50K in Business Account

[benjamin2000]

Hi Everyone,

I am currently making a fresh application as my previous application was refused. I have already transferred my 50K into my business account. I transferred the funds several weeks ago. But I have been made aware that UKBA are refusing people who put their 50K in business account. That you will only be awarded points for access to funds if the 50K is in your personal account.

I want to ask the following:
Should I just transfer the 50K from the business account to my personal account?

Or should I leave the 50K in the business account?

If I leave the 50K in the business account, what documents should I supply with the bank statement explaining that the 50K was my money which I loaned to the business. Because am aware that just applicant name showing in the business account as the source of the funds isn't good enough for them anymore.


On a different matter, I borrowed about 5K from a friend to make up the balance of 50K. Does that friend need to write a letter stating that the 5K they loaned me is mine to use for whatever I see fit.

Am only asking because UKBA have gone to extraordinary lengths to prove they have completely loss touch with common sense.

[Olasunkanmi]

@ benjamin2000,

Should I just transfer the 50K from the business account to my personal account Or should I leave the 50K in the business account?

Its your choice if you want to leave it in the business account or transfer to personal account, none is 100% guarantee that you will get visa. But personal account is more easier as it need less documentation unlike business account which requires complex documents and caseworkers will sometime still find other excuses. Luck is now part of the visa with the caseworker irrational decisions.

If I leave the 50K in the business account, what documents should I supply with the bank statement explaining that the 50K was my money which I loaned to the business. Because am aware that just applicant name showing in the business account as the source of the funds isn't good enough for them anymore.

The list of documents to submit with business account if claiming invested fund is listed in paragraph 46-SD of Appendix A in the Immigration Rules.

On a different matter, I borrowed about 5K from a friend to make up the balance of 50K. Does that friend need to write a letter stating that the 5K they loaned me is mine to use for whatever I see fit.

No, your friend doesn't need to write any letter but you should be prepare to answer questions on the source of all the funds if you get invited for interview. Apart from that just keep documentary evidence of the source of your 50k funds.

[benjamin2000]

@Olasunkanmi, thanks for your professional response. Does the 50K in business account qualify as "Money Already Invested in Business"? Thanks in advance.

[benjamin2000]

Am asking because I haven't spent 50K yet on the business. I just transferred it and left it there. But I have been buying stocks and tools for the business before I transferred the 50K.

Thanks

[entrepreneur123]

yes it will be but you need to make sure that you do not miss anything from the list Olasunkanmi stated above, as if you missed something like, CT41G or Business account statment or your accounts showing money in accounts by chartered accountant or shares certificates (if you showing investment through shares rather than director loan) then it will be trouble . you can search this form, many applicants been refused by missing one or the other documents from the list. thanks

Am asking because I haven't spent 50K yet on the business. I just transferred it and left it there. But I have been buying stocks and tools for the business before I transferred the 50K.

Thanks

[benjamin2000]

yes it will be but you need to make sure that you do not miss anything from the list Olasunkanmi stated above, as if you missed something like, CT41G or Business account statment or your accounts showing money in accounts by chartered accountant or shares certificates (if you showing investment through shares rather than director loan) then it will be trouble . you can search this form, many applicants been refused by missing one or the other documents from the list. thanks

Am asking because I haven't spent 50K yet on the business. I just transferred it and left it there. But I have been buying stocks and tools for the business before I transferred the 50K.

Thanks

@entrepreneur123, thanks for your reply. Am a bit confused. What do you mean by "Accounts showing money in accounts by chartered accountant"? The business is less than one year old. I haven't paid any corporate tax yet. Do I supply an unaudited account from a chartered accountant?

[entrepreneur123]

sorry my typing mistake. I meant your business account statement, you need to show unaudited accounts from chartered accountant showing your 50k in it, you should read guidance policy it will clear things.

yes it will be but you need to make sure that you do not miss anything from the list Olasunkanmi stated above, as if you missed something like, CT41G or Business account statment or your accounts showing money in accounts by chartered accountant or shares certificates (if you showing investment through shares rather than director loan) then it will be trouble . you can search this form, many applicants been refused by missing one or the other documents from the list. thanks

Am asking because I haven't spent 50K yet on the business. I just transferred it and left it there. But I have been buying stocks and tools for the business before I transferred the 50K.

Thanks

@entrepreneur123, thanks for your reply. Am a bit confused. What do you mean by "Accounts showing money in accounts by chartered accountant"? The business is less than one year old. I haven't paid any corporate tax yet. Do I supply an unaudited account from a chartered accountant?