£50,000 PSW to Entrepreneur Q&A
Part 1 – How the Attributes Work
Do I Qualify?
In order to apply for this the applicant MUST currently have a valid Post-Study Work (PSW) visa and be applying from the UK, applicants on other types of visas such as Tier 4 must apply for the standard entrepreneur for £200,000
What does show access to £50,000 mean?
This means that you must be able to produce documents that show that you or a third party has the required funds on deposit with a financial institution, this money must be freely disposable and transferable I.e it cannot be locked in to assets or a locked account
Does the money need to be in the UK?
No, the money can be anywhere in the world, as long as its transferable to the UK without restrictions such as currency control and Is held in liquid cash, the currency that the money is held in is irrelevant
Can someone show money on my behalf?
Yes, as previously mentioned a third party anywhere in the world can show the money on your behalf, he/she would show the money in their own account and then declare that money to you, they do not at any time need to transfer the money to your account.
Can I have more than one third party?
Yes you can have as many as you like providing they all produced the relevant documents and the total of the funds reached £50,000.
What happens if my third party(s) pull out after I get the visa?
After three years the UKBA will want to see evidence that the applicant has spent the required funds via their business, the injection of £50,000 by the applicant must be show but it does not matter if this was the original monies that where shown upon the initial application, plainly speaking if you spend the money they won’t really care where it came from
Can I show assets or a loan to make up the £50,000?
The funds used for the application must be cash so assets can NOT be used however much they equate to, a loan would be fine providing it has been pain in to the applicants account.
How long does the money need to stay in the account?
The UKBA has the power to check with the financial institution during the application procedure to see whether the account is genuine and that the money exists, for this reason we would recommend that applicants or third parties keep the money in the submitted bank account until the visa is issued.
Can I apply with another person as a team?
Yes two applicants who meet the requirements, i.e both of PSW and applying from the UK can apply as a team sharing £50,000 between them. The applicants would have to have equal access to the funds so this usually means putting the money in a join account or having it declared by a third party.
My team member is not on PSW can we still apply?
The two of you would not be able to apply together for the £50,000 visa but you could apply together for the £200,000 visa
What can I spend the money on?
Any expense that the applicant’s business incurs, this includes rent, stock, staff costs and any other outgoings in the UK.
Please note that property investment or property management is not valid but if the property is for the main use of the business then it will count toward the money spent.
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