Query re. proof of funds for FSW

Old Apr 23rd 2014, 9:41 pm
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Default Query re. proof of funds for FSW

Hi, we're planning on applying via the FSW on the 1st May. At present I am self employed (through my own LTD company), within the business account there are more than enough funds to satisfy the CIC requirements.

However, these funds are obviously in the Companies name rather than mine personally so my options are to draw a dividend and move this money to a savings account from which I could then send a bank statement, or to send business account statements plus a signed letter from my accountant stating that if the company were to be closed today I would have £xxxx of unencumbered funds available.

I think the problem with the first option would be that the funds will have been in the savings account for less than 3 months so I would need to include some sort of explanation letter?

Anyhow if anyone has any pointers on this it would be much appreciated!

Thanks.
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Old Apr 23rd 2014, 9:46 pm
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Default Re: Query re. proof of funds for FSW

Just a bank statement is fine, as long as they're in your name. Occasionally CIC do ask you to prove where the money's come from, but that's usually for people from high fraud countries rather than the UK, so I doubt they'll even request it of you.

So all you need to do is submit one recent bank statement, if you move the money asap so that it shows it being in there the whole time that would be best, but that should be absolutely fine.

HTH, good luck for 1st May!
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Old Apr 23rd 2014, 9:54 pm
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Default Re: Query re. proof of funds for FSW

That's I hoped to hear! We applied last year but missed the quota (as I hadn't expected my job role to appear on the list) so this is what we did then, i.e. transferred the relevant amount as a dividend and send off the statement. At that point though I hadn't noticed the 3 months in the account thing. Hopefully it'll be OK, I'll probably put in some sort of covering letter as well to be on the safe side.

Thanks!
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