We have raised 200k already in the UK - can this be used?

[downjones123]

I have a business based in UK where I have two other member in the entrepreneurial team. One member (say Member X) is based in India currently (so not in the UK) but has been instrumental in the tech aspect. Another member (member X, Indian national, currently in UK as a Tier 2 dependent) does the branding aspect.

We have recently closed a round of funding for GBP 300k - and we have funds in our bank account

I want to bring Member X to the UK with a Tier1 Entrepreneur visa (initial application as he is not in the UK) and want to switch Member Y from Tier 2 Dependent to Tier 1 Entrepreneur category

I see that for the tier 1 visa - we need to show access to 200k of funds, and we need letters from our investors that these funds are at the disposal of Member X and Member Y. However, in my case we have actually got more than that - we have the money from these investors in the bank account after proper legal steps and closing of the funding round. Can this 300k be counted towards the Tier 1 entrepreneurship visa of Member X and Member Y?

Many thanks

[zimba]

Potentially you should be able to apply. You need at least 200K available to the team and if this is made available to you by a third party, you need a declaration from them that this is the case. Also If someone is going to apply from within the UK, the money needs to be in held in the UK. From the guide:

You or your entrepreneurial team can include money made available by other people (known as ‘a third party or parties’, and this can include money from your (or your entrepreneurial team member’s) husband, wife or partner). In this case you must also provide a declaration that the money is available to you and your entrepreneurial team member (if applicable), or to the business that you or your entrepreneurial team are running.You must provide a declaration from each contributor of funds, together with confirmation that the declarations are valid.

More: https://www.gov.uk/government/uploads/s ... 1_2015.pdf

[downjones123]

Thanks for your answer zimba88

In my case: Investor A and Investor B have already invested 100,000 each in the company. i.e,

1) they have put 200,000 from their bank account into the company bank account
2) have received share certificate for investing this amount

Given this, do I still need to ask Investor A and Investor B to give me letter that their funds are available for our business? I would assume that the share certificate and their subscription letters would suffice for this purpose? correct?

Many thanks

[zimba]

They need to provide the exact letter HO requires. Inside that guide document under Annex E - Templates Document 2, you will find a sample letter provided by HO. That is what you need. Please read the guide