Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.
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Teamdoctor
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by Teamdoctor » Tue Nov 21, 2017 12:15 pm
Dear gurus
I have made an Investment in US Dollars by transfer from my personal account in UK to my Company’s business account. Now I am making an application for extension for the Tier1 Enterprener after 3 years period. Please advise me what date should I use on OANDA website for the rate? Whether it has to be date when I made a transfer from personal account to company or the date of application for extension?
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zimba
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by zimba » Tue Nov 21, 2017 12:23 pm
This is confusing . You have a personal USD account in the UK ?! If the money deposited in the business account is in GBP, then why the USD rates matter ???
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice
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marcnath
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by marcnath » Tue Nov 21, 2017 12:24 pm
Teamdoctor wrote: ↑Tue Nov 21, 2017 12:15 pm
Dear gurus
I have made an Investment in US Dollars by transfer from my personal account in UK to my Company’s business account. Now I am making an application for extension for the Tier1 Enterprener after 3 years period. Please advise me what date should I use on OANDA website for the rate? Whether it has to be date when I made a transfer from personal account to company or the date of application for extension?
Did you have a USD account for our company ?
My comments are in no way meant to be advisory. I have no professional knowledge of immigration. These are based on my own experience, convictions and personal interpretation of publicly available information.
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Teamdoctor
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by Teamdoctor » Tue Nov 21, 2017 12:29 pm
Yes I have company account in USD since I do trade with China in USD. So money gone from my USD personal act to company USD business acc
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Mehdi123
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by Mehdi123 » Tue Nov 21, 2017 1:33 pm
How are you showing your investment? Via shareholding or dl?
You should have what they call a settling transaction of foreign exchange gains and losses in profit and loss account as your submissions in UK will have to be in £. And the affect should be show in dl accordingly. Your accountant should advise your better on these matter.
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bizman
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by bizman » Tue Nov 21, 2017 1:36 pm
It is the date you made the transfer from your personal account to your business account. Make sure you tell your accountant to note the date of the transfer in your annual account. Also mention it in your cover letter. Did you invest in shares or Director Loan?
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Teamdoctor
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by Teamdoctor » Tue Nov 21, 2017 1:48 pm
I have made an investment as a DL. I think it should be the transaction date either but my lawyer reckon it should be rate on the date of application. It is kind of irrelevant since they settled to the balance with the rate to the day of transaction
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marcnath
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by marcnath » Tue Nov 21, 2017 2:12 pm
Teamdoctor wrote: ↑Tue Nov 21, 2017 1:48 pm
I have made an investment as a DL. I think it should be the transaction date either but my lawyer reckon it should be rate on the date of application. It is kind of irrelevant since they settled to the balance with the rate to the day of transaction
The evidence of the DL is you accounts and in the DL agreement. Since your accounts are done in GBP, that is what counts. Unless you have used some wildly crazy exchange rate to settle the balance in your accounts, the actual exchange rate is immaterial
My comments are in no way meant to be advisory. I have no professional knowledge of immigration. These are based on my own experience, convictions and personal interpretation of publicly available information.
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Teamdoctor
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by Teamdoctor » Tue Nov 21, 2017 2:20 pm
So do you believe that it will be fine if the accounts, DL and OANDA rates for the day of transaction show the same figures?
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marcnath
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by marcnath » Tue Nov 21, 2017 2:24 pm
Teamdoctor wrote: ↑Tue Nov 21, 2017 2:20 pm
So do you believe that it will be fine if the accounts, DL and OANDA rates for the day of transaction show the same figures?
Sure, but I still believe the OANDA rate is immaterial. HO is unlikely to start debating the exchange rate with you unless you use unrealistic exchange rates like 1:1
My comments are in no way meant to be advisory. I have no professional knowledge of immigration. These are based on my own experience, convictions and personal interpretation of publicly available information.
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bizman
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by bizman » Tue Nov 21, 2017 4:12 pm
They will reckon with what a certified chartered accountant prepare .
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