Need Help For UK Tier 1 (Entrepreneur) visas

[nofear_mna]

Hi ! i am on Psw visa and want to change my visa into entrepreneur visa but i need help i have got 50000 pounds in my account in my own country. And i have already got a company as well registered on my own name in companies house. But people are telling me its very difficult to change psw into Entrepreneur you need so many documents so please i need help. Thanks

[rajm2012]

Hi ! i am on Psw visa and want to change my visa into entrepreneur visa but i need help i have got 50000 pounds in my account in my own country. And i have already got a company as well registered on my own name in companies house. But people are telling me its very difficult to change psw into Entrepreneur you need so many documents so please i need help. Thanks

It's not difficult if you provide all the documents that they've asked for. If you have your funds overseas, you will need to get a letter from the bank(s). Please go through the policy guidance: http://www.ukba.homeoffice.gov.uk/sitec ... dance1.pdf

[makingastart]

After the applicant is granted the entrepreneur visa, can the business just use the overseas account to fund their operation or is the applicant required to transfer all the overseas funds into a UK business account?

[rajm2012]

After the applicant is granted the entrepreneur visa, can the business just use the overseas account to fund their operation or is the applicant required to transfer all the overseas funds into a UK business account?

I'm not sure about this. You should ask an accountant about this. However, in my opinion, any money that you take out from your personal bank account for your company is a loan to your company (as company is considered an entity of its own). I think you should clear this out with an accountant. Get some expert advice.

[makingastart]

After the applicant is granted the entrepreneur visa, can the business just use the overseas account to fund their operation or is the applicant required to transfer all the overseas funds into a UK business account?

I'm not sure about this. You should ask an accountant about this. However, in my opinion, any money that you take out from your personal bank account for your company is a loan to your company (as company is considered an entity of its own). I think you should clear this out with an accountant. Get some expert advice.

Is the accountant the best person to talk about this? I am applying for the 200k entrepreneur visa and I have asked an immigration consultant whether the business can be funded from an overseas bank account after the entrepreneur visa is granted but I'm not sure if she is 100% correct or not. My plan is to open a UK business bank account after being granted the visa and then transfer the overseas funds periodically into the UK account as needed rather than having to transfer the whole 200k to the UK bank account all at once (the exchange rate is quite high at the moment).

The immigration consultant I spoke to says there isn't a regulation that the business must run directly from a UK bank account. I'm hoping to get more opinion about this, perhaps I will post this question as a topic so more people can see this.

[bluebird2011]

The business can be funded from an overseas account.

There is no requirement to bring funds in one go. You can bring them gradually as and when the business requires it. However, you need to make sure that you bring in and invest 200k before your extension.

As the immigration consultant told you that there isn't a regulation that the business must run directly from a UK bank account but the only thing you've got to make sure is that you invest 200k in a UK business. Therefore, my suggestion is that you should bring all funds in UK to keep things simple.

[rajm2012]

After the applicant is granted the entrepreneur visa, can the business just use the overseas account to fund their operation or is the applicant required to transfer all the overseas funds into a UK business account?

I'm not sure about this. You should ask an accountant about this. However, in my opinion, any money that you take out from your personal bank account for your company is a loan to your company (as company is considered an entity of its own). I think you should clear this out with an accountant. Get some expert advice.

Is the accountant the best person to talk about this? I am applying for the 200k entrepreneur visa and I have asked an immigration consultant whether the business can be funded from an overseas bank account after the entrepreneur visa is granted but I'm not sure if she is 100% correct or not. My plan is to open a UK business bank account after being granted the visa and then transfer the overseas funds periodically into the UK account as needed rather than having to transfer the whole 200k to the UK bank account all at once (the exchange rate is quite high at the moment).

The immigration consultant I spoke to says there isn't a regulation that the business must run directly from a UK bank account. I'm hoping to get more opinion about this, perhaps I will post this question as a topic so more people can see this.

From the immigration point of view, it is all clear. You can fund your business operations from anywhere in the world as long as you can show proofs. From the accounting point of view, this may create problems as the company is a separate entity of its own and whatever funds you give to the company is a loan from you. But I'm sure there are other ways..may be, your company could issue new shares to you and you pay for the shares??

Without confusing you any further, it is perfectly fine to invest money into your business from your account anywhere in the world as long as you can provide proofs. You just need to get an accountant to sort out the accounts for you, that's all.

[makingastart]

From the immigration point of view, it is all clear. You can fund your business operations from anywhere in the world as long as you can show proofs. From the accounting point of view, this may create problems as the company is a separate entity of its own and whatever funds you give to the company is a loan from you. But I'm sure there are other ways..may be, your company could issue new shares to you and you pay for the shares??

Without confusing you any further, it is perfectly fine to invest money into your business from your account anywhere in the world as long as you can provide proofs. You just need to get an accountant to sort out the accounts for you, that's all.

Thanks rajm2012 and bluebird2011.

The GBP exchange rate is quite high at the moment so I would like to keep it in the original currency longer rather than converting it all in one go.
After I receive the entrepreneur visa, I plan to transfer 50k into the bank account and then keep transferring whenever I need to spend more money for the business until I reach 200k or more (while keeping in mind I would have to use up the 200k by the end of year 3 if I wish to renew the entrepreneur visa).

[nofear_mna]

How much time home office normally takes if i have got money in my own account in my own country. thanks

[nofear_mna]

How do home office checks the overseas bank accounts. Thanks