Almost all British visas—particularly UK Business visa categories—include a financial requirement for applicants, who must establish proof of funds for UK residency, study, and employment. What this means is that in order to be considered eligible for most categories of UK immigration, applicants for a UK visa are required to prove that they can financially afford to support themselves throughout their time in the country. As evidence that you can cover your costs of living in the UK, you will likely have to submit bank statements, pay stubs, and other financial information as evidence that you possesses a certain amount of funds (the specific amount depends on what specific visa you are applying for). The financial requirement for UK immigration is particularly relevant for those who are pursuing sponsored or endorsed work routes in UK countries. Whether you are seeking a Representative of an Overseas Business visa, a Youth Mobility Scheme visa, or an Innovator visa, you will need to fulfill certain financial requirements related to your specific visa type. Today’s blog will therefore address the financial evidence for sponsored or endorsed work routes for UK immigration. Read on for an overview of the financial requirement for UK immigration, including the types of funds you can rely on, and how to establish proof of funds for UK visa categories that require it.
- If you are applying for UK immigration via one of these routes, you will need to fulfill the following financial requirements and supply financial evidence for sponsored or endorsed work routes:
- Demonstrate possession of a particular amount of financial funds (money).
- Obtain written confirmation from the entity that endorsed you, which states that they have provided you with the minimum amount of money you are required to possess under your particular visa scheme (relevant for Start-up visa holders).
- Obtain written confirmation from your sponsor, which states that they have provided you with the minimum amount of money you are required to possess under your particular visa scheme (relevant for those pursuing sponsored pathways for UK immigration).
For applicants using their personal money
- Those relying on their own money (i.e. not being sponsored) may keep their monies in one of the following kinds of accounts:
- Any monies in any of the above amounts must be immediately accessible in the form of cash etc.
- Any monies used as evidence cannot have been obtained through illegal means (please note that monies obtained through working without permission in the UK will not be considered acceptable).
- In order to be accepted as evidence that you have met the financial requirements, the money you are using (be it your own, your parents, or your partners) should be reflected through one of the following:
- Deposit certificates
- Financial statements or letter from bank
- Building society passbooks or letter
- If you do present a bank statement, it should reflect the following:
- Your name or that of the account holder’s
- Name of the bank/building society
- Account balance
- Issuing date
Who needs to show evidence
- Immigrants who are newly arrived to the UK (i.e. those who have spent under a year there) who are applying for their UK visa domestically.
- Would-be immigrants applying from abroad.
Who does not need to show evidence
- Immigrants who are already established in the UK (i.e. those who arrived in the country at least a year ago prior to applying) who are applying for their UK visa domestically.
- Dependents of immigrants who are already established in the UK (i.e. dependents who arrived in the country at least a year ago prior to applying for their visa).
Types of funds you can rely on
- There are a number of different types of funds you can rely on via the endorsed work routes in the UK, which can include:
- Your personal money.
- Parental money (relevant only for dependent children).
- Money from your husband/wife/partner, in the event that he/she is already currently in the country on a valid UK visa or is submitting an application simultaneously with you.
- Endorsement letter (relevant for those seeking Start up or Innovator visas).
- Sponsorship certificate.
- Please note that all monies will ultimately be converted into pounds sterling, regardless of its original currency.
- Please note that the holder of the funds must demonstrate that they retain control over whatever funds they are presenting as evidence.
- Those relying on their own funds (rather than on those from their endorser/sponsor) will have to demonstrate that they have been in possession of the required amount of monies for minimum of 28 days in a row.
Types of funds you cannot rely on
- Pensions
- Bitcoin
- Stocks/bonds
- Overdraft positions
- Bank accounts without online/electronic record keeping.
- Bank accounts not subject to oversight from the financial regulatory entities in the state where you are lodging your application.
Specific financial requirements
- Applicants for UK immigration who are pursuing any of the following visa types will need to show evidence of possessing a minimum of £1,270:
- Skilled Worker
- Intra-company Transfer
- T2 Minister of Religion
- T2 Sportsperson
- T5 Seasonal worker
- T5 Creative and Sporting Worker
- T5 Religious Worker
- T5 Charity Worker
- T5 International Agreement Worker
- T5 Government Authorised Exchange Worker
- Applicants for Innovator visas will need to show evidence of possessing a minimum of £1,270.
- Applicants for Start-up visas will need to show evidence of possessing a minimum of £1,270.
- Applicants for Representative of an Overseas Business visas are not required to demonstrate their possession of a certain amount of money. You will, however, be asked to generally demonstrate your ability to financially cover your costs of living, but not to a set amount.
- Applicants for the Youth Mobility Scheme visa will need to show evidence of possessing a minimum of £ £2,530
- Applicants for all of the above visa categories who seek to (and are allowed to) bring family members with them to the UK as dependents will need to provide additional financial evidence proving that their dependents are able to financially cover their costs of living in the UK, or their endorsing entity/sponsor is willing to cover those costs.
- Dependents costs are as follows for UK visa required dependents:
- Spouse, civil partner, unmarried partner (£285).
- Single child (£315).
- Subsequent children (£200).
Asaad