Switch from Tier 1 GE to Tier 1 Entrepreneur Funds question

[Michelleiam]

Dear friends and Zimba,

My partner and I have formed our Entrepreneurial Team for two years both as Tier 1 GE. Now we are going to apply the Tier 1 Entrepreneur Visas together. We may have several options, please kindly give us advice. The questions about funds is :

Option 1. My partner has 25K in his personal account. I have 25K in my personal account (including 13k Third Party investment). Could we both sign an agreement or declaration signed by notary or solicitor to confirm we could access to each other funds and the 50k is purely for business investment, please? We have no time for joint account as we did not open a joint account.

Option 2. If option 1 is not acceptable, could we transfer each 25K (50k in total) to our business account as a fresh investment, please? Also will be attached a Directors Loan agreement.

Please help us to finalise our option as we are going to apply on 16th March 2017.
Thank you very much.

Best regards,

Michelle

[zimba]

Option 1. My partner has 25K in his personal account. I have 25K in my personal account (including 13k Third Party investment). Could we both sign an agreement or declaration signed by notary or solicitor to confirm we could access to each other funds and the 50k is purely for business investment, please? We have no time for joint account as we did not open a joint account.

Each one of you need to write a 3rd party letter for the other one, as required in the guide. You also have another third party investment from someone else which means you need yet another letter where your third party makes that 13K available to both of you for investment.

Option 2. If option 1 is not acceptable, could we transfer each 25K (50k in total) to our business account as a fresh investment, please? Also will be attached a Directors Loan agreement.

To claim money as invested, you need:
- Business bank statements showing the invested money came from you two
- Company accounts showing the DL under your names
- DL agreement with all the terms required

I am not sure what have you been doing in the last two years and why didn't you plan for a Tier 1E switch months ago ??

[Michelleiam]

Dear Zimba,

Thank you very much for your advice. I am very appreciate.

Our business was not going very well during the last one year and half. Therefore, we did not plan to apply the Tier 1 Entrepreneur visa before. But these two months, our business was growing quite well, which made us to think of applying the visa and expand our business in the UK.

Thanks again Zimba.

Best regards,

Michelle