Own Funding

[jafferdeen]

Hi All

my friend wants to apply for Tier 1 Entrepreneur from India. He has £2,00,000 in his own personal account.

Questions:-

Q1: How long he should held funds in his personal account ?
is it for 90 days or there is no minimum time limit ?


Q2: Money was given by father for share of his property does he needs any letter from father


Please advice

[zimba]

https://www.gov.uk/government/publicati ... trepreneur

[jafferdeen]

I am still confused how long investment funds must held in my account

[marcnath]

I am still confused how long investment funds must held in my account

Another post where you start off with "my friend ...", then go on to "my account". Never understand why people want to first pretend it is someone else.

Anyway, you need to have the funds for 90 days.

[jafferdeen]

does he need any letter from bank too?

[marcnath]

does he need any letter from bank too?

No, if the money is in an UK bank.

[jafferdeen]

Thank you for your reply.
Actually cash money was deposit in his personal account (foreign currency account) .The total available balance is £2,00,000.50.

As per guideline page 19-20 it says

Paragraph 50 "You will only be considered to have access to funds if:
 You provide the specified documents to show cash money to the amount required (this must not be in the form of assets and, where multiple documents are provided, they must show the total amount required is available on the same date);
 The specified documents are provided to show that you have permission to use the
money to invest in a business in the UK, and that:
 you have held the money for 90 consecutive days, ending no earlier than 31 days before the date of application, or
 you have held the money for less than 90 consecutive days, ending no earlier than 31 days before the date of application, and you provide the following specified evidence:
 a bank statement or bank letter to demonstrate funding is available to you at the time of your application, and
 the additional specified documents for third party funding, or
 a letter, as evidence of the source of those funds, from one or more UK Seed Funding Competitions or one or more UK"
_______________________________________________________________________________
I understand if you have funds less than 90 days you need to provide evidence of bank statement and letter from third party but this does not clear if someone has sold his own property and has own funds nothing to do with third party then what is required to proof that investment funds belongs to you

[marcnath]

Thank you for your reply.
Actually cash money was deposit in his personal account (foreign currency account) .The total available balance is £2,00,000.50.

As per guideline page 19-20 it says

Paragraph 50 "You will only be considered to have access to funds if:
 You provide the specified documents to show cash money to the amount required (this must not be in the form of assets and, where multiple documents are provided, they must show the total amount required is available on the same date);
 The specified documents are provided to show that you have permission to use the
money to invest in a business in the UK, and that:
 you have held the money for 90 consecutive days, ending no earlier than 31 days before the date of application, or
 you have held the money for less than 90 consecutive days, ending no earlier than 31 days before the date of application, and you provide the following specified evidence:
 a bank statement or bank letter to demonstrate funding is available to you at the time of your application, and
 the additional specified documents for third party funding, or
 a letter, as evidence of the source of those funds, from one or more UK Seed Funding Competitions or one or more UK"
_______________________________________________________________________________
I understand if you have funds less than 90 days you need to provide evidence of bank statement and letter from third party but this does not clear if someone has sold his own property and has own funds nothing to do with third party then what is required to proof that investment funds belongs to you

Good question - the immigration rules don't cater for that. In whose name was the property ?

[jafferdeen]

Property was with my friend own name when he sold it