T1 Entrepreneur Startup 200k (WIP Documentation)

[gussy]

My work-in-progress approach to collate the necessary documentation, as per UKBA policy guidance:

AIM
To gain Tier 1 Entrepreneur visa for new startup.

BACKGROUND
Currently on an expiring Tier 2 General visa. Leave date set as 8 July 2013.

Co-Founded a tech startup near London's Silicon Roundabout. Not currently employed by company, but have employed several British mobile designers and developers. Recently closed SEIS (Seed Enterprise Investment Scheme) funding of £150,000.


PERSONAL CHECKLIST
✓ Maintenance Funds 1/2: Lloyds TSB Cash ISA statements with 90 days of maintained funds, stamped by bank branch.

✓ Maintenance Funds 2/2: Lloyds TSB signed letter (however, will need to ask for one that shows more than just the current balance - 'must validate funds have been maintained for 90 consecutive days).

✓ English Language: Australian passport with Tier 2 General migrant visa + Australian birth certificate + valid Australian driving license


CORPORATE CHECKLIST
✗ Bank statement: An official, signed UK bank statement (business account) with £130,000 on a dated, official headed paper. Must be in own name (accounts in the name of a business not accepted).

✗ Bank letter: Issued by an official in a cash account stating the funds are available to the applicant (specifically), available in the UK, contact details (my name, address, postal code, landline number, email address), date, bank account details.

✓ Proof as a Director: A Current Appointment Report for the Companies House (includes both applicant name, date and business contact details, same as above)

✓ Proof of Corporate Taxation: Letter or form of documentation from HM Revenue & Customs with the date of registration and reference number visible.

✗ Third Party Letter: A letter from the financial institution holding the funds (official letterhead, issued and stamped by an authorised official, mention name of regulatory body, amount of funds available, applicants name, date, logo, contact details inc. address, landline, email of third party and should state that these funds are available for XXXXXXXX).

✗ Third Party Declaration (stating funds available to XXXXXXX, name of third-party and applicant as XXXXXXX, date, signatures, funds available in £GBP, confirmation that the money should be available to you until transferred to XXXXXXX of XXXXXXX, the relationship with the applicant, confirmation the funds at disposable in the UK, signed by both XXXXXXX and third party)

✗ Letter from a legal representation for Third Party funds (name of the legal representative, registration authority, date, relationship to the applicant, signed by both XXXXXXX and third party, signed and valid in representatives presence, third party identity document e.g passport - date of issue, place of issue, expiry date etc)


SUPPORTING DOCUMENTS CHECKLIST
✓ Bachelor Degree Certificate
✓ Website screengrabs and URL (homepage and contact us page)
✓ Initial business plan
✓ Market research: list of competitors
✓ Business card (only has name, 'Co-Founder', office address, website domain URL and email address).

[gussy]

I'm having problems with Lloyds TSB providing a supporting bank letter that states the appropriate £900 funds have been in my account for 90 consecutive days.

Any solutions or contacts available for this? I've tried 4 times at branches (including Oxford Street) with no luck.

[Smartpen]

I'm having problems with Lloyds TSB providing a supporting bank letter that states the appropriate £900 funds have been in my account for 90 consecutive days.

Any solutions or contacts available for this? I've tried 4 times at branches (including Oxford Street) with no luck.

Hi gussy,

First of all banks won't give statement for ISA account. Second £900 must not in ISA which is you did. It should be maintained in current account. Read the policy guidance carefully it says in there.

If you got still more time deposit those in c.account. Or go for third party for £900.

[gussy]

I'm having problems with Lloyds TSB providing a supporting bank letter that states the appropriate £900 funds have been in my account for 90 consecutive days.

Any solutions or contacts available for this? I've tried 4 times at branches (including Oxford Street) with no luck.

Hi gussy,

First of all banks won't give statement for ISA account. Second £900 must not in ISA which is you did. It should be maintained in current account. Read the policy guidance carefully it says in there.

If you got still more time deposit those in c.account. Or go for third party for £900.

A "Lloyds TSB Cash ISA" account meets the T1 policy requirements for 'Maintenance Funds' as I read it.

Savings or ISA accounts are not applicable for 'proof of funds' in relation to the 200k investment.

" Evidence of the amount of money available to invest:
... 97.The total amount of available money must be either at least £200,000; or at least £50,000, as applicable. If the money is held in several financial institutions, you must supply a statement
from each institution.
• The money must be in cash in the account. We will not accept ISA accounts or assets such as stocks and shares;"

I believe I have understood this correctly, as stated above this is only in relation to the 'investment funds' not 'maintenance funds' which "must be in the form of cash funds held in an account (this includes savings accounts and current accounts even when notice must be given)".

[gussy]

I'm struggling to gain an bank letter from Lloyds TSB that states the funds have been maintained (over £900) for 90 consecutive days.

Any suggestions on how I can request this? Both my local Holborn branch and Oxford Street have decline to provide anything more than my statements and a supporting confirmation of current funds letter.

[n8net]

Hi gussy,

not sure the supporting documents of evidence of your exisitng business is needed..in fact it might be used against your application as when in Tier 2 (G) u r nt allowed to work for anyone else than the sponsor..

this is what one of my friend got told...hv u thought abt it ?

[gussy]

Hi gussy,

not sure the supporting documents of evidence of your exisitng business is needed..in fact it might be used against your application as when in Tier 2 (G) u r nt allowed to work for anyone else than the sponsor..

this is what one of my friend got told...hv u thought abt it ?

Thanks @n8net, I think you are correct. Just taking the approach that I can prove that I can support myself on current maintenance fund requirements.

I've had to be careful here. As the company now is operational (paying tax and has employed several UK nationals thus far), however I am not actively working or being paid at all.

[gussy]

UPDATE:

✓ Proof as a Director: A Current Appointment Report for the Companies House (includes both applicant name, date and business contact details, same as above)

Purchased all documents available online (Current Appointments Report + Certificate of Incorporation of a Private Limited Company and Appointment of Director). I have these available in soft-copy format.

Phoned Home Office and have ordered for £3 a printed version of the Current Appointments Report. Quick and easy, however our 'premises address' is different to our 'registered address' - managed by joint director, our tax and legal consultants.

[n8net]

so u r showing even tho u own the business - but u dnt work there ? what evidence u r providing ? also why all the company insurance docs are needed? surely u will set them up only after getting the Entr.visa?

or r u trying to convince them that u already are a entrpreneur?

good luck

[gussy]

so u r showing even tho u own the business - but u dnt work there ? what evidence u r providing ? also why all the company insurance docs are needed? surely u will set them up only after getting the Entr.visa?

or r u trying to convince them that u already are a entrpreneur?

good luck

Yes, that's correct. I'm applying as an T1 Entrepreneur showing that some of the 200k funds are currently accessible and the outstanding funds are via a third-party.