tier 1 Director of company and Fund

[kpatel700]

hi guys

can anyone please shade light on following topics(any help will be much appreciated)
- if i become a director of company, what is correct way of transferring money to business account from your acc(i.e. director personal acc)?
- do that need to be in form of director's loan to company?
- can you have company share worth £10 which is holding bank balance of £50,000 (i mean when i registered my company i become director and only share holder of the company, now that share value was declared only £10 at time of registration of company)

i(as director) wish to deposit £50,000 to my company bank acc, can anyone please give info of correct way of doing this considering rules of tier 1 entrepreneur visa application.

please please give right information. i will be much grateful to all of u.

thanks

[Olasunkanmi]

@ kpatel700, if you already got your tier1 entrepreneur visa, then you can just transfer the 50k from your personal account into your business account while keeping the record of the source of the transfer purely because if you later decide to withdraw your 50k fund from the business say after you might have got your ILR, HMRC will like to know the reason why you decide to withdraw the 50k from the business account and the only way to answer HMRC is if you have a director loan agreement with your business.
Also if UKBA query you during extension your director loan agreement will be a good way to proof the transfer of fund while you should also keep the source of the transfer.

[kpatel700]

@ kpatel700, if you already got your tier1 entrepreneur visa, then you can just transfer the 50k from your personal account into your business account while keeping the record of the source of the transfer purely because if you later decide to withdraw your 50k fund from the business say after you might have got your ILR, HMRC will like to know the reason why you decide to withdraw the 50k from the business account and the only way to answer HMRC is if you have a director loan agreement with your business.
Also if UKBA query you during extension your director loan agreement will be a good way to proof the transfer of fund while you should also keep the source of the transfer.

hello mate many thanks for your reply.

now my query is that i am going to apply for tier 1 Entrepreneur visas,i got company registered and become a director of company. now i wish to transfer my 50k money into my business acc. now just to apply for visa and get success, from home-office point of view do i have to produce any document like director's loan agreement ??? (when applying for visa) or why the money was transfered or any other legal implication?

[Olasunkanmi]

@ kpatel700, it will be better to leave funds in your personal account for your initial application because its easier as you only need your bank statement unlike for business account where you will need to submit loads of documents. You can then do the transfer to your business account after getting your visa.