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PLSSSSS VERY urgent help for third party funding

Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.

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ursparry
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Posts: 6
Joined: Wed Feb 05, 2014 8:26 pm

PLSSSSS VERY urgent help for third party funding

Post by ursparry » Wed Feb 05, 2014 8:38 pm

Hi,
My psw visa is expiring on 8th feb 2104 and i v got some problems as follows:
we are applying as entrepreneur team and because we misunderstood policy guidelines

Misake 1: instead of keeping money in personal joint account we kept in business account we got director loan agreement , unaudited account statement and letter from accountant, but we done a terrible mistake that my husband transferred money in to business account instead of directors themselves. so in the business account money is reflecting from my husband (third party). as per guidelines money must be available to business in term of loan should have came from directors.

PLSSSSSS help i v got just 2 days

aliraza.lca
Junior Member
Posts: 50
Joined: Fri Nov 15, 2013 5:56 pm
Location: derby

Re: PLSSSSS VERY urgent help for third party funding

Post by aliraza.lca » Wed Feb 05, 2014 9:15 pm

wat u trying to say is that u and ur partner submitted all amount in business account???
and the amount transferred to business account was send through ur husband account???
if not than i still dont understand it plz explain??/

ursparry
Newly Registered
Posts: 6
Joined: Wed Feb 05, 2014 8:26 pm

Re: PLSSSSS VERY urgent help for third party funding

Post by ursparry » Wed Feb 05, 2014 9:26 pm

yes money was transferred to business account by my husband but he is not part of team.

aliraza.lca
Junior Member
Posts: 50
Joined: Fri Nov 15, 2013 5:56 pm
Location: derby

Re: PLSSSSS VERY urgent help for third party funding

Post by aliraza.lca » Wed Feb 05, 2014 9:46 pm

why don't u show money in joint account?
do u hav j.a with ur team member or not?
how much money ws trasferd by ur husband?
u can't do anything right now as u got no time...
let it go they way its going...
try to open j.a and trasfer all money make sure 25k of both team member trasfer in that n after that send a letter to H.O with "change of circumstances" with the statement...a bit risky bt i think wil work bcz my frnd got lucky and received visa ...final decision wil b urs ask some experts as well......or submit the same docs which we need for 3rd party sepcially lawyers letter...

ursparry
Newly Registered
Posts: 6
Joined: Wed Feb 05, 2014 8:26 pm

Re: PLSSSSS VERY urgent help for third party funding

Post by ursparry » Wed Feb 05, 2014 9:53 pm

We gonna open joint ac tomorrow with my team member
25 k transfered by husband and rest transferred by other team member to business ac.
is it possible to keep money in business acc and give 3rd party documents that money has been provided to applicants(wife)business ac

Olasunkanmi
Diamond Member
Posts: 1324
Joined: Sat Aug 17, 2013 11:28 pm
Location: London, UK.

Re: PLSSSSS VERY urgent help for third party funding

Post by Olasunkanmi » Wed Feb 05, 2014 11:36 pm

@ ursparry, you guys are ok with your present documentation. Dont mix it up at this last moment.
The key to success is knowledge and hardwork, and to have faith.

Olasunkanmi
Diamond Member
Posts: 1324
Joined: Sat Aug 17, 2013 11:28 pm
Location: London, UK.

Re: PLSSSSS VERY urgent help for third party funding

Post by Olasunkanmi » Thu Feb 06, 2014 12:07 am

@ ursparry, if money is in your business account, the first important thing is to make sure that both of you are the director of the business and this will satisfy the requirement of equal access to the fund in the business account. You can also get a bank letter which will state the business name and the name of both director as signatory to the account. Both of you can also sign a simple one page declaration for equal access to the 50k funds in the business account and the letter can be attested by a legal representative for as low as £10 per copy for each of you.

The second step is to now show the type of investment you which to claim for the money in the business account. And this can be either of the ffg;

(1). Direct cash investment into business account which requires both directors to show funds deposited in the business account in their own name as it appears on your application form. This simple step is enough without the need for any other documents except if you wish to. This is like putting money in your personal or joint account.

(2). Investment in the form of directors loan which doesnt require you to necessarily show funds in the business account as coming from directors directly as in their name, but it requires you to show that the money was loan to the business by both directors. You then need to submit a legal directors loan agreement between both directors and the business showing the term of the loan and that the loan is unsecured and in favour of third party creditors.
In this scenerio which applies to you now, you might eventually be ask to proof where you get money from mayb during interview or otherwise and you can then explain that your own part is from your husband. This is the same scenerio as someone showing money in their personal account and doesnt need to show where the money is from but should be prepared to show it should in case they ask during interview.

(3) If the money was invested in the form of share capital. You will need all necessary evidence to show your name as a shareholder of the business and the evidence of the no and value of the share you hold in such business.
The key to success is knowledge and hardwork, and to have faith.

ursparry
Newly Registered
Posts: 6
Joined: Wed Feb 05, 2014 8:26 pm

Re: PLSSSSS VERY urgent help for third party funding

Post by ursparry » Thu Feb 06, 2014 6:11 am

Dear olasunkanmi
Fisrt of all thanks alot for such a detailed reply

My question is should I get declaration from husband that he has transferred money in business account on my behalf as he is not part of team and as stated previous he transferred money in business account under his name

Olasunkanmi
Diamond Member
Posts: 1324
Joined: Sat Aug 17, 2013 11:28 pm
Location: London, UK.

Re: PLSSSSS VERY urgent help for third party funding

Post by Olasunkanmi » Thu Feb 06, 2014 8:48 am

ursparry wrote:Dear olasunkanmi
Fisrt of all thanks alot for such a detailed reply

My question is should I get declaration from husband that he has transferred money in business account on my behalf as he is not part of team and as stated previous he transferred money in business account under his name
@ ursparry, you dont need a declaration from your husband because the money is already in your own control as a director of the business, you only need such declaration if your husband still has some level of control over the funds which is not the case now.
But you can ask your husband to address a letter to HO on your behalf stating that he has given you the fund and therefore transferred it into your business bank account on your behalf.
The key to success is knowledge and hardwork, and to have faith.

ursparry
Newly Registered
Posts: 6
Joined: Wed Feb 05, 2014 8:26 pm

Re: PLSSSSS VERY urgent help for third party funding

Post by ursparry » Thu Feb 06, 2014 9:31 am

Thanks again

So I ll post my file today with just supporting letter from husband that he transferred money in business ac on my behalf.

Do I need to send husband ac statement alongside

Olasunkanmi
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Posts: 1324
Joined: Sat Aug 17, 2013 11:28 pm
Location: London, UK.

Re: PLSSSSS VERY urgent help for third party funding

Post by Olasunkanmi » Thu Feb 06, 2014 9:45 am

@ ursparry, you dont need to send your husband bank statement as its not necessary.
I will advice that you seek second opinion on my advice from professional lawyers and dont rush to submit until you are satisfied of all the answers to your concerns.

But make sure you submit before visa expires or on same day and if you are paying through bank cards, make sure you inform your bank that HO will be taking money from your account as HO are making mistakes on payment as well and thereby returning application as invalid.

I wish you the best of luck in your application.
The key to success is knowledge and hardwork, and to have faith.

ursparry
Newly Registered
Posts: 6
Joined: Wed Feb 05, 2014 8:26 pm

Re: PLSSSSS VERY urgent help for third party funding

Post by ursparry » Thu Feb 06, 2014 10:05 am

Thanks alot

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