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I am preparing to apply for UK Tier 1 Entrepreneur visa. I am co-owner of a software company in India with 50% partnership. My wife is the other director with 50% partnership, so we both hold 100% shares. I have some questions which I am posting below. If you can help I will be thankful.
a. In the documentation part main documents needed seem to be a Business plan, source of funding of £200000, personal funds close to £8000 for self and family, Medical test of TB, Police clearance certificate and proof of Personal funds available for personal expenses. Can you let me know if any other key docs are needed? I understand bank statements are needed but in addition any other docs.
b. My source of funding will be the funds available in company's current account, so we do not need money from personal account or any other 3rd party. I have 2 questions about it - Are Company's funds counted as 3rd party? What letters are needed to ensure embassy officials that we have the rights to transfer money to UK and to spend it apart from letters from me and my wife since 2 are the directors? I can also get a letter from CA if needed. Also can I get sample formats of these letters?
c. The most confusing part is we had been investing the company funds in Mutual Funds since current account does not give any interest. Now when I have to apply, I am redeeming all the funds back into bank account. Will embassy officials be able to understand from bank statements that all the funds belong to company only and they were invested into mutual funds and were being redeemed back? Will this be cause any problem?
d. Similar case is there with my personal bank statement, although funding required with that is not a lot so I still have the funds close to GBP 8000 so I think that should be fine. Should I redeem some funds into personal account also to increase its amount? Again there is a condition of 90 days that funds must be there in last 90 days. Although I meet this condition but due to mutual funds investment and redemption will embassy officials count it as funds deposited within 90 days?
e. I am thinking of applying myself as primary applicant and my wife and 2 kids will come under family moving over to UK with me. Since my wife is also a director and share holder in the company does that conflict with what I am thinking and can result in any issues?
Thanks for your help in advance.
a. In the documentation part main documents needed seem to be a Business plan, source of funding of £200000, personal funds close to £8000 for self and family, Medical test of TB, Police clearance certificate and proof of Personal funds available for personal expenses. Can you let me know if any other key docs are needed? I understand bank statements are needed but in addition any other docs.
b. My source of funding will be the funds available in company's current account, so we do not need money from personal account or any other 3rd party. I have 2 questions about it - Are Company's funds counted as 3rd party? What letters are needed to ensure embassy officials that we have the rights to transfer money to UK and to spend it apart from letters from me and my wife since 2 are the directors? I can also get a letter from CA if needed. Also can I get sample formats of these letters?
c. The most confusing part is we had been investing the company funds in Mutual Funds since current account does not give any interest. Now when I have to apply, I am redeeming all the funds back into bank account. Will embassy officials be able to understand from bank statements that all the funds belong to company only and they were invested into mutual funds and were being redeemed back? Will this be cause any problem?
d. Similar case is there with my personal bank statement, although funding required with that is not a lot so I still have the funds close to GBP 8000 so I think that should be fine. Should I redeem some funds into personal account also to increase its amount? Again there is a condition of 90 days that funds must be there in last 90 days. Although I meet this condition but due to mutual funds investment and redemption will embassy officials count it as funds deposited within 90 days?
e. I am thinking of applying myself as primary applicant and my wife and 2 kids will come under family moving over to UK with me. Since my wife is also a director and share holder in the company does that conflict with what I am thinking and can result in any issues?
Thanks for your help in advance.
