transfer 50k from Business account to personal account!!!

[memoa]

hi there,

I Applied on 20th March 2013 (50k PSW route)
No interview
Refusal: 16/5/2013
Note: DO NOT have the right to appeal as my visa is still valid.

I have already posted my case of refusal and my concern was about the issue of 3 months of the new company and based on your appreciated advice, I decided to go for and apply with my old company.

I applied as a director of a new established company (PSW route). I have put the money (50 k) in the company business account under the name of the (Director, which is me). However,the name is not my own name, it is the name of my new company. The money is held in UK account only.

One of the Reasons for Refusal by the caseworker is as stated below:

1- "you are claiming that you have access to 50,000£ to invest in a business in the UK. This must be made up of funds that are in a personal bank account as accounts in the name of a business will not be accepted. As evidence to show that you have 50,000£ you have enclosed a statement from XX bank in the name the Director, xxx. The statement and accompanying letter also confirm that this a business account".


This was the statement of the refusal I got along with other reasons.


As I have mentioned above that I do not have the right to appeal, I need to submit a fresh application. According to this, I have some urgent queries which are as follows:

1- With respect to the first reason of refusal, I was mistaken in my previous application by putting the 50k in my business account as I thought this would be better to show that I am a engaged in business. Now my concerns are:

The money of 50K in my business account under the name of the Director (which is me) but under the name of my company xxx, and not in my personal name:

Do you think that if I transfer all the amount of 50k now to my personal account would it be fine?

I have concerns that the caseworker might say why you transfer the money from the company business account to your personal account as a sudden action?....But the thing is that the money is my money!!!!


I am looking forward to hearing from you the soonest as my case is very critical and I need to re-apply on 5th of June (insha allah) as my visa will expire on 9th of June.

Any suggestions please!!!
thanks

[removed user]

hi there,

I Applied on 20th March 2013 (50k PSW route)
No interview
Refusal: 16/5/2013
Note: DO NOT have the right to appeal as my visa is still valid.

I have already posted my case of refusal and my concern was about the issue of 3 months of the new company and based on your appreciated advice, I decided to go for and apply with my old company.

I applied as a director of a new established company (PSW route). I have put the money (50 k) in the company business account under the name of the (Director, which is me). However,the name is not my own name, it is the name of my new company. The money is held in UK account only.

One of the Reasons for Refusal by the caseworker is as stated below:

1- "you are claiming that you have access to 50,000£ to invest in a business in the UK. This must be made up of funds that are in a personal bank account as accounts in the name of a business will not be accepted. As evidence to show that you have 50,000£ you have enclosed a statement from XX bank in the name the Director, xxx. The statement and accompanying letter also confirm that this a business account".


This was the statement of the refusal I got along with other reasons.


As I have mentioned above that I do not have the right to appeal, I need to submit a fresh application. According to this, I have some urgent queries which are as follows:

1- With respect to the first reason of refusal, I was mistaken in my previous application by putting the 50k in my business account as I thought this would be better to show that I am a engaged in business. Now my concerns are:

The money of 50K in my business account under the name of the Director (which is me) but under the name of my company xxx, and not in my personal name:

Do you think that if I transfer all the amount of 50k now to my personal account would it be fine?

I have concerns that the caseworker might say why you transfer the money from the company business account to your personal account as a sudden action?....But the thing is that the money is my money!!!!


I am looking forward to hearing from you the soonest as my case is very critical and I need to re-apply on 5th of June (insha allah) as my visa will expire on 9th of June.

Any suggestions please!!!
thanks

Did you submit unaudited accounts or directors loan?
Also
On your form; did you claim points for funds already invested as the money was in your business account?

Thanks

[memoa]

hi there,

I Applied on 20th March 2013 (50k PSW route)
No interview
Refusal: 16/5/2013
Note: DO NOT have the right to appeal as my visa is still valid.

I have already posted my case of refusal and my concern was about the issue of 3 months of the new company and based on your appreciated advice, I decided to go for and apply with my old company.

I applied as a director of a new established company (PSW route). I have put the money (50 k) in the company business account under the name of the (Director, which is me). However,the name is not my own name, it is the name of my new company. The money is held in UK account only.

One of the Reasons for Refusal by the caseworker is as stated below:

1- "you are claiming that you have access to 50,000£ to invest in a business in the UK. This must be made up of funds that are in a personal bank account as accounts in the name of a business will not be accepted. As evidence to show that you have 50,000£ you have enclosed a statement from XX bank in the name the Director, xxx. The statement and accompanying letter also confirm that this a business account".


This was the statement of the refusal I got along with other reasons.


As I have mentioned above that I do not have the right to appeal, I need to submit a fresh application. According to this, I have some urgent queries which are as follows:

1- With respect to the first reason of refusal, I was mistaken in my previous application by putting the 50k in my business account as I thought this would be better to show that I am a engaged in business. Now my concerns are:

The money of 50K in my business account under the name of the Director (which is me) but under the name of my company xxx, and not in my personal name:

Do you think that if I transfer all the amount of 50k now to my personal account would it be fine?

I have concerns that the caseworker might say why you transfer the money from the company business account to your personal account as a sudden action?....But the thing is that the money is my money!!!!


I am looking forward to hearing from you the soonest as my case is very critical and I need to re-apply on 5th of June (insha allah) as my visa will expire on 9th of June.

Any suggestions please!!!
thanks

Did you submit unaudited accounts or directors loan?
Also
On your form; did you claim points for funds already invested as the money was in your business account?

Thanks

To Kamalanwar:

In my first application, I claimed points for funds that are available to invest NOT that are already invested. But I did a mistake by putting the 50k in my new business account. I think the section in policy guidance related to unaudited accounts or directors loan does not apply to my case.


What I am thinking now is to sort this mistake out by transferring the 50k which is in my business account into my personal account to meet the conditions of this visa.


Note: I am the only director of my new company. There is no any participator or shareholders.


I hope that somebody advise me if the transfer from the business account to personal account will work to defend my previous case of refusal?


Please advise..thanks in advance

[removed user]

I am also confused about this and waiting for someone to clarify. However, i spoke to an accountant and he has told me that if you loan the money to the business; as a director loan and transfer the money into the business account and provide unaudited accounts then you will be ok. - Then that becomes already invested. The UKBA says that you provide a director loan agreement + unaudited accounts, if they say that the money has to be in personal account than i dont understand there point in asking "Director Loan Agreement". When the money is in business account; that money belongs to the business.

I dont think there is any problem to transfer money back to personal account - you can state in your cover letter to explain why you have transferred money from business account to personal account. However, let's wait for someone to confirm this first.

See this post by mahedi3013
http://www.immigrationboards.com/viewto ... ht=#841056

"
50k route
all money was in my UK business account
"

[Nzekells]

Money in business account is not allowed n does nt qualify as investment. Showing money already invested has its own requirements. Check pg 40 of the guidance.

[Nzekells]

Kamilanwar, Mahedi u referred to in the link had clearly invested cash into a business, hence the returns filing he mentioned. He was just saing his business fund after some time in business is in his business account. It is not a startup situation. The Directors loan agreement is for money already invested, and simply serves to show that such investment is unsecured, and subordinated in favour of third parties. Simply put, if business fails for instance, u ain't getting nothing until any other investor is paid. This is just a scenario. Thus DL agreement has nothing to do with money available for investment. The UKBA specifically made mention of these:

Money should be fully used in the business and not held in the business bank account in order to qualify for the award of points
Money deposited in a bank account, even if it is in a United Kingdom business bank account, is not counted as investment in business. The money should be used in the business to encourage growth or expansion, to improve services or products and to ensure the business is profitable.

Pg 40. Bless thee.

[memoa]

Kamilanwar, Mahedi u referred to in the link had clearly invested cash into a business, hence the returns filing he mentioned. He was just saing his business fund after some time in business is in his business account. It is not a startup situation. The Directors loan agreement is for money already invested, and simply serves to show that such investment is unsecured, and subordinated in favour of third parties. Simply put, if business fails for instance, u ain't getting nothing until any other investor is paid. This is just a scenario. Thus DL agreement has nothing to do with money available for investment. The UKBA specifically made mention of these:

Money should be fully used in the business and not held in the business bank account in order to qualify for the award of points
Money deposited in a bank account, even if it is in a United Kingdom business bank account, is not counted as investment in business. The money should be used in the business to encourage growth or expansion, to improve services or products and to ensure the business is profitable.

Pg 40. Bless thee.

To Nzekells :

Thanks for this clarification.

So As I understood now:

1- For applicants who have the full amount of money of 50k and they have not invested this money yet. They have to keep this amount of money in their personal current account. As only money that have been invested should be in business account.

Please correct me If I misunderstood something.

I have been refused for the point that I put the 50k in my business account under the name of my new company. The money that I put, by the time I applied, in my business account was full amount and nothing has been invested.

2- Now how I sort this money problem out in my new application?...Can I simply transfer the 50k now from my business account into my personal account?...The money is still with full amount.

Please advice me as I will apply on 4th of June.

Thanks in advance.

[Smartpen]

hi there,

I Applied on 20th March 2013 (50k PSW route)
No interview
Refusal: 16/5/2013
Note: DO NOT have the right to appeal as my visa is still valid.

I have already posted my case of refusal and my concern was about the issue of 3 months of the new company and based on your appreciated advice, I decided to go for and apply with my old company.

I applied as a director of a new established company (PSW route). I have put the money (50 k) in the company business account under the name of the (Director, which is me). However,the name is not my own name, it is the name of my new company. The money is held in UK account only.




One of the Reasons for Refusal by the caseworker is as stated below:

1- "you are claiming that you have access to 50,000£ to invest in a business in the UK. This must be made up of funds that are in a personal bank account as accounts in the name of a business will not be accepted. As evidence to show that you have 50,000£ you have enclosed a statement from XX bank in the name the Director, xxx. The statement and accompanying letter also confirm that this a business account".


This was the statement of the refusal I got along with other reasons.


As I have mentioned above that I do not have the right to appeal, I need to submit a fresh application. According to this, I have some urgent queries which are as follows:

1- With respect to the first reason of refusal, I was mistaken in my previous application by putting the 50k in my business account as I thought this would be better to show that I am a engaged in business. Now my concerns are:

The money of 50K in my business account under the name of the Director (which is me) but under the name of my company xxx, and not in my personal name:

Do you think that if I transfer all the amount of 50k now to my personal account would it be fine?

I have concerns that the caseworker might say why you transfer the money from the company business account to your personal account as a sudden action?....But the thing is that the money is my money!!!!


I am looking forward to hearing from you the soonest as my case is very critical and I need to re-apply on 5th of June (insha allah) as my visa will expire on 9th of June.

Any suggestions please!!!
thanks

Dear memoa,

It's fine you can transfer money to PA or withdraw money and deposit in PA.
Practically think do u have any other chances except these two.
Also I suggest you take suggestion from good solicitor. don't take risk and don't give any chance to ukba.

All the best.

Thanks,

[memoa]

hi there,

I Applied on 20th March 2013 (50k PSW route)
No interview
Refusal: 16/5/2013
Note: DO NOT have the right to appeal as my visa is still valid.

I have already posted my case of refusal and my concern was about the issue of 3 months of the new company and based on your appreciated advice, I decided to go for and apply with my old company.

I applied as a director of a new established company (PSW route). I have put the money (50 k) in the company business account under the name of the (Director, which is me). However,the name is not my own name, it is the name of my new company. The money is held in UK account only.




One of the Reasons for Refusal by the caseworker is as stated below:

1- "you are claiming that you have access to 50,000£ to invest in a business in the UK. This must be made up of funds that are in a personal bank account as accounts in the name of a business will not be accepted. As evidence to show that you have 50,000£ you have enclosed a statement from XX bank in the name the Director, xxx. The statement and accompanying letter also confirm that this a business account".


This was the statement of the refusal I got along with other reasons.


As I have mentioned above that I do not have the right to appeal, I need to submit a fresh application. According to this, I have some urgent queries which are as follows:

1- With respect to the first reason of refusal, I was mistaken in my previous application by putting the 50k in my business account as I thought this would be better to show that I am a engaged in business. Now my concerns are:

The money of 50K in my business account under the name of the Director (which is me) but under the name of my company xxx, and not in my personal name:

Do you think that if I transfer all the amount of 50k now to my personal account would it be fine?

I have concerns that the caseworker might say why you transfer the money from the company business account to your personal account as a sudden action?....But the thing is that the money is my money!!!!


I am looking forward to hearing from you the soonest as my case is very critical and I need to re-apply on 5th of June (insha allah) as my visa will expire on 9th of June.

Any suggestions please!!!
thanks

Dear memoa,

It's fine you can transfer money to PA or withdraw money and deposit in PA.
Practically think do u have any other chances except these two.
Also I suggest you take suggestion from good solicitor. don't take risk and don't give any chance to ukba.

All the best.

Thanks,

Dear Smartpen,

Thanks for ur reply.

What I did now is I transferred the full amount of 50k into my personal account and i get a personal statement and a letter from the UK bank. I consulted a solicitor and he told me this step is ok. However, I still have doubts about this point.

The other options that the solicitor suggested are:

either I keep the money in my business account and make it as a Director's loan and provide an unaudited statement; or:

I open a new company and new business account.

Actually, I found those options are complicated. If I open a new company now, all my documents have to be changed according to the new company.That is why I went for the option of transferring my money from the business account into my personal account as far as I have not invested the money yet.

However, I am still in doubt..Anyway,I think it is too late for me now to do any alternative option as I will submit my new application on 5th of June.

On the policy guidance, there are no much details about those who have not invested the money yet. All explanation is for those who have invested the money.



If anyone read my post and he thinks that I am on the wrong way, please let me know as I do not have time left.. This is my lals chance for re-applying. Then I need to pack my luggage and go back home.

thanks in advance..

[removed user]

Based on information given to me by other member on this forum who got visa when money was in business account, he said if you provide unaudited accounts + accountant certificate then they will accept it and you are claiming points for money already invested.

[memoa]

Based on information given to me by other member on this forum who got visa when money was in business account, he said if you provide unaudited accounts + accountant certificate then they will accept it and you are claiming points for money already invested.

To Kamilanwar,

Thanks for your reply.

I am claiming points for money that have NOT been invested. On the application form, question G3: I will tick the box in the application form that says:No, non of the funds (have been invested). Then, I go to section G4 which asks the applicant to provide a letter or bank statement to show that the money is in ur account.

thanks..we are both still hoping that some experts clarify this confusion to us..