money in personal account or joint account

[temoham]

Hi everyone,

My friend and I are going to apply in the next week as an Entrepreneurial team, PSW route. For showing that we have access to 50K, 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.

[Olasunkanmi]

@ temoham, the best option is to open a joint account and transfer the 50k into it because HO did not specify that 50k fund must be in an account for a specific time frame, they only need you to have access to it at the time of your application.

If you leave the money in your own personal account then you will have to be a third party sponsor to your friend and that requires third party bank letter and also declaration letter.

[temoham]

Thanks a lot Olasunkanmi. That was exactly what I believe we out to be doing. Our immigration advisor have advised against opening a joint account! I don't know why. She said because you are a team, you can simply name each other on your application and there is no need to open a joint account. Dear Olasunkanmi, would be please send us a guideline for obtaining declaration letter and also third party bank letter? Is there any guidance for entrepreneurial teams on how to show their investment funds? Thanks a lot for your answer. I really appreciate it.

[Olasunkanmi]

@ temoham, third party bank letter is a headache for lots of applicants and I hope you guys wont go through same headache to get the letter with HO requirement, the format for the third party bank letter and declaration letter is on the last pages of the tier 1 entrepreneur policy guidance.

Also in regard to showing investment/available funds by entrepreneurial team, its the same procedure as single applicants with the addition of adding third party bank letters and declarations if the money is in one person account.

[rehan01]

Totally agreed with olasunkanmi advice ........


Open joint account transfer all the funds from your personal account to joint account and also get 2 declarations done from legal representative the this is account details of joint account and you applying for ent visa and holding funds into joint account and you both have equal access to funds.

Also get letter from legal representative that should mention both of ur details and that you sign the declaration in front of him etc.

Also I will recommend writing covering letter explaining why u transfer funds in short period of time into joint account bcz of both of you having equal access to funds etc .... I knw there is no such a requirement but I have been refused and one of the refusal reason was that funds were transferred over the period of 3 days and they have high concerns regarding this (even there is no such a requirements) so it's best to play safe and give full track of money so they should come out with stupid reasons.

Regards

Hi everyone,

My friend and I are going to apply in the next week as an Entrepreneurial team, PSW route. For showing that we have access to 50K, 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.