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.