Business Bank Account

[surveyer]

Hi guys, I have submitted in country application showing my personal bank account statement for everything. Isn't that enough? Is business bank account mandatory?

[rizwan567]

It is not required for initial application. However some members of forum have been asked to provide one (business bank statement or personal bank statement showing business transactions if self-employed).

After the change of rules of 31 Jan 2013, caseworkers are free to ask whatever they think is reasonable. Previously they were bound to follow policy guidance to the word but not anymore.

[Lucapooka]

Obviously, an application to switch from PSW at the 50K threshold will be with regard to an existing business. If the application is being made at the 200K threshold there may not be an existing business (at this time) so demanding evidence of a business account is not possible.

[rizwan567]

Switing from PSW 50k category:
I may be wrong but as for as my interpretation of the rules is concerned following things are only required if you are applying on the basis of funds already invested.

1. Business premsis in the UK
2. Business bank account
3. Business subject to taxation
________________________________________________
Evidence that it is a UK business
99. For each business you are providing evidence of INVESTMENT IN, you must supply the appropriate evidence from the lists below to prove that it is a UK business. One piece of evidence from each of rows 1, 2 and 3 in the table should be provided for each business or company
________________________________________________

As per PSW rules evidence of trading is only required in the form of trading contract. And that's it. And if you also see the page 26 of application form itself all above 3 things (business premsis, bank account, taxation) are only required when funds have already been invested.

[surveyer]

Thank you guys for clearing my doubt.