refusal

[nehal321]

i have applied on 3rd may and received refusal today.

Refusal:
1) no points for funds held in regulated financial institution
2) 0 points for funds disposable in UK
3) you have stated that you have invested 10,000 in the business the evidence you have supplied in the form of management accounts does not meet the requirements.

i am confused about the refusals. because money was in my personal account in HSBC in UK and i have attached my 4 month statement. and i have provided management accounts from my accountant but it was only for 1 month bcz i started business in mid March. and for the proof of 10,000 i have send all the possible documents, even i have highlighted the payement of 10,000 in my statement.

what i should do?

[itk]

Hi Nehal321,
Quite sorry to hear about your refusal, were you given the option to appeal? you could employ the service of a good solicitor to file for an appeal hopefully with proper evidence you will win. I was refused equally I have since file for appeal, fingers crossed. don't be weigh down though the experience is harrowing but what can one do other than to have faith and press on.

itk

[nehal321]

no right of appeal because i have visa till jan 2014, but i want suggestions should i go for pre- action protocol? what are the chances for that?

[KickAss]

i have applied on 3rd may and received refusal today.

Refusal:
1) no points for funds held in regulated financial institution
2) 0 points for funds disposable in UK
3) you have stated that you have invested 10,000 in the business the evidence you have supplied in the form of management accounts does not meet the requirements.

i am confused about the refusals. because money was in my personal account in HSBC in UK and i have attached my 4 month statement. and i have provided management accounts from my accountant but it was only for 1 month bcz i started business in mid March. and for the proof of 10,000 i have send all the possible documents, even i have highlighted the payement of 10,000 in my statement.

what i should do?

Sorry to hear about this mate !

Wondering if you provided any printout saying HSBC is regulated by FSA ?

Also Hope this might not have affected your application.

http://www.hsbc.co.uk/1/PA_esf-ca-app-c ... change.pdf

[nehal321]

no i didnt provide it, because it was obvious that UKBA will not make any issue for HSBC because funds was in UK HSBC in my personal account. i was shocked that they have make issue on this thing

[tier1in2014]

Sorry to hear about your refusal neha321 . What other documents you submitted with your application .

[nehal321]

Company house current appointment report
Original Personal Bank statement of 4 month
Orignal business account bank statement,
Highlighted that amount is made from my personal account HSBC
Investment of 10,000 with accountant letter and manage account,
Contract agreement of business signed by solicitor
Business card,
advertisement in newspaper ,
office rent proof, business liability insurance, employee insurance,
bills of HM revenue
Registration with trade body,
Business plan
audit unaudited account and chartered accountant covering letter
2 contracts,
curriculum vitae,

[nehal321]

can any1 tell me what are the chances of winning pre-action protocol?

waiting for your replies

[entrepreneur123]

Kickass,
is HSBC not regulated by FSA? I was going to show my investment funds in this bank as well.

i have applied on 3rd may and received refusal today.

Refusal:
1) no points for funds held in regulated financial institution
2) 0 points for funds disposable in UK
3) you have stated that you have invested 10,000 in the business the evidence you have supplied in the form of management accounts does not meet the requirements.

i am confused about the refusals. because money was in my personal account in HSBC in UK and i have attached my 4 month statement. and i have provided management accounts from my accountant but it was only for 1 month bcz i started business in mid March. and for the proof of 10,000 i have send all the possible documents, even i have highlighted the payement of 10,000 in my statement.

what i should do?

Sorry to hear about this mate !

Wondering if you provided any printout saying HSBC is regulated by FSA ?

Also Hope this might not have affected your application.

http://www.hsbc.co.uk/1/PA_esf-ca-app-c ... change.pdf

[Christianoronaldo]

Hi

you said one of the reasons of refusal is:

'you have stated that you have invested 10,000 in the business the evidence you have supplied in the form of management accounts does not meet the requirements'.

Have they specified what exactly is wrong with the management accounts due to which they are raising objections.

Apparently your list of documents seems fine. I would say you have 100% chance of winning the appeal.

[nehal321]

Yes actually I bought the running business by giving premium of 10,000 infront of solicitor. i have signed the agreements and send that as well. and showed that money is transfer from my personal HSBC account, and highlighted it, and many supporting documents along with it.
I started business in mid of march. And the manage accounts which I can provide of my business is for 1 month because I applied in start of may. So the accounts was from 15th march to 30 April. And the dates was also mention. In 1 month we can hardly show some accounts. None of the business has accounts for 1 month. I was just trying to complete the requirement by providing manage accounts.
And the business statement of HSBC was also almost empty because I open my account 1 month ago.

I dont have right of appeal visa is still Valid.
Even if I re apply these are the documents I can provide not anything else. Original bank statements . Everything was genuine, even I can't provide anything more. Because these things are enough.
Don't know why the refuse my application with any reason. I think they even didn't see my documents especially statements properly.

Can you guys suggest me if I will go for pre-action protocol what are the chances to win?

[tier1in2014]

How long you have been in uk . If you are close 10 year period that's another reason they refusing lot .

[rsrameshsunil]

Yes actually I bought the running business by giving premium of 10,000 infront of solicitor. i have signed the agreements and send that as well. and showed that money is transfer from my personal HSBC account, and highlighted it, and many supporting documents along with it.
I started business in mid of march. And the manage accounts which I can provide of my business is for 1 month because I applied in start of may. So the accounts was from 15th march to 30 April. And the dates was also mention. In 1 month we can hardly show some accounts. None of the business has accounts for 1 month. I was just trying to complete the requirement by providing manage accounts.
And the business statement of HSBC was also almost empty because I open my account 1 month ago.

I dont have right of appeal visa is still Valid.
Even if I re apply these are the documents I can provide not anything else. Original bank statements . Everything was genuine, even I can't provide anything more. Because these things are enough.
Don't know why the refuse my application with any reason. I think they even didn't see my documents especially statements properly.

Can you guys suggest me if I will go for pre-action protocol what are the chances to win?

Can you make it a bit more clearer please? The requirement is 50k. How did you split this up? did you show 40k cash and another 10k as already invested?

If that is the case, there seems a problem with the 10k which you claim as "invested". When they say invested they expect you to spend the money. Meaning, you business should have spent the 10k on its expenses. Its not transfering the amount into business and holding in business account.

Is that your case or is it different? Please give some further information. Paste the exact words in refusal if possibe.

[smartmind101]

i can't understand how can u get 0 points for - funds disposable in UK, when the funds are in pounds ?????...

also, how can u get 0 points. for FSA part...i think the original HSBC statement must be stating that HSBC is regulated by FSA...isn't ????

[rehan01]

if you don't mind could you tell what was the nature of business ?

regards

i have applied on 3rd may and received refusal today.

Refusal:
1) no points for funds held in regulated financial institution
2) 0 points for funds disposable in UK
3) you have stated that you have invested 10,000 in the business the evidence you have supplied in the form of management accounts does not meet the requirements.

i am confused about the refusals. because money was in my personal account in HSBC in UK and i have attached my 4 month statement. and i have provided management accounts from my accountant but it was only for 1 month bcz i started business in mid March. and for the proof of 10,000 i have send all the possible documents, even i have highlighted the payement of 10,000 in my statement.

what i should do?

[entrepreneur123]

I phoned to HSBC. HSBC is regulated by FSA. Actually FSA has now been splitted into two bodies.

From FSA.GOV.UK
The FSA has now become two separate regulatory authorities and this site is no longer updated.
The Financial Conduct Authority can be found at www.fca.org.uk and the Prudential Regulation Authority at www.bankofengland.co.uk.
Archived versions of the FSA site are available at the National Archives.

i have applied on 3rd may and received refusal today.

Refusal:
1) no points for funds held in regulated financial institution
2) 0 points for funds disposable in UK
3) you have stated that you have invested 10,000 in the business the evidence you have supplied in the form of management accounts does not meet the requirements.

i am confused about the refusals. because money was in my personal account in HSBC in UK and i have attached my 4 month statement. and i have provided management accounts from my accountant but it was only for 1 month bcz i started business in mid March. and for the proof of 10,000 i have send all the possible documents, even i have highlighted the payement of 10,000 in my statement.

what i should do?

Sorry to hear about this mate !

Wondering if you provided any printout saying HSBC is regulated by FSA ?

Also Hope this might not have affected your application.

http://www.hsbc.co.uk/1/PA_esf-ca-app-c ... change.pdf

[KickAss]

Thanks for sharing this mate !
Does case workers who follow policy guidelines line by line will care about this ?
But well here we are ....

I phoned to HSBC. HSBC is regulated by FSA. Actually FSA has now been splitted into two bodies.

From FSA.GOV.UK
The FSA has now become two separate regulatory authorities and this site is no longer updated.
The Financial Conduct Authority can be found at www.fca.org.uk and the Prudential Regulation Authority at www.bankofengland.co.uk.
Archived versions of the FSA site are available at the National Archives.

i have applied on 3rd may and received refusal today.

Refusal:
1) no points for funds held in regulated financial institution
2) 0 points for funds disposable in UK
3) you have stated that you have invested 10,000 in the business the evidence you have supplied in the form of management accounts does not meet the requirements.

i am confused about the refusals. because money was in my personal account in HSBC in UK and i have attached my 4 month statement. and i have provided management accounts from my accountant but it was only for 1 month bcz i started business in mid March. and for the proof of 10,000 i have send all the possible documents, even i have highlighted the payement of 10,000 in my statement.

what i should do?

Sorry to hear about this mate !

Wondering if you provided any printout saying HSBC is regulated by FSA ?

Also Hope this might not have affected your application.

http://www.hsbc.co.uk/1/PA_esf-ca-app-c ... change.pdf

[rais99]

Neha123,

My self and my friend have applied as a entrepreneur team in january 2013 and had a similar problem where I have a valid visa till end of december 2013 and my other partner visa expired. We had a refusal, i don't have a appeal right but my partner was given a appeal. I had to go for a pre action protocol and got a appeal and intended to go on the same application. Now i am under the process of appeal.

The best idea is to go for pre action protocol. But keep in my mind the grounds should be very strong or else you will have to spend a hell lot on judicial review.

All the best.