Entrepreneurs
A letter from each financial institution holding your money, to confirm the amount of money available
This page explains what proof you must provide to confirm the amounts of money you have available to support your initial application to the entrepreneur category (Tier 1 Entrepreneur) under the points-based system to work in business in the United Kingdom.
Full details of all requirements are in the immigration rules at paragraphs 245H-N of part 6a and Appendix A which you can find on the right of this page. You must read the policy guidance before you apply under this category. You can download the guidance and application form from the Applying section.
The amount of money available
The total amount of available money must be £200,000 or more. If money is held in several financial institutions, you must supply a letter from each institution. If money is not held in the United Kingdom, we will use the OANDA database (see the OANDA website which you can find on the right of this page) to convert the amount of overseas money into pounds sterling. We will use the exchange rate that applies on the date of the application.
What the letter must show
Each letter must:
- be an original document and not a copy;
- on the institution's official headed paper;
- have been issued by an authorised official of that institution; and
- have been produced within the three months immediately before the date of the application.
Each letter must also confirm each of the following details:
- that the institution is regulated by the appropriate body;
- your name;
- the date of the document;
- the amount of money available from your own money (if applicable) that are held in that institution;
- the amount of money available to you, or the business that you are running, from any third party (if applicable) that is held in that institution;
- the name of each third party and their contact details. These must include your full address including postal code, landline phone number and any email address;
- that if the money is already in the United Kingdom, if it has been in the United Kingdom for less than 12 months before the date of application;
- that if the money is not in an institution regulated by the Financial Services Authority, the money can be transferred into the United Kingdom.
The letter should be in English, or accompanied by a certified translation from a professional translator.
You can find an example of how the letter might look at the end of the policy guidance which you can download from the Applying section.