Showing Start-up Expenses for the Business

[rahil74098]

Hi all my friends. Me and my friend are applying as a entrepreneurial team in July. We are showing £12000 as a start-up expenses of the business. Can we show these start-up expenses in joint account or we need to open a business account to show these expenses. I contacted my bank and they said that business account will take 3 weeks......... Is it necessary to open a business account for visa or joint account is enough for applying a visa and showing start-up expenses..........

Regards,
Rahil

[Darvesh]

it will be good if u can show expense from a business account however u can show expense from your personal account as well as u dont have one at the minutes. u may ask an accountant to adjust those expenses in favor of business start up as per ur plan.

u dont have to have a business account neither a requirement at the time of application however its good to have one.

joint account is not requirement either you can show access money(50/200k) from a single account or joint account provided that u must provide all relevant attested documents showing u both have equal access to funds all time during and after application.

[rizwan567]

I do not agree with Darvesh on this.

If both of you are in self employed partnership then it might be possible to use your personal bank account for business purpose.

However if you are running a ltd company then there is no way that you will get the visa. Because one of the requirment after investment is to show that you have a UK business bank account.