Regarding Bank Account

[aseefahmed]

Hi everybody,

I am going to make an entrepreneur team with one of my friends. The problem arise with bank account. What kind of bank account is suitable for entrepreneur team .

- Personal account for each team member or
- Joint Account or
- Business Account

The problem with personal account is that one's personal account is not accessible to other team member.

And the problem with joint account is that, according to my bank manager, if we put such a big amount of money (like £50K), then the bank might close our joint account. According to him, we can't use joint account for business purpose.

Any suggestions will be appreciated.

[temoham]

Hey aseefahmed,

May I know which method you finally used? I am going to apply within the next few days and I am wondering which way is acceptable, joint account or personal account. First we wanted to open a joint personal account but as the money has been accumulating in my personal account, our immigration advisor suggested to keep the money in my personal account rather than opening a new joint account now and transfer the 50K in a short period of time. However, I am afraid that if I provide my personal bank statement with only my name on it, my friend's application might be refused. Our immigration advisor argue that you do not need to open a joint account as long as you are applying as a team and you can simply name each other on the application form. I appreciate if you share your experience on this.

[aliraza.lca]

if u guys r applying as a team and living in uk ...than
the best way to apply is open a joint account and transfer 25 k by bother team members in that account.
once j.a is opened than apply to open a business account on the company name...
.
if u r applying as a team and keep 25 k in ur personal account(both members) and shows no j.a that wil b risky for u ...

one thing is clear...

that u must hav ur personal account...
a joint account
and a business account if u r applying as a team.
...now if the banks r not opening the account...tell them we got some mutual expenses thats why we want to oepn a joint a/c.

remember u wil b claiming 95 points and out of this 75 belongs to 50k...so dont b silly ...there is no chance of error in this section...