Bank statement now required for Tier 1 (Entrepreneur) visa applications

As many readers will be aware, having perhaps already enquired about or even undertaken this route, the Tier 1 (Entrepreneur) visa can be applied for by those wishing to set up or run a UK business who are also from outside the European Economic Area (EEA) and Switzerland and meet the other eligibility requirements – including access to at least £200,000 in investment funds.

It is as part of the application process for this visa that certain documents must be provided, ranging from a current passport or other valid travel identification and a passport size colour photograph to a business plan and proof that the applicant meets the English language requirement. Also central to this application, however, is evidence of access to the necessary investment funds.

To this end, applicants are expected to provide an official letter from each financial institution holding their funds. Should some or all of the applicant’s money be held in the UK, they will need to produce a recent personal bank or building society statement from the UK financial institution that holds the funds, confirming how much money the applicant or their entrepreneurial team has available to them.

If there is money included in the application that comes from a venture capital firm or seed funding competition, meanwhile, the applicant will be required to provide a recent letter from an accountant confirming the amount of money that the applicant or their business has been granted access to. Some applicants may source funds from a UK government department, in which case, there will again be a need for a recent letter from an accountant or authorised official confirming how much money they have made available to the applicant or their business.

With regard to the requirement for an official letter from each financial institution in possession of funds for the applicant’s application, each letter must be on the institution’s official headed paper. Furthermore, it must be issued by one of that institution’s authorised officials and written within the three months immediately prior to the application date.

As for the bank statements for any UK-held money that forms part of the application, the total amount of available money must be a minimum of £200,000. The statements must also be original documents rather than copies, and the bank or building society holding the money will be required to be UK-based and FSA-regulated. The money must also come in the form of cash in the account, the UK border agency not accepting ISA accounts or assets like stocks and shares.

Contact Farani Taylor today for more detailed and specific advice on the full set of requirements for visa applications, according to your own requirements.

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