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Third Party fundings where statement is of Business Account!

Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.

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kim1
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Third Party fundings where statement is of Business Account!

Post by kim1 » Wed Feb 13, 2013 6:50 pm

I have genuine funds available to me through third party, before 31 Jan 2013 I had it in my account for a brief amount of time for visa documentation, Due to changes now we have to have it on a ongoing basis so I am now going to submit third party's Business account statement for funds availability.

Once I have the visa the funds will be transferred to UK, as my third party is extending their business in the UK through me, till then a huge amount like this can not be frozen for UKBA's sake, which can earn alot of profit here and now.

with my visa a window opens in UK for us(me & third party) so the money will be in the business just like now but in a different place(UK)

My question :

Is there anything in the rules&laws or policy guidance which is holding me from submitting Business statement rather a personal statement from third party??? (answers with reference from laws/rules/policy guidance are welcome)

Route is 200K , Tier1 Ent entry clearance.
Last edited by kim1 on Wed Feb 13, 2013 8:12 pm, edited 2 times in total.

kim1
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Posts: 147
Joined: Tue Jan 15, 2013 5:40 am

Post by kim1 » Wed Feb 13, 2013 6:57 pm

I have used the Policy guidance template for declaration which I quote....,
Declaration of availability of third party funds
CONFIDENTIAL
For the attention of the UK Border Agency
I agree that this letter may be shown to the UK Border Agency. I will confirm the contents of this letter at the request of the Agency.
In regards to the application of Mr. So & So for Entrepreneur status in the United Kingdom:
I Mr. Third Party am the cousin of Mr. So & So who has made an application for Entrepreneur status in the United Kingdom. I am willing to share this information with the UK Border Agency.
I Mr. Third Party represent Alpha Bravo Charlie Ltd, which has £ 200,000 and will make it available to Mr. So & So for the business they run in the United Kingdom and that the funds will remain available to him until they are transferred to him or to his business.

Contact details of third party,
Address including postal code: Suite 123 ,ABC Plaza XYZ Road Post code . 0000 my Country
Landline telephone number: 000-00-1234567
National identity card: xyz-1234567
Place of issue: city name
Dates of issue: 00/12/2010 and Expiry 00/11/2024



Signature of third party Signature of applicant
Date that the declaration was made 00/00/2013

above in red you can see that template suggests that a business can also be your third party funder. (You can read the original wording in the policy guidance)
Last edited by kim1 on Wed Feb 13, 2013 11:55 pm, edited 1 time in total.

kim1
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Joined: Tue Jan 15, 2013 5:40 am

Post by kim1 » Wed Feb 13, 2013 6:59 pm

Please read the above posts and reply according to the matter discussed here.thnx

rahil74098
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Re: Third Party fundings where statement is of Business Acco

Post by rahil74098 » Wed Feb 13, 2013 9:52 pm

kim1 wrote:I have genuine funds available to me through third party, before 31 Jan 2013 I had it in my account for a brief amount of time for visa documentation, Due to changes now we have to have it on a ongoing basis so I am now going to submit third party's Business account statement for funds availability.

Once I have the visa the funds will be transferred to UK, as my third party is extending their business in the UK through me, till then a huge amount like this can not be frozen for UKBA's sake, which can earn alot of profit here and now.

with my visa a window opens in UK for us(me & third party) so the money will be in the business just like now but in a different place(UK)

My question :

Is there anything in the rules&laws or policy guidance which is holding me from submitting Business statement rather a personal statement from third party??? (answers with reference from laws/rules/policy guidance are welcome)

Route is 200K , Tier1 Ent entry clearance.
Hi,
You can't use the business account of third party for entrepreneur visa.
I asked this question to a solicitor that can i use the business account of my uncle for entrepreneur visa. He said no and if u want to apply for entrepreneur visa from the funds of third party then you need uncle personal bank account and UK Border will not accept business account of third party.
Regards

kim1
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Posts: 147
Joined: Tue Jan 15, 2013 5:40 am

Post by kim1 » Wed Feb 13, 2013 10:24 pm

Please back your answers with quoting immigration rules/laws/policy thanx.
I want to be sure if I am right or wrong based on facts and not on assumptions or chats among xyz people. thanx

kim1
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Post by kim1 » Wed Feb 13, 2013 10:42 pm

Lucapooka any thoughts on this ?

buntyz
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Post by buntyz » Wed Feb 13, 2013 11:35 pm

hi kim
u cant use business account funds at all coz funds in buss acc belongs to buss nt an individual doesnt matter whose d owner. so i can gurantee that u cnnot use buss acc statement.

kim1
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Posts: 147
Joined: Tue Jan 15, 2013 5:40 am

Post by kim1 » Wed Feb 13, 2013 11:52 pm

buntyz wrote:hi kim
u cant use business account funds at all coz funds in buss acc belongs to buss nt an individual doesnt matter whose d owner. so i can gurantee that u cnnot use buss acc statement.
Okay they accept third party funding from a corporate body, surely the business wont be running by a personal account? then what , for your eyes I will quote policy guidance template.(you can find it on: Tier 1 (Entrepreneur) Policy Guidance version 01/2013 Page 52 of 52)

I [name] represent [corporate body] which has £ (please give amount in pounds sterling) and will
make it available to [name of applicant] or the business they run in the United Kingdom.

kim1
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Posts: 147
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Post by kim1 » Wed Feb 13, 2013 11:57 pm

My understanding is that

It is not necessary for the applicant to show £200,000 (or £50,000) of his own money to seek entry clearance or further leave to remain under the Tier 1 (Entrepreneur) category. He can rely on third party funding for the required £200,000. The third parties may be one of the following:

Family members (within the UK or overseas)
Any other investor (within the UK or overseas)
Any corporate body (within the UK or overseas)

rsrameshsunil
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Post by rsrameshsunil » Thu Feb 14, 2013 12:33 am

kim1 wrote:I have used the Policy guidance template for declaration which I quote....,
Declaration of availability of third party funds
CONFIDENTIAL
For the attention of the UK Border Agency
I agree that this letter may be shown to the UK Border Agency. I will confirm the contents of this letter at the request of the Agency.
In regards to the application of Mr. So & So for Entrepreneur status in the United Kingdom:
I Mr. Third Party am the cousin of Mr. So & So who has made an application for Entrepreneur status in the United Kingdom. I am willing to share this information with the UK Border Agency.
I Mr. Third Party represent Alpha Bravo Charlie Ltd, which has £ 200,000 and will make it available to Mr. So & So for the business they run in the United Kingdom and that the funds will remain available to him until they are transferred to him or to his business.

Contact details of third party,
Address including postal code: Suite 123 ,ABC Plaza XYZ Road Post code . 0000 my Country
Landline telephone number: 000-00-1234567
National identity card: xyz-1234567
Place of issue: city name
Dates of issue: 00/12/2010 and Expiry 00/11/2024



Signature of third party Signature of applicant
Date that the declaration was made 00/00/2013

above in red you can see that template suggests that a business can also be your third party funder. (You can read the original wording in the policy guidance)
if you want corporate body to act as third party...you will have to rephrase the declaration letters...It needs to state:

Declaration of availability of third party funds
CONFIDENTIAL
For the attention of the UK Border Agency
I agree that this letter may be shown to the UK Border Agency. I will confirm the contents of this letter at the request of the Agency.
In regards to the application of Mr. So & So for Entrepreneur status in the United Kingdom:

Alpha Bravo Charlie Ltd acts as third party to the applicant and I Mr.(your cousin) represent the same as [designation] in the company.

I am willing to share this information with the UK Border Agency.
Alpha Bravo Charlie Ltd, has £ 200,000 and will make it available to Mr. So & So for the business they run in the United Kingdom and that the funds will remain available to him until they are transferred to him or to his business.

Contact details of third party,

[you might want to submit all evidences that your cousin is an authorised person of ABC LTD]
[This should be business contact address. Your cousin should pick the landline at the business address if contacted by UKBA]

Business full Address including postal code: Suite 123 ,ABC Plaza XYZ Road Post code . 0000 my Country
Landline telephone number: 000-00-1234567

[Identity details of your cousin to be on safer side]

National identity card: xyz-1234567
Place of issue: city name
Dates of issue: 00/12/2010 and Expiry 00/11/2024


Signature of third party

[your cousins signature]
[cousins Name]
[designation at ABC Ltd]
for ABC Ltd

Signature of applicant


Date that the declaration was made 00/00/2013

It cannot say " I [Mr.third party] am the cousin of so and so"..this is not true because the person is not your third party..... ..you will also have to provide evidence that your cousin is an authorised person of ABC LTD....Also remember in addition to the declaration you will have to provide letter from ABC Ltd's Bankers which confirms that the money is available to you...Your visa will be refused is any of the above is not done...
Last edited by rsrameshsunil on Thu Feb 14, 2013 12:50 am, edited 4 times in total.

rsrameshsunil
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Post by rsrameshsunil » Thu Feb 14, 2013 12:39 am

and by the way bank statements are not allowed until unless the bank account is a personal account in your own name and the bank account is in UK...

rahil74098
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Post by rahil74098 » Thu Feb 14, 2013 4:07 am

rsrameshsunil wrote:and by the way bank statements are not allowed until unless the bank account is a personal account in your own name and the bank account is in UK...
can you please explain again....

kim1
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Posts: 147
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Post by kim1 » Thu Feb 14, 2013 8:07 am

rsrameshsunil wrote:and by the way bank statements are not allowed until unless the bank account is a personal account in your own name and the bank account is in UK...


No its just the bank letter from the third party and a statement is provided to me but I wont be submitting it.

kim1
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Posts: 147
Joined: Tue Jan 15, 2013 5:40 am

Post by kim1 » Thu Feb 14, 2013 8:17 am

rsrameshsunil wrote:
It cannot say " I [Mr.third party] am the cousin of so and so"..this is not true because the person is not your third party..... ..you will also have to provide evidence that your cousin is an authorised person of ABC LTD....Also remember in addition to the declaration you will have to provide letter from ABC Ltd's Bankers which confirms that the money is available to you...Your visa will be refused is any of the above is not done...
Orite I see your point the re-phrasing makes sense and will do amendments.

rsrameshsunil
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Post by rsrameshsunil » Thu Feb 14, 2013 8:11 pm

rahil74098 wrote:
rsrameshsunil wrote:and by the way bank statements are not allowed until unless the bank account is a personal account in your own name and the bank account is in UK...
can you please explain again....
It means You can submit bank statement instead of a letter from the bank only if the following conditions are satisfied:

1. The account is a personal bank account
2. The account is in the applicants name
3. The account is in UK.

rsrameshsunil
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Post by rsrameshsunil » Thu Feb 14, 2013 8:17 pm

kim1 wrote:
rsrameshsunil wrote:and by the way bank statements are not allowed until unless the bank account is a personal account in your own name and the bank account is in UK...


No its just the bank letter from the third party and a statement is provided to me but I wont be submitting it.
Also make sure that the letter from bank says the amount of 200k is available to [your name]. I know it may be difficult to obtain this from bank. The letter should confirm the balance of ABC LTD and also explicitly mention that out of that available balance in the account, 200k is available to you[your name must be mentioned here]...It cannot be just a balance confirmation letter..This is very important..

kim1
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Post by kim1 » Fri Feb 15, 2013 6:52 am

rsrameshsunil wrote:
Also make sure that the letter from bank says the amount of 200k is available to [your name]. I know it may be difficult to obtain this from bank. The letter should confirm the balance of ABC LTD and also explicitly mention that out of that available balance in the account, 200k is available to you[your name must be mentioned here]...It cannot be just a balance confirmation letter..This is very important..
Well its going to be a tuff nut to crack as the south asian are bull headed and to plant a simple request wont and doesnt make sense to them I will try to get my details in the letter from the third party bank. thnx mate for the time.

dazy788
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Post by dazy788 » Fri Feb 22, 2013 9:29 am

Location matters when you select a venue. Additionally, you need to be sure the facility is enough large to fit with your specific guest count.

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