obaied

[dpr1979]

Dear dpr1979,
thanks for your explanation on third party funding.

Could you pl help me in this regard.

I am going to Apply for T1E visa from outside UK. And i am going to show fund from the USA and the third party is my Father-in-law.

Now my queries are
which Bank especially provide me the exact letter where they put my name on the Bank Letter?
and how i can write my signature in front of the Legal Representative in the USA? as it is not possible!

Please answer as soon as possible.
I also request from other senior member.

regards,
Obaied

Dear Obaied,

If the third party funds are coming from USA, then i doubt it that any bank or financial institution will be ready to include your name in their letter headed paper.

In this case, i will strongly suggest what i read in some other post, please ask ur father in law to email the bank stating he needs such a letter with ur name as an applicant, the bank will reply to him about their policy that they cannot include ur name.
u can then attach this letter to ur application from abroad alogwith the letters issued as per my earlier post on this thread.

But believe me my friend u will still be standing on thin ice. It does not guarantee that the case worker will consider the email and the letters.

i was in ur shoes and best option that all suggested to me was to get the money in ur local bank and apply.

secondly, to ur other question, it would be appropriate that u draft the letter and sign it and send it to ur father in law through courier to USA, he can then sign it and get a legal representatives letter that the signature on the declaration is his. obviously he cannot write this for ur signature, then u can get a similar letter from a legal rep in ur home country authorising ur signature.

hope it helps

Cheers
D

[obaied]

Dear dpr1979,
thanks for your explanation on third party funding.

Could you pl help me in this regard.

I am going to Apply for T1E visa from outside UK. And i am going to show fund from the USA and the third party is my Father-in-law.

Now my queries are
which Bank especially provide me the exact letter where they put my name on the Bank Letter?
and how i can write my signature in front of the Legal Representative in the USA? as it is not possible!

Please answer as soon as possible.
I also request from other senior member.

regards,
Obaied

Dear Obaied,

If the third party funds are coming from USA, then i doubt it that any bank or financial institution will be ready to include your name in their letter headed paper.

In this case, i will strongly suggest what i read in some other post, please ask ur father in law to email the bank stating he needs such a letter with ur name as an applicant, the bank will reply to him about their policy that they cannot include ur name.
u can then attach this letter to ur application from abroad alogwith the letters issued as per my earlier post on this thread.

But believe me my friend u will still be standing on thin ice. It does not guarantee that the case worker will consider the email and the letters.

i was in ur shoes and best option that all suggested to me was to get the money in ur local bank and apply.

secondly, to ur other question, it would be appropriate that u draft the letter and sign it and send it to ur father in law through courier to USA, he can then sign it and get a legal representatives letter that the signature on the declaration is his. obviously he cannot write this for ur signature, then u can get a similar letter from a legal rep in ur home country authorising ur signature.

hope it helps

Cheers
D

Dear D,

I dont know how to express my gratitude to u. many many tx to u.
yes u r right i have to find out any other option which is more straight forward to School Drop Out Case Worker ( who does not have any common sense/Knowledge) as i seen so many refused cases on very silly matter.

However, we cant do anything.
Now last night i got a good offer from one my elder Brother who got few firm in the UK one of these is Trading firm and he is willing to offer me a directorship with some investment. (some amount within 200k)
But at this moment i dont know anything how i can become a director and is the official procedure.
However, he also suggest to come in the UK first by using Potential Entrepreneur VISA then after that i can change to Tier1E visA.

Pl suggest me.

br
Obaied

[dpr1979]

hi Obaied,

It would be ideal if you can get directorship of an existing company, which can invest the funds as well.

But you need to check ur rights if it is permitted for you to register as a director of a company on the potential entrepreneur visa. please refer to the policy guidance carefully in this case.

Also i am not too sure that u can then apply for entrepreneur visa from uk itself, please check if u need to come back home to get entry clearance or u can apply from there.

I have no knowledge about the potential entrepreneur visa, so wont be of any help on this topic

Cheers
D

[obaied]

hi Obaied,

It would be ideal if you can get directorship of an existing company, which can invest the funds as well.

But you need to check ur rights if it is permitted for you to register as a director of a company on the potential entrepreneur visa. please refer to the policy guidance carefully in this case.

Also i am not too sure that u can then apply for entrepreneur visa from uk itself, please check if u need to come back home to get entry clearance or u can apply from there.

I have no knowledge about the potential entrepreneur visa, so wont be of any help on this topic

Cheers
D

Dear D,
tx again for ur prompt reply.
yes not only you i think most of the people on this forum dont know about this Visa. there is this type of Visa and who got the visa one can easily apply to Tier1E from the UK no need to come back home country.. Pl Check the latest Policy Guidance for that, also UKBA website http://www.ukba.homeoffice.gov.uk/visas ... repreneur/

I request other forum member pl check the website and comment on this.
However, the business nature of the existing firm is importing goods from the overseas.


tx

BR,
Obaied