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Letter From The Bank For Tier 1 Entrepreneur

Money held in Local Currency

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#1 sam96

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Posted 15 October 2012 - 11:23 AM

Can you please guide me if bank letter must also confirm that the amount held in local currency is convertible to GBP. I am using my local currency account and already check the equivalent balance (for GBP) at OANDA.



#2 Gentleman of Leisure

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Posted 15 October 2012 - 11:31 AM

Para 99 of the guidance is very clear and specific. It has a list of requirements and anything not mentioned is not required.

#3 sam96

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Posted 15 October 2012 - 01:09 PM

Para 99 of the guidance is very clear and specific. It has a list of requirements and anything not mentioned is not required.



Actually it was para 66 which made me think. It says that “If Money is not held in the UK, all of the funds required must be freely transferable to the UK and able to convert to pound sterling”

#4 sam96

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Posted 01 November 2012 - 12:54 PM

Does Loan Money from the bank fulfills the definition of "OWN Money" as per PBS guidance paragraph 38 if present in personal account.

#5 nsqnsf

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Posted 04 November 2012 - 10:13 PM

Hi Sam96, Can I please know if you found whether loan money from a bank is allowed for use for the 50,000 GBP ? I too have the same doubt

#6 sam96

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Posted 06 November 2012 - 11:27 AM

Yes, The answer was in Para 38 itself " .... You Should Supply documentary evidence of the money in YOUR NAME as specified in "Document we Required Section" (Page 15 of PBS Para 95)
The origin of funds does not matter. The Amount must be in your control and available to you and the bank letter must confirm this.
Also read Appendix A Para 41 and 41-SD for further clarification.




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