akap12 wrote:
- But the money generated from my business is personally available to me for further investments? Is there a difference if the money is kept on my business or personal account? Is there a number of consecutive days for money to be kept before the application is made (NOT for maintenance but the 50k?)
You may be able to argue that if you are self employed or if you are a sole proprietor. But, if your business is a limited company, for example, the money generated belongs to the company, not to you.
So, yes, it does make a difference whether the money is in the business account or personal account.
However, you can rely on money from a third party. The relevant section says
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You must also have £50,000 of your own money available to make a fresh investment into business in the UK. Your funds must be held in the UK.
71. You can include money made available by other people (known as ‘a third party or parties’) but where applicable, you must also
provide a declaration that the money is
available to you
or the business that you are running, from each contributor of funds, together with confirmation that the declarations are valid. If you are relying on money held by your husband, wife or partner, they will be regarded as a third party.
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While your existing business can be a third party and you could use it to show the funds availability, there is a restriction on using that funds to show investment when it you have to claim points for extension.
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Additional content for a business acting as a third party
If the money is coming from another business in which you are also self-employed or a director of, confirmation of your status within that business and that you are the sole controller of that business’s finances. If you are not the sole controller of that business’s finances, the letter must be signed by another authorised official of the business. Please note: for the purposes of your Tier 1 (Entrepreneur) application, the business acting as a third party cannot be the same business for which you wish to score points for investment.
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Your best bet would be take the money to your personal account and use it from there