Innovator visa requirements (how to show £50k) 🇬🇧 ✅️


Hi, I’m Tom Bradford and in this video
I’m going to show you how to fulfill the financial requirements for an innovative
visa. Now the easiest way to do this is to have already invested your 50
thousand into your business in the UK or to have had the funds transferred to a
UK regulated bank but I’ve prepared this diagram just to talk you through all the
different possibilities I appreciate that many of you or have your funds
abroad and be ready to be transferred once you’re endorsed by Anand or Singh
body that’s fine but I want to highlight a few things that you should avoid and
basically how to go about this so I’m gonna talk these through one by one
let’s make a start so this is all about the innovative visa and how to show the
50,000 in this series and in the videos I’ve got coming up I’m going to go into
more details on the different requirements you have to meet so the
first way of showing that you meet the requirements is if you are securing the
funds from a UK organization employing 10 or more people. Now this is probably
going to be rare but some of you will have funds in the
UK as I said this is this is possibly the easiest way of demonstrating that
they are available this sort of situation would apply I’ve just got the
relevant extract from the rules here this would apply where for example you
were getting a grant and that that may be rare but in that sort of situation or
if the endorsing body is providing funds for you making funds available if and if
they will say any of the funds are available from a UK organisation which
employs at least 10 people the applicant must provide a letter from the
organisation confirming this and that letter must include a number of things
I’ve just drawn a time line here to show you how this works it’s got to include a
signed declaration from the funding provider dated no earlier than three
months before the date of the application setting out how they know
you the amount of funding they’re making available to you
and confirmation that this funding hasn’t been promised to anyone else so this isn’t really going to apply to a
situation where the funds are in a bank a bank isn’t really going to be
confirming that sort of thing but if there’s a third party in the UK such as
the endorsing body itself that’s making the funds available than they they can
confirm that or if it was a if it was a government grant or say venture capital
being made available. Now this number two is possibly a more common one this is a
live stream so I’m just going to reverse a bit bear with me so this is overseas this is an overseas source of the funds
or an individual. Now in this situation have done another timeline here if the
rules say if any of the funds are made available from an overseas organization
a UK organization which employs less than ten people or an individual person
so in the most obvious example this could be a family member for example if
the funds are being made available by a family member which is permitted under
the rules then this is what you have to show so I’ve just drawn this out here so
what you’ve got to have is a signed declaration from the funding provider
dated no earlier than three months before the date of your application and
it’s got to set out again how they know you the amount of funding they’re making
available to you and confirmation that hasn’t been promised to someone else. Now
again this isn’t something you can ask a bank to provide this is going to be this
is going to be an individual or another business is making the funds available
to you so there’s the details they’ve got to provide plus what you need here
is a letter from a legal representative confirming the declaration is a genuine
one the signature is genuine and a bank
letter confirming the funds are held in the regulated financial institution so
this would be the bank letter from the third parties bank and it’s got to be
dated no earlier than one month before the date of the application and if
they’re outside of the UK the letter must also confirmed that those funds are
transferable to the UK. Now that is a statement which from my experience few
banks are willing to provide in other words in confirmation the funds are
transferable to the UK it does depend on the bank remember that the bank has to
be one that’s recognised by the UK government by the Home Office but some
banks are reluctant to make any sort of statement beyond the bank statements
itself so you need need to have a think about that first so we’re going to go
onto looking at the most the most easy way of demonstrating that the funds are
available so just on a quick diagram here before
you move on you just move back to that part of the diagram you are on so this is just my diagram showing what
the letter has to show you can see that here the requirement for a legal
representative and my timeline just showing that that
less it’s got to be one month before the date of the application so here we are
number three so this is if the funds this is the scenario where the funds are
helped by you so this in theory is the most straightforward any of the funds
that will say if any of the funds are helped by the applicant it must provide
either of the following so bank statements showing the funds are held in
the UK by an institution regulated by the FCA
they’ve got to cover three months ending no earlier than one month before the
date of the application so you can see from my diagram here three months ending
no earlier than one month before the date of the application if these
documents do not show the Afghans held the funds for at least three months the
Advocate must also provide a signed declaration and letter from a legal
representative I set out above so that was the rule that I just illustrated. Now
the the I think the the key issue here is if you have the funds but you haven’t
had them for three months then the question is should you wait or should
you provide the evidence that’s required by the previous rule in other words it’s
securing the declaration plat from a third party plus the legal
representative and plus the bank letter Now the difficulty with that is if
they’re helped by you in in a bank both been for less than three months I find
it difficult to believe that any bank will provide that the third party letter
in the terms set out under the rules and there’s there’s a reason for that that
lettis confirms things like that haven’t been promised to anyone else and they’re
being made available to thee and to the applicant. Now that is not the language
that a bank would would would use a bank doesn’t have any legal or beneficial
entitlement to your funds it’s in a position that’s analogous to a trustee
so it’s not going to be saying that they’re making your funds available to
you that just doesn’t work so there so the third party letter
is going to be from say another individual or business. Now there could
be from your business but if it’s just in a bank if you’re only relying on 50k
Plus that’s in your bank account but it’s been in there for less than three
months then it would be easier for a third party to have those funds and
confirmed they’re making them available to you because in that case there’s no
requirement for them being held for three months then asking a bank your own
bank to confirm the funds are being made available to you so I think you’ve
probably got two options if you’ve had the funds but you’ve got had them for
less than three months one is to simply wait for the remainder of the time. Now
if you are getting endorsed remember if you get the endorsement that you’ve
still got three months before you actually have to make your visa
application so if you’ve had the fun say I don’t know two weeks or a month before
you’ve started the process for getting an endorsement then you’ve still got a
healthy lead in period. Now and the other important point I want to make here is
that remember that you can you can bypass all of these four methods from
one perspective if the endorsing body actually confirms that the funds are
available but in my view the the endorsing body should not be applying a
lesser evidential standard than the Home Office itself recessing whether the
funds are available so I don’t think that the endorsing body should be
accepting evidence for example from a from a foreign bank where they don’t
have the declaration from the legal adviser to confirm the authenticity of
the signature for example it would be odd if those a discrepancy between
evidential standards depending on whether you are proving it to the Home
Office or you were proving it to the endorsing body so I think the best and
right approach is for endorsing bodies to apply exactly the same standard so
although you can bypass this from one perspective in in in another sense
you can’t in there I’m you’ve got to provide the same
evidential standard my point is that you don’t need to prove this for necessarily
to the Home Office as an audience if the if the endorsing body itself can just
provide providing confirmation but the evidence underlying that must be exactly
the same and so let’s go on to the last way of showing that the funds are
available so we finished that diagram so number four if they’ve already been
invested. Now I would not recommend investing investing the funds before you
and speak to a lawyer if you do want to speak to me by the way I have a free
consultation service in uk-based lawyer and I would be delighted to help you
with your application essentially if you if you the reason why I think you
shouldn’t invest or take any major steps for that matter before speaking to an
advisor is that for example on this point for for investment if you set up a
new Co and you can invest into it and it turns out you want to apply for the
startup visa then you could actually disqualify yourself if that company has
has begun trading or on one reading not because you’ve established your UK UK
business it’s best not to incorporate before you’ve taken advice on this
procedure it’s only if you’re definitely going going for the innovative route
that you can invest already because then you’re you’re permitted under the
innovative rules to to have a business already established but and but not you
can under the startup rule so you can actually disqualify yourself so if you
have already invested then you should already have taken leave it advice so
let’s see what the what the rules provide so if any of the funds already
been invested in the applicants business the applicant must provide either of the
following evidence I’m showing the amount that’s been invested so business accounts showing the name of
the accountant and the day that they were produced and it’s as simple as that so look
you’ve got this this diagram I’m going to provide this diagram and the
different constituent elements of it and some notes in a blog post which I’ll be
doing and linking and below so feel free to check that out I’ll also be doing a
series of other videos about how to satisfy the other requirements and feel
free to subscribe and click the notification bell to get those videos
and feel free to contact me for a free consultation if you need help with the
process of applying for an innovative visa or startup visa or if you’re just
considering your international options for residency and citizenship by
investment and also entrepreneur and startup visas many thanks for your time
and I’ll see you in the next live stream.

Leave a Reply