Trading Activity

[msaleemu]

Hi all,

I cant understand the following from Guidance on page 30 i.e

ii) an original letter from a UK-regulated financial institution with which you have a business bank account, on the institution’s headed paper, confirming that the business is trading

Is it mean that we need trade registration or simply business bank account statement is enough?

Is it mandatory that we register our trade .i.e. trade registration

please reply

[rahulsingh1]

Just means company is active and transacting. thats all.

bank statement is enough.

Hi all,

I cant understand the following from Guidance on page 30 i.e

ii) an original letter from a UK-regulated financial institution with which you have a business bank account, on the institution’s headed paper, confirming that the business is trading

is it mean that we need trade registration or simply business bank account statement is enough?

is it mandatory that we register our trade .i.e. trade registration

please reply

[msaleemu]

Is it mandatory we register our business with Trade body ?
I have done Master in Personal Mobile and satellite communication and have selected SOC 2139.
have i selected right SOC?
and which trade body i need to register?

[Olasunkanmi]

@ msaleemu,

ii) an original letter from a UK-regulated financial institution with which you have a business bank account, on the institution’s headed paper, confirming that the business is trading

Is it mean that we need trade registration or simply business bank account statement is enough?

The statement is the section which explain the alternative to contract letter, if you don't have any contract agreement with a client, you have the alternative of asking your bank to write a letter which confirm that your business is already trading. The letter is completely different from your normal business bank statement. You can only get such letter if you are doing trading transactions through your business bank account.

Is it mandatory that we register our trade .i.e. trade registration

The statement is not about trade body, its about trading activities in your business which should be confirm by a letter issued by your bank. Moreover, registering with a trade body is not compulsory but is a good point if you can do it.

[H a Khan]

@ Olasunkanmi :
Hi, i was looking at your reply. I have a hearing in two weeks. 2 questions are:
1- My visa was denied because the contract I submitted did not had my name & Signature on it. In my case i registered as a director of a ltd company that has been reg/trading since 2007 & the contract was signed in 2007 by the then director, who left in 2010. I registered in 2013 therefore i could not have signed the contract.
My company has been paying corporation tax & i submitted the tax returns for last 3 yrs along with the letter of accountant confirming trade. I also submitted my LTD bank statement that showed weekly payments from the client to my LTD. (any advice on this)
2- My second question is that whether this trading activity & business contract thing this comes under the ''Evidence of graduate level occupation'' section,as per the guidance policy ? & if yes then is this document required to establish the nature of service & if no the why this document is required because it can be argued that if someone has just reg a company it is possible that he has not secured any contract but in 5 to 6 month there can be many service/business contracts in fact this is the whole idea encourage new business.
- Further that when policy guidance addresses to both sole trader & ltd company type businesses therefore it say that the contract should have applicants & his business name on it. I believe that applicants name is only necessary on the contract where the applicant is a sole trade & where there is a LTD entering the contract it can be signed by any one who has the signing authority on behalf of the company & such contract shall be legally binding. When considering the ltd company application the name of the ltd company is a must rather than the name of the applicant because it is the LTD entering the contract not the applicant/director.
-- Also my understanding is that the contract of business activity is only required to establish the nature of service provided by the LTD as this document comes under the category 'Evidence of graduate level occupation'.