UK Tier 1 (Entrepreneur) visa – funds GBP 200,000 held for less than 90 days.

By 1st 4Immigration - #1 UK Immigration Experts -
This post is directed at those who are considering making an initial application for a Tier 1 (Entrepreneur) visa to establish or take over a business in the UK. This post applies whether you are switching inside the UK (if eligible) or applying for an Entry Clearance outside the UK.

The visa applicant needs to show access to the funds of GBP 200,000, which can be on his/her name or can be on the name of the third party, such as a sponsor or a parent. A very common scenario in our practice is when the parents transfer the funds to the applicant’s ban account. Strictly speaking, if the funds are on the applicant’s own bank account, they become his/her and not the third party’s. So, the question we are often asked is: do I need to provide evidence from the third party, such as a declaration and a letter from a lawyer.

The answer is: if the funds have been held by the applicant for more than 90 days then no, there is no need of any evidence where the money has come from (unless asked for additional evidence or at the interview). However, if the funds have been held for less than 90 days then they will be treated as the funds provide by the third party, so the relevant documents from the sponsor will be needed.

For an individual advice or  for our services with Tier 1 (Entrepreneur) visa, including compliance while holding a visa, please visit this page: http://www.1st4immigration.com/tier-1-entrepeneur-visa.php

For help with a compulsory business plan: http://www.1st4immigration.com/business-plan-writing.php

If you are an Immigration Adviser or a Solicitor please visit our immigration Training and CPD website: www.1st4immigration.com/training

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