urgent help please regarding 50k transfer

gunjan · Post by **gunjan** » Wed Jul 18, 2012 10:49 am

Hi

I am on Psw an applying to tier1 entrepreneur, I will be showing 50,000 in Indian account using third party, I would like to know if I have to transfer this money from the Indian account at any point after my visa is granted, and if not will this create a problem when i need extension after three years if I dont transfer

Thanks
Gunjan

Post by **Lucapooka** » Wed Jul 18, 2012 10:55 am

Yes it will cause a problem.

gunjan · Post by **gunjan** » Wed Jul 18, 2012 10:58 am

can I know when would I have to transfer this?

Post by **Lucapooka** » Wed Jul 18, 2012 11:22 am

The bank will do this for you when you ask them. I'm not sure what you are asking. Your question indicated if investing the money was a requirement for an extension. The answer is yes. There is no need to transfer the money until you wish to make the investment.

Read the guidance notes; you won't have any chance of getting this visa if you neglect to do this.

gunjan · Post by **gunjan** » Wed Jul 18, 2012 11:24 am

My question is after i am granted visa and if i dont transfer the funds from india will there be any problem within the three years?

Post by **Lucapooka** » Wed Jul 18, 2012 1:00 pm

Not within but at the end of. You can't make an extension of your leave if you have not completed the investment. It does not have to the original 50K shown for the original application; it can be any 50K from any other source.

gunjan · Post by **gunjan** » Wed Jul 18, 2012 1:03 pm

thanks for your help and advise, so if I just ask a family member to show funds for me now in India, and as I earn in the three years send the money back to India an then transfer it to my business account in UK to show I transferred the money anytime after within 3 yrs should be alright?

tuliprose · Post by **tuliprose** » Wed Jul 18, 2012 1:57 pm

gunjan wrote:thanks for your help and advise, so if I just ask a family member to show funds for me now in India, and as I earn in the three years send the money back to India an then transfer it to my business account in UK to show I transferred the money anytime after within 3 yrs should be alright?

You do not need to send money and ask your family to transfer you. This is waste of time and costly.

For initial application:

1) Show that you have access to £50000.
2) Show, the funds are disposable in UK.
3) Show, the funds are kept in regulated financial institution.
4) Letter from third party.
5) Letter from legal representative of your third part.

For extension: (after three years)

You must prove that you have invested £50000 in UK business (and meet all other requirements off course). For investment, funds can be used from anywhere. It does not matter you are bringing it from India. It can be from anywhere, including UK.

gunjan · Post by **gunjan** » Wed Jul 18, 2012 2:16 pm

Thanks for your reply
I had met a solicitor yesterday who advise me I had to transfer the funds which is why I was concerned, but as you said I could justify this after three years by showing I invested even by the earnings I made on the business during the three years

Post by **Lucapooka** » Wed Jul 18, 2012 4:24 pm

Well not quite. If the business happened to earn 50K you can't simply keep that money in the company in lieu of your investment. You would need to show that you have inserted 50K from an outside source into the company.

gunjan · Post by **gunjan** » Wed Jul 18, 2012 4:42 pm

Thanks a lot, the advise has really been helpful

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urgent help please regarding 50k transfer

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