BANK LETTER

[ambitious12]

Hi,

I'm currntly in UK on PSW and applying as an Entrepreneur Team..

My query is with regards to the a/c in which the funds should be held..

Para 93 in the guidance on page 17 states that funds shud be held in a/c having both names in case of entrepreneur team.. it also states that account in the name of business are not accepted..

So if my company name is ABC, does that mean funds can't be held in ABC account.. or does this above line in the guidance meant sumthing else..

Lukng fwd to ur valuable replies..

Thanks!!

[Darvesh]

A business or company get a business account on their name. you company should have a business account.
For T1E you need to show access of 50k(psw route) from any account, other than ISA or Business account, that account could be either on your or u&ur team member name or third party.

[rizwan567]

Hi,

I'm currntly in UK on PSW and applying as an Entrepreneur Team..

My query is with regards to the a/c in which the funds should be held..

Para 93 in the guidance on page 17 states that funds shud be held in a/c having both names in case of entrepreneur team.. it also states that account in the name of business are not accepted..

So if my company name is ABC, does that mean funds can't be held in ABC account.. or does this above line in the guidance meant sumthing else..

Lukng fwd to ur valuable replies..

Thanks!!

This means business bank account can not be used for third party funding.

[ambitious12]

Thanks for ur valuable replies..

I'm still not able to understand exactly what u meant.. I wud appreciate if u or anyone else cud explain it better.. Confusion basically arises from para 93 of the policy guidance which I have mentioned in my above post..

I'll put my query in simple words..

A& B form an entrepreneur team with company name XYZ.. now the funds shud be in A&B account (joint account) or is it ok if we put funds in XYZ account (company account)..

Lukng fwd to ur valuable responses..

Thanks!!

[entrepreneur123]

You cannot just put £50,000 in your company account. Legally if you do put this money in your company account and want it back in future then you will need to pay tax etc. So better to show money in your joint account in application with affidavit

Regards,

Thanks for ur valuable replies..

I'm still not able to understand exactly what u meant.. I wud appreciate if u or anyone else cud explain it better.. Confusion basically arises from para 93 of the policy guidance which I have mentioned in my above post..

I'll put my query in simple words..

A& B form an entrepreneur team with company name XYZ.. now the funds shud be in A&B account (joint account) or is it ok if we put funds in XYZ account (company account)..

Lukng fwd to ur valuable responses..

Thanks!!

[ambitious12]

Thanks a ton for ur replies.. Now that I'm getting a clear picture, I have one last query..

If all 50k funds are kept in one team member's personal a/c and an affidavit is provided alongwith application stating that both team members have equal access to the funds.. So is this fine or this wud cause any problem??

Lukng fwd to ur valuable replies..

Thanks!!

[Darvesh]

it shud be fine as long as u attach a declaration stating equal acces to funds

[ambitious12]

Hi,

I'm applying as enterpreneur team.. currently on PSW in UK.. all funds r held in my personal bank a/c in UK and we are submitting an affidavit which states equal access of funds to each other.. Alongwith that I'm submitting my personal bank statement showing £50,000 investment funds..

Now in past few days on this forum, many people have informed that they were refused visa because caseworker wanted Bank Letter stating their name and funds will be made available to them.. which means just providing Bank Statement Wasn't enough..

Now my question is that bank simply doesn't provide any such letter at all.. then how can we manage to fulfill this requirement.. is there any other alternative?? And has anyone managed to get such a letter from bank..

Lukng fwd to ur valuable replies..

Thanks!!

[Mr Legal]

Hi ambitious:

As you reproduced the section 93 which requires an entrepreneur to hold funds in his name.This is true but I think UKBA also requires an applicant to have opened /held business account (which in some cases have been asked for)and the business account is opened on the business name in order to put money for investment,to which you will get monthly or quartly transication statment on your business name.However,you can ask your bank advisor if they can issue you business bank statment for the funds they hold with a covering letter in your name and address,I opine this will work to some extent.