Extension Investment Query

[Mahir1108]

Hi All,
I am new to this forum. I have a concern about investment.
I had opened a business account with Barclay’s Bank and I got a letter confirming the account / sort code. I made a transaction from my personal account to the business account which was fine.

Later the same day I got one more letter from the bank with another account / sort code. When I confirmed it with the bank I got to know that they have opened two accounts for my business i.e.
1. Business Savings Account
2. Business Current Account

The transaction which I made from my personal account went to business savings account, Therefore I had to make one more transaction from my Business savings account to the Business current account. And I have been using my business current account only since then. The only two transactions in my business savings account is the money coming from my personal account and the going into business current account.

I know that the requirement for extension is that I should show a statement showing money coming into the business account from my name.

My concern is that if I provide the statements of Personal, business savings and business current accounts will it be accepted by Home Office.

Or will I have to reinvest that money again before my extension.

I would be grateful, if gurus or anyone can reply on my query as this is the only thing which is worrying me as I have fulfilled all the other requirements.

[zimba]

Most banks open two bank accounts for a business, one is the saving account and the other is the current account. As long as the business statements from any of them show the invested funds, you are fine. HO does not care what type of account the money ended up in as long as it was your business account, showing money invested under your name.

[Mahir1108]

Thanks for the reply Zimba88.
Let me tell you this way, My statements show as follows

- 50K from Personal Account to Business savings on 14/03/2016 and then
- 50K from Business Savings to Business Current on 14/03/2016
- Business Current now has all the money.

Sorry for asking again. Just a little worried as I have my extension soon.

[zimba]

Thanks for the reply Zimba88.
Let me tell you this way, My statements show as follows

- 50K from Personal Account to Business savings on 14/03/2016 and then
- 50K from Business Savings to Business Current on 14/03/2016
- Business Current now has all the money.

Sorry for asking again. Just a little worried as I have my extension soon.

Based on Immigration rules Appendix A, you need to show business account statement showing money was transferred to the business under your name (saving account or current account is irrelevant)

[Mahir1108]

Hi All,

I need a bit clarification.
The immigration rule states that

For those who successfully applied for entry clearance or switched into the route from 6 April 2014, the employment must:
- be for at least 2 separate jobs
- exist for at least a full 12 months each

I had an Employee who was on his ILR and he worked fulltime for me for 13 months from June 2014
If I employ one more person on who is a 'settled worker' for 12 months now will it fullfill my job requirement

Or the requirement is 2 people for continuous same 12 months

[zimba]

Hi All,

I need a bit clarification.
The immigration rule states that

For those who successfully applied for entry clearance or switched into the route from 6 April 2014, the employment must:
- be for at least 2 separate jobs
- exist for at least a full 12 months each

I had an Employee who was on his ILR and he worked fulltime for me for 13 months from June 2014
If I employ one more person on who is a 'settled worker' for 12 months now will it fullfill my job requirement

Or the requirement is 2 people for continuous same 12 months

Its says two separate JOBS not employees !! The JOB or ROLE must last 12 months but multiple employees can complete it.

[Frontier Mole]

More worryingly - if your extension is soon - what have you actually done with money? Have you actually invested it in a manner that qualifies? Dumping the funds into the business current account is meaningless.... What have you actually done to invest the money in your business?

[moongesture]

In a previous post i mentioned the reason of majority of refusal I come across was insufficient / missing documents & invalid investments.

Everyone applying for extension must go through all the relevant legal paragraphs and for clarification the guideline to avoid any confusion. Although there are grey areas (for example 245D(c)(ii) invest, spend) but if you read the invalid investment section its clearly mentioning the type of investment which are unacceptable.

[Mahir1108]

Hi All,

On my management accounts the director loan which I gave to the company (Investment in Home Office Terms) is mentioned as "Unsecured Directors loan" in Creditors Section.
I have seen management accounts of other companies but there is no mention of the word Unsecured there i.e. it is just mentioned as Directors loan in their Creditors Section.

Therefore the question is; having the word unsecured or as it is written as "Unsecured Directors loan" in Creditors Section of my management accounts is accepted by Home Office in other words is it correct.

[zimba]

Hi All,

On my management accounts the director loan which I gave to the company (Investment in Home Office Terms) is mentioned as "Unsecured Directors loan" in Creditors Section.
I have seen management accounts of other companies but there is no mention of the word Unsecured there i.e. it is just mentioned as Directors loan in their Creditors Section.

Therefore the question is; having the word unsecured or as it is written as "Unsecured Directors loan" in Creditors Section of my management accounts is accepted by Home Office in other words is it correct.

I had exactly the same thing written by my accountant under creditor's section. I extended my visa without any issues.

[Frontier Mole]

It is unsecured in that the company has not given you a charge over assets, stock, etc etc.
If the company were to cease to trade you as a director do not have any security to exercise to recover the loan. Hence unsecured.

It will have zero bearing on your extension of your visa.

[Mahir1108]

Hi all few employee related questions.

I had a EEA employee for 12 months
I have held his National Identity card copy and NI letter copy as proof of employment.
I have paid him cash for first 5 months and then into his bank account for remaining 7 months. Although all NI and Tax has been submitted correctly to HMRC.

1. Will there be a problem during extension if I paid the employee by cash.
2. Are National Identity card copy and NI letter copy enough for proof of settled worker for extension.

[dd156]

1. It's not an issue if you have been deducting and reporting paye.

2. It's fine.

[Mahir1108]

The requirement is to send the business bank statement showing the investment in your name in the company.

I have invested in 3 transactions in 3 different months and the total pages for those 3 months are coming around 60 pages.

Is it OK if we send only the statement of 10 days of the month which has the investment transaction as the whole month statement is coming to be around 25 pages.

[zimba]

The requirement is to send the business bank statement showing the investment in your name in the company.

I have invested in 3 transactions in 3 different months and the total pages for those 3 months are coming around 60 pages.

Is it OK if we send only the statement of 10 days of the month which has the investment transaction as the whole month statement is coming to be around 25 pages.

Just the pages with transactions. No one is going to send useless bank statements to HO

[geriatrix]

Keep your Tier 1 E queries in a single topic.