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rahulsingh1 wrote:Hi Satinder, dont worry too much about lucapooka. hes a very helpful person but sometmes his response is not what you want and is many a times demeaning and demotivating. so you gotta ignore him for that moment and move on
Here comes the part of the investment:
You just have to transfer money from your personal bank account into your business account.-> that will satisfy the term investment for the purposes of the visa.
After this you spend it completely or not is not part of the terms of the visa. Ofcourse you need to spend something, or it will show that something is smelly.
Olasunkanmi wrote:rahulsingh1 wrote:Hi Satinder, dont worry too much about lucapooka. hes a very helpful person but sometmes his response is not what you want and is many a times demeaning and demotivating. so you gotta ignore him for that moment and move on
Here comes the part of the investment:
You just have to transfer money from your personal bank account into your business account.-> that will satisfy the term investment for the purposes of the visa.
After this you spend it completely or not is not part of the terms of the visa. Ofcourse you need to spend something, or it will show that something is smelly.
He need to spend the whole 50k funds on his business within the first 3yrs of the visa or else he wont qualify for extension.
You cant just keep money in business account and assume its invested. It has to be spent on the business.
Olasunkanmi wrote:Check page 41 of policy guidance;
''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.’’
noumanomer wrote:@rahulsingh1: It seems that we can spend around 15k and 35k deposit business account at the time of extension we have 35k in our business account. It will work able or not?
Princess of Ammi wrote:you can not !! answering to last post !!
to claim the required points at the time of extension as stipulated in policy/guidance you need to have your funds invested along other requirements. having half of funds available in business bank account can not be called an investment but ready to invest will not let you score the points.
where to invest when there is no room in your business to invest is something you should get a professional's help on,
Thanks,
noumanomer wrote:Example: If my company will spend half of investment means 25 does spend and rest 25 k still in company account with in three years.. At extension time can we show 25k has been spend by company and 25k still at company account ?
If this is true then after getting entry clearance one has to establish a business on paper and have the funds deposited in the business bank account and that's it. The only problem is Job creation and i am sure the accountants can handle this too. I don't think its that simple..rahulsingh1 wrote:you only have to say that 50k has been invested - put in the companys bank acount..- nothing else.
How the company wishes to use/spend this money is not the business of the ukba.
I have got this confirmed in written from the ukba..
The money doesn't belong to you at this stage, it will be owned by your business. How would you plan to take it off from business? Do you intend to invoice the money from your home country? If yes, then you are liable to pay tax on that money in your home country.cappachino wrote:What if the money u showed at the time of appliction - a portion of that money is sent back to your home country to be returned latter at the time of investment n the complete amount is returned back into the busniess account and then invested within 3 years would this caue any issues at the time of extension
The money is in my personal account a small portion as per requirement has been transfered into the business accountmaverick_76 wrote:The money doesn't belong to you at this stage, it will be owned by your business. How would you plan to take it off from business? Do you intend to invoice the money from your home country? If yes, then you are liable to pay tax on that money in your home country.cappachino wrote:What if the money u showed at the time of appliction - a portion of that money is sent back to your home country to be returned latter at the time of investment n the complete amount is returned back into the busniess account and then invested within 3 years would this caue any issues at the time of extension