Withdraw Application due to Name on Business Acct Statement?

ryanlion · Post by **ryanlion** » Thu Mar 14, 2013 4:29 pm

I am on a Tier 1 - PSW switching to Tier 1 - Entrepreneur. Just sent my application and am sweating about a potential issue...

£50,000+ is in my business bank account, yet my name is not on the statement I sent to the UKBA, only the name of my business. Even though I am the sole director and owner of the business, UKBA states they need to see my name on the statement (according to bullet point 93 on the guidance notes), yet this particular note appears more relevant to individuals who are holding their £50,000 in personal accounts, and have not already invested / moved money to their business accounts.

The question I pose to the the wise forum is this: should I withdraw my application and resubmit with a business account statement including my name on it? Or would they be likely to follow and ask for additional info, and I would then be able to supplement the case worker if necessary?

Thanks in advance for your help!

rizwan567 · Post by **rizwan567** » Thu Mar 14, 2013 4:37 pm

You can simply call the bank and block your bank credit and your application will return back because of failed payment hopefully within 30 days time. This is fully safe.. Then you can reapply.

ryanlion · Post by **ryanlion** » Thu Mar 14, 2013 4:53 pm

Let me rephrase...

My £50,000 is in my UK business bank account. My name is not on the UK business account statement I sent to the UKBA as part of my application, just my UK business name. Is that a problem for UKBA?

BlackBirdSSG · Post by **BlackBirdSSG** » Thu Mar 14, 2013 7:20 pm

UKBA's POLICY GUIDANCE

93. The total amount of available money must be either at least £200,000; or at least £50,000, as
applicable. If the money is held in several financial institutions, you must supply a statement
from each institution.
• The statements must be original documents and not a copy.
• The bank or building society holding the money must be based in the UK and regulated by
the FSA;
• The money must be in cash in the account. We will not accept ISAaccounts or assets
such as stocks and shares;
• The account must be in your own name only (or both names for an entrepreneurial team)
only. Accounts in the name of a business or third party will not be accepted;
• Each bank or building society statement must be on the institution’s official stationery and confirm each of the following details:
o Your name; or your name and your entrepreneurial team member’s name;
o The account number;
o The date of the statement;
o The financial institution’s name and logo;
• The bank or building society statement must have been issued by an authorised official of
that institution

Since money have not been invested in the UK (it's still lying in the bank), you must show bank statement under your own name. Even in point 92., they mention 'PERSONAL BANK STATEMENT'

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Have they charged visa fees from your account yet?

ryanlion · Post by **ryanlion** » Thu Mar 14, 2013 9:09 pm

My business and personal bank accounts are both with UK banks. The transactions on my UK business account also show Ive made the transfers from my UK personal account into my UK business bank account, not another business or third party account.

Application was sent today. They will probably take the money by early next week.

Not sure why they would reject based on the fact I've got 50K+ in a UK business account for which I am the sole director, yet do not have my name on the business bank account statement. Business bank account statements rarely have the names of individuals on them (hence the name business bank account!).

sssa · Post by **sssa** » Sat Mar 16, 2013 8:59 am

ryanlion wrote:My business and personal bank accounts are both with UK banks. The transactions on my UK business account also show Ive made the transfers from my UK personal account into my UK business bank account, not another business or third party account.

Application was sent today. They will probably take the money by early next week.

Not sure why they would reject based on the fact I've got 50K+ in a UK business account for which I am the sole director, yet do not have my name on the business bank account statement. Business bank account statements rarely have the names of individuals on them (hence the name business bank account!).

If you are using "I am a director" then I am assuming it is a company and not a sole proprietorship. Then "Money already invested in the business" section of the policy guidance applies.

You need to provide the Audited or Unaudited accounts (as applicable). If money is in the form of a director's loan then additional conditions applied and you also need to supply the agreement between you and the company fulfilling those conditions.

sssa · Post by **sssa** » Sat Mar 16, 2013 9:05 am

BlackBirdSSG wrote:UKBA's POLICY GUIDANCE

93. The total amount of available money must be either at least £200,000; or at least £50,000, as
applicable. If the money is held in several financial institutions, you must supply a statement
from each institution.
• The statements must be original documents and not a copy.
• The bank or building society holding the money must be based in the UK and regulated by
the FSA;
• The money must be in cash in the account. We will not accept ISAaccounts or assets
such as stocks and shares;
• The account must be in your own name only (or both names for an entrepreneurial team)
only. Accounts in the name of a business or third party will not be accepted;
• Each bank or building society statement must be on the institution’s official stationery and confirm each of the following details:
o Your name; or your name and your entrepreneurial team member’s name;
o The account number;
o The date of the statement;
o The financial institution’s name and logo;
• The bank or building society statement must have been issued by an authorised official of
that institution

Since money have not been invested in the UK (it's still lying in the bank), you must show bank statement under your own name. Even in point 92., they mention 'PERSONAL BANK STATEMENT'

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Have they charged visa fees from your account yet?

The money is invested in the business when it is in a business account.

The only things changes is that you can not claim points for funds available (or invested) by submitting business bank statements. You need to submit Audited or Unaudited business accounts to claim points.

japter · Post by **japter** » Sat Mar 16, 2013 10:55 am

Hi Ryanlion, I am in a very similar situation as yours. My team member and me put all the 50K in our joint business account. We just offfered the bank statement and bank letter saying that the 50K is disposable by both of us...I am waiting for the result although I am very worried too..It is just ridiculous when apparently we meet the requirement but we are panicing with these word games

ryanlion · Post by **ryanlion** » Sat Mar 16, 2013 11:06 am

Yeah, it is a bit ridiculous! Especially considering one could just transfer the money back into their personal account in the matter of seconds.

I founded my company with 10K initial capital, the remaining 40K I put in the business account as well just because it makes more sense to have all the 50K disposable in the business account in case you want to inject more money into the business.

Hopefully UKBA case workers won't reject an applicant based on easily reversible technicalities.

ryanlion · Post by **ryanlion** » Sat Mar 16, 2013 11:22 am

Would it be best to submit a change of circumstances form with a new statement showing proof of funds in the personal account instead of the business account?

Or would the UKBA not accept documents containing amended details?

japter · Post by **japter** » Sat Mar 16, 2013 11:29 am

I wanted to send some more documents before but I don't want to make the caseworkers more confused. I think I would rather send them a cover letter saying that the funds is accessible equally for both of the two team members. Maybe it's better to have a letter form bank attached. It's just my opinion really...

ryanlion · Post by **ryanlion** » Sat Mar 16, 2013 4:09 pm

Thanks for the advice. Yeah, best not to conduct further action on monies held in UK bank accounts until advised by the ukba.

I will obtain a letter from my Lloyds business contact confirming the money in my uk business account is at my full disposable personally and / or for the business (which is obvious as I am the only director on the companies house appointments report, share the same physical address on both Lloyds personal and business uk accounts, and made the deposits from my personal Lloyds account directly to my Lloyds business account!).

Can I include such a letter with a change of circumstances form since I already sent my application or is it too late to send such a supplement?

Mr Legal · Post by **Mr Legal** » Sat Mar 16, 2013 4:30 pm

The only problem with you is about your name on your business bank statment,for which you can ask your bank adviser to provide you with a covering letter including showing your name because business bank account is opened on business name but there are holder/owner/proprieter name on the system for post delivery.I think this is my opinion which may help you out of the problem.And secondly,

So far as your withdrawal is concerned,it depends on your circumstances whether you have suffient time to re-apply with your correct formate of bank statment or not,

ryanlion · Post by **ryanlion** » Sat Mar 16, 2013 5:25 pm

My PSW expired March 7th so probably don't have time to reapply. How would I send a follow-up / cover letter without submitting a change of circumstances form?

The ukba requirement about having your name on the business account doesn't make sense. An individual with more than 10% shares (I own 100%) in the business needs to be signed up for access to the business account and funds or else the UK bank (e.g. Lloyds) won't allow you to open a business account. This a requirement of Lloyds and other UK banks when applying for business accounts.

japter · Post by **japter** » Sat Mar 16, 2013 10:19 pm

I think sending a cover letter with your bank's explanation about your business account and another letter saying that only you have access to the funds and they are disposable, that will be a better solution. Since my banker already including a letter for both us stating that we are the directors for this company and its business account and we can use the money. So i hope it's ok. I think your situation is more clear as I might even face the problem regarding its a joint account also.

ryanlion · Post by **ryanlion** » Sun Mar 17, 2013 6:09 pm

Thanks, that sounds like a good option, but wouldn't it be easier to use of a Change of Circumstances form (if it can be used for such purposes) and just move the money from my business account back into my personal account and resend my personal UK bank statement with the 50K?

This way, it removes a few of the potential issues with having money in the business account.

Thoughts anyone??

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Withdraw Application due to Name on Business Acct Statement?

Withdraw Application due to Name on Business Acct Statement?

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