Entrepreneur Visa Third Party

[akap12]

Thank again for a prompt reply !

So from what I understand, if you make money by being a graduate entrepreneur, then it doesn't hold value because you have to show 50k from your own account weather or not your business is successful?
What is the difference between me being able to apply as a successful entrepreneur vs someone who wasn't so successful with their business? Doesn't graduate entrepreneur visa website say if a graduate entrepreneur is successful with their business, they may switch to an entrepreneur visa? :/

I appreciate your concerns. You are raising valid policy questions and if I were setting policy, I probably would not do it this way. But as I am not, I can't answer the questions.

But having said that, I also can understand why some of these policies are in place - however silly or unfair they may seem. Part of it so that everyone has an fair and equal chance - for example, they want to avoid the ability for someone to "buy" their way in.

You have been obviously doing a good job and don't let this discourage you. Yes, you may switch to a T1E as was said. But the conditions to switch is something that was clear when you applied for the T1GE and that hasn't changed.

As I said, read the guidance carefully and take professional advice. I think there may be a way around to use that money, but that is a loophole and I am not going to discuss that here as I could be very wrong.

Thanks for a swift reply.
I'm already looking into getting professional help.
I thought I could simply read the policy guidance and go about applying for the visa (without proper funding as what I've understood).

Thanks again, got more help/advice then i expected

[akap12]

Hi everyone,
I just have a question.
I put XX k in my personal account for my Tier 1 Entrepreneur Visa today and I am due to apply on 27th Sept, 2017 (visa expiry date).
My 90 day period would end on the 26th Sept, 2017.

Should i post my application on the 27th which is the day my visa expires/and i have >90days statement or the 26th which is the last day of my 90 day period?

Thanks in advance !

PS: I don;t want to sign a 3rd party declaration so I am looking to put money for more than 90 days in my personal acc

[marcnath]

Hi everyone,
I just have a question.
I put XX k in my personal account for my Tier 1 Entrepreneur Visa today and I am due to apply on 27th Sept, 2017 (visa expiry date).
My 90 day period would end on the 26th Sept, 2017.

Should i post my application on the 27th which is the day my visa expires/and i have >90days statement or the 26th which is the last day of my 90 day period?

Thanks in advance !

PS: I don;t want to sign a 3rd party declaration so I am looking to put money for more than 90 days in my personal acc

Please don't start new threads for related questions. It helps people trying to help you have all the background.

26th or 27th is not going to make a difference - the requirement is at least 90 days, not more than 90 days. You need the statement covering the 90 days. So you can send the application the day you have the statement with you.

By the way, given that you have two 31 day months, wouldn't 25th be the 90th day ?

[zimba]

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[akap12]

Hi everyone,
I am using 40k on my own money and 10k of my siblings money for my Entrepreneur visa.

Can someone help me with the template required for third party funding?
I cant find it online.

Many thanks

[marcnath]

The guidance document has the template in it - right somewhere towards the end

[CR001]

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All topics merged (again).

[akap12]

The guidance document has the template in it - right somewhere towards the end

Hi marcnath,
Thank you for a quick reply !

I just wanted to ask: should the template letter be issued from my Bank in the UK or from my brothers bank (third party)?

[marcnath]

The guidance document has the template in it - right somewhere towards the end

Hi marcnath,
Thank you for a quick reply !

I just wanted to ask: should the template letter be issued from my Bank in the UK or from my brothers bank (third party)?

Have you read the template letter ?

Where was the reference to the bank ?

Anyway, if you can get a bank in UK to certify anything in your brother's bank overseas, that would be quite an accomplishment in itself.

[akap12]

Have you read the template letter ?

Where was the reference to the bank ?

Anyway, if you can get a bank in UK to certify anything in your brother's bank overseas, that would be quite an accomplishment in itself.

Yes there are two letters that are required. The template says one of the letters has to be printed in the letter headed paper of the bank/financial institution.
I think a better approach would be getting a letter from the bank in the US(brothers account) stating I have been transferred the 10k for business purposes with a third party declaration letter.

The bank in the UK(my account) will show this in the statements so I don't think a letter would be required. Maybe just a formal letter saying I have the money to invest.

Thanks !

[akap12]

Hi everyone,
I just have a question.
I put XX k in my personal account for my Tier 1 Entrepreneur Visa today and I am due to apply on 27th Sept, 2017 (visa expiry date).
My 90 day period would end on the 26th Sept, 2017.

Should i post my application on the 27th which is the day my visa expires/and i have >90days statement or the 26th which is the last day of my 90 day period?

Thanks in advance !

PS: I don;t want to sign a 3rd party declaration so I am looking to put money for more than 90 days in my personal acc

Please don't start new threads for related questions. It helps people trying to help you have all the background.

26th or 27th is not going to make a difference - the requirement is at least 90 days, not more than 90 days. You need the statement covering the 90 days. So you can send the application the day you have the statement with you.

By the way, given that you have two 31 day months, wouldn't 25th be the 90th day ?

Hi marcnath,
My funds start from the 29th June 2017.
If i use the website to calculate new date after 90 days it says 27th Sept (not sure if its inclusive).

My current leave expires on the 27th. Should i apply on the 26th or 27th?

Thanks again !

[marcnath]

26th would be the 90th day. Not sure if HO wants 90th day to be completed or started

So, safer to apply on 27th.

It is very tight to apply that close, if there is a problem with payment, then the application will be invalid and you can no longer make an intime application.

As credit card payments sometimes get declined, you should use a postal order or bank draft to ensure that there can be no problems with payment.

[akap12]

26th would be the 90th day. Not sure if HO wants 90th day to be completed or started

So, safer to apply on 27th.

It is very tight to apply that close, if there is a problem with payment, then the application will be invalid and you can no longer make an intime application.

As credit card payments sometimes get declined, you should use a postal order or bank draft to ensure that there can be no problems with payment.

If i apply on the 27th, doesn't that mean when they get my application (next day), it would have been already 1 day after my visa expires? :/

Also, usually if the debit card gets declined, they usually send a letter to your address to type the card details again ? I had this issue with my graduate entrepreneur payment.

Many Thanks !

[marcnath]

Date of application within the country is the day you post (unless you courier it, then it is date of receipt).
There have been cases when they have just returned the application if payment is unsuccessful. So there's no guarantee

[akap12]

Date of application within the country is the day you post (unless you courier it, then it is date of receipt).
There have been cases when they have just returned the application if payment is unsuccessful. So there's no guarantee

Do they have a grace period if something like this happens?
If i go to the bank and let them know about a transaction that is going to happen with that amount, will it help?

[marcnath]

Do they have a grace period if something like this happens?

There is a grace period - just that it is before the application date. They advice applications be done 28 days before to cater for these.
As to them being flexible in cases of such circumstances, it will be your luck. There seems to be no official policy on that. And I can understand that - if they make the grace period official, it will just be treated as additional time by some people.

If i go to the bank and let them know about a transaction that is going to happen with that amount, will it help?

You should do that anyway. But again, there is no guarantee. If something goes wrong, the bank is not going to help you get through UKVI.
The chances of a Debit card rejection is generally quite low if you have the amount in your bank account.
Overall the risk is low, so it is up to you whether you take it or do the surer option of a bankers draft

[akap12]

Hi marcnath,
One more thing: I got a letter from my brothers bank (Bank of America) saying the money was for "sponsorship of my name". I got a third party letter from my brother(as shown in the annex) which was notarised and signed by legal representative (It was notarised by saying my brother showed sufficient ID evidence and was typed on the same page as the third party letter).

Do i still need an additional letter from the legal representative?

[marcnath]

As long as it covers the requirements set out in the legal declaration section, I don't believe that it has to be on a separate sheet of paper. But make sure your cover letter states that those two requirements are met in one single document.

[akap12]

Hi marcnath,
I wanted to ask you one more question: I am registered as a sole trader. I spent around 3k for a clothing event for my business but my transaction was straight form my personal account. Is there a way to show this as investment?

Many Thanks !

[marcnath]

Hi marcnath,
I wanted to ask you one more question: I am registered as a sole trader. I spent around 3k for a clothing event for my business but my transaction was straight form my personal account. Is there a way to show this as investment?

Many Thanks !

If your accountants agree I believe you should be able to account it as share capital

[akap12]

Hi marcnath,
I wanted to ask you one more question: I am registered as a sole trader. I spent around 3k for a clothing event for my business but my transaction was straight form my personal account. Is there a way to show this as investment?

Many Thanks !

If your accountants agree I believe you should be able to account it as share capital

Can sole traders do share capital? I was thinking of showing it as direct cash investment maybe?

Anyways besides the 50k in my account i have shown 3k as investment. Even if they don't count it as proper investment I should be fine right?

[akap12]

Also the invoices show both my name and the company name. Hmm

[marcnath]

Ok. You are self employed. It should be easier to account for expenses as investment.
Your accountants should draw up the separate business accounts and this shows as money from you

[akap12]

Graduate Entrepreneur at the moment.
My unaudited accounts show £13,000 in business profits. I transferred this money less than 90 days before the date of my application with my accountant letter/unaudited report. Is this fine? Policy guidance does not talk about business profits generated as a graduate entrepreneur kept for less than 90 days?

Thanks !