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Tag Archives: Entrepreneur Visas

Iran: Treasury Licence

Tier 1 Entrepreneur:

The Tier 1 Entrepreneur policy guidance states: We will not accept evidence of your money from a financial institution with which the Home Office is unable to make satisfactory verification checks. A list of financial institutions which do not satisfactorily verify financial statements can be found on our website at:

www.ukba.homeoffice.gov.uk/sitecontent/documents/studying/financial-institutions/ and in Appendix P of the Immigration Rules’ http://www.ukba.homeoffice.gov.uk/policyandlaw/immigrationlaw/immigrationrules/appendixp/appendixpf/

 In appendix P, it currently states only:

Parsian bank and Bank Pasargad are accepted

Therefore if funds are in any other bank:

  • Would need to apply for a treasury licence (if they are a ‘designated person’ or the bank is designated – see https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/274596/irannuclear.pdf ) OR notification if they do not bank with a designated bank and are not a designated person
  • Transfer the funds to  a regulated bank in the UK
  • Then make the Entrepreneur application based on funds already in the UK
    But I don’t think applicants will be happy to do this before knowing if their application is successful or not

OR

For Investors 

If they are designated or they bank with a designated bank in Iran – treasury license.

If no, then they will be required to apply for authorisation as the amount is more than £400,000.

If a client banks with the following, the form is specific to these banks:

  • Melli Bank plc
  • Bank Sepah Iran
  • Bank Sepah International plc
  • Persia International Bank
  • Bank Saderat PLC

Please note that this is subject to change.

Getting notification/authorisation/treasury licence does not guarantee that the funds be transferred. This bank has the final decision. The notification/authorisation/treasury licence merely legalises the transfer of the funds.

Bank Pasargard website states that they do have a swift code:

No.430, Mirdamad Blvd., Tehran, 1969774511, Islamic Republic of Iran.Tel: +98 ( 21 )82890Email: info@bankpasargad.comhttp://www.bankpasargad.com/SWIFT Code : BKBPIRTH

Westkin Associates

info@westkin.com

5th Floor, Maddox House,
1 Maddox Street
Mayfair
London
W1S 2PZ
United Kingdom
0207 118 4546

Significant increase in visa fees to be implemented

In recent times the Government has announced changes to the fees for visa applications, applications for British Nationality and premium services. These changes are due to commence from 6th April 2014.

Minister for Immigration Mark Harper stated in his ministerial statement: “In developing these proposals, the Home Office has sought to limit most increases to 4%.”

The justification for such an increase, he says, is “Given the ongoing need to reduce public spending, we believe it is right that we continue to reduce the contribution made by UK taxpayers towards delivering the immigration system by asking those who use and benefit directly from the system to make a greater contribution.”

As has always been the case the changes in the fees translates to an increase in fees for most visa applications and in some cases the increase in fees is significant and far beyond the 4% increase stipulated. The categories that are most affected by the increase are visit visa applications and dependant applications.

For those who apply to visit the UK after the new fees are imposed, their fees will be increased by 4% (for up to 6 months stay), 8% (for up to 2 year stay) and 6.5% for visits of up to 5 years stay in the UK.

Settlement applications will see an increase of 4% in fees.

Tier 1, Tier 2, and Tier 4 applications made out of country will generally see an increase of 4%, with the exception of the new Tier 2 categories.

Fees for applications for British naturalisation will be increased by 4%.

The most significant increases can be seen in the applications for dependants for Indefinite Leave to Remain. In relation to the main applicant, the increase will be 4%, however, any dependants to an application will see an increase of a staggering 38.7%.

The situation is similar for Leave to Remain applications, where the main applicant fees are increased by 4% but any dependant to the application will have to pay an increase of an astounding 38.8%.

For in country Tier 1, Tier 2, Tier 4 and Tier 5 applications the main applicants will experience an increase of 4% with an average increase for all dependant applications of over 38%.

Given the imminence of the increase in fees for visa applications made both inside and outside the UK, Westkin would urge clients to prepare and submit their applications as soon as possible. As leaders in the field, our lawyers are able to assist with the swift preparation of your applications to ensure that your applications can be submitted before the new fees are implemented.

If you are considering making an application and wish to avoid paying an increased fee, please contact our lawyers. We are experts in all types of immigration applications and are able to provide accurate legal advice and prepare high quality applications within tight deadlines.

Westkin Associates

info@westkin.com

5th Floor, Maddox House,
1 Maddox Street
Mayfair
London
W1S 2PZ
United Kingdom
0207 118 4546

£50,000 PSW to Entrepreneur Q&A

£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.

Westkin Associates

info@westkin.com

5th Floor, Maddox House,
1 Maddox Street
Mayfair
London
W1S 2PZ
United Kingdom
0207 118 4546

The UK Entrepreneur Visa: 10 Frequently Asked Questions

Update: You can no longer apply for the Entrepreneur Visa in the UK. Individuals looking to come to the UK to set up a new business from overseas may consider the Innovator Visa or Startup Visa. Click the links to find information on how these visa options may benefit you.

The UK Entrepreneur visa is the UKBA’s primary route for foreign nationals to enter the UK and to set up businesses.

Here are the most commonly asked questions about the visa, and of course answers to the questions.

1. How do I obtain the Entrepreneur visa initially?

You need to show that you have seed capital in the sum of 200,000 GBP, you need to have additional funds to support you and your family, until your business makes a profit and you must have a good level of English.

2. How good must my English be?

You must have an approved English Test at level C1, although a Master’s or Bachelor’s degeree is fine so long as it was taught in English and is on the approved list.

3. Who can provide the Seed capital?

You can or any third party, or a combination of the two.

4. How long must the funds be in the account?

No minimum period, although we recommend that they remain in place during the applicaiton process, until the visa is granted. The funds that the business actually uses can be changed to include other foreign investors if need be,

5. Do these funds have to be in the UK?

No they can be in the UK or abroad, if they are in a foreign bank account, then the funds must be transferrable.

6. What about the additional funds for my family to live on?

This is called maintenance. These should be in the account for a period of 90 days as a minimum balance before the application is made. The exact figure is subject to change and depdends on the amount of dependents.

7.How many dependents can come with me?

There is no limit on number but only a spouse and children can be dependents.

8. What happends when I get the visa?

You then must register a company within 6 months, start or invest in a UK company, employ 2 persons and still be in business when you apply for an extension.

9. When do I have to apply for an extension?

The visa is granted for 3 years, so at the end of that period.

10. How do I start?

You can contact any of the lawyers at our law firm, and we can advise on the process and which businesses qualify you.

Westkin Associates

info@westkin.com

5th Floor, Maddox House,
1 Maddox Street
Mayfair
London
W1S 2PZ
United Kingdom
0207 118 4546

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