Seems like their processing time has really improved!!
Thanks to everyone on the forum who has shared their experiences, and continue to share advice with others. This is the second time in 3 years this forum has come to my aid (previous was PSW) and hopefully I can help others too.
OK, let's start with basics. I am an Engineer, and my business is providing consultancy engineering services. I did not use a solicitor. I am not stopping anyone from using them, just saying with careful preparation, you might not need one.
My timeline was as follows:
Application: 5th November
Money taken: 7th November
Request for Biometrics: Printed 8th, received 12th.
Biometrics done: 13th
Acknowledgement of Application letter: Printed 7th, received 14th
Cards from DX and Royal mail (attempted delivery): 27th.
Approval letter was typed on the 22nd. I've picked up my documentation from Royal Mail, I'll have to arrange re-delivery with DX at some point for BRP.
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List of Documentation
Passports (including previous one) and BRP, and passport photos.
Current Appointment Report (called Companies House and ordered it for 3 pounds) with invoice
Two of my most recent contracts with my current clients. First one was in February, and it has been continuous. Both were in accordance with policy guidance
University degree
Bank Statements:
1) Personal Savings account for maintenance: This went back since February, showing my account never dropped below 900
2) Personal savings account for maintenance: This had been built up over a few weeks preceding my application. The final few payments of about 10K to reach the 50K were made within a few days (5 or 6) of the application.
3) Business Bank account: This covered my business transactions from July till October, and obviously showed monies from the company I had a contract with paid regularly.
All the bank statements were original copies posted by the bank, not electronic printouts. I also had them stamped. Not necessary, but whatever makes one feel better eh?
Website Print out and adverts with local newspapers, and GumTree (in adherence to the policy guidance)
Personal CV
Company Insurance documentation.
Welcome to Business Banking (Barclays)
Signed timesheets from my client. I also included a number of invoices
A Business plan. The plan itself is about 20 pages long, with 10 to 15 pages extra of financial information. If you want good information/templates on building a business plan, try
http://www.bplans.co.uk/. There are plenty others, Google is your friend. I also used a web based software "MyBusinessWorks", which Barclays provided to me when I opened my business account (for a monthly fee, of course). It was worth it though, the create a business plan section really, really helped me with creating the plan I did. It also provides tools for book keeping (on its own about 25 a month), and for help with legal stuff. Especially generating the financial section. I ended my subscription, though.
Items I added, which I didn't feel were necessary but might help my application:
Reports and Accounts for my Company's previous financial year, generated by my accountant. This is basically like a balance sheet, showing total ins and outs, i.e. total turnover, operating profits, liabilities, dividends, etc. Only 2 pages long.
Company tax return (2012-2013) acknowledgment from HMRC. This is basically a document from HMRC saying they have received your company tax return, and showing what I owe.
Business cards of my business banker, and the manager at my client's office.
Certificate of membership to my professional body (IChemE)
Cover letter. This just said who I am, what I do, why I am applying.
Things I did to try to make my application smooth: Use lots of post it notes. Can't have too much. Explain what each document you are sending is on post it notes. You know them easily because they are yours, a stranger who is looking might be confused.
Separate each document into folders. You can buy them at your supermarket / bookstore, those transparent soft folders for holding paper.
Whichever way you feel you can make life easier for the case worker, think about it and try to implement.
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I have tried to put as much information here so as to help others who are looking to make their application, without them needing to ask more questions. However I appreciate some more questions will come up; I probably missed a couple of things. However, I will not provide you with my business plan, so don't waste your time asking me. If you have questions, please do so in the thread proper as opposed to PMs, as it might help someone else, and prevent repetition.
Good luck!