Bank statement for Study permit application

[Obaze]

Hello,
Please I have an issue with my guardians bank statement. My guardian is sponsoring my study in Canada and he wants to use is company bank statements but doesn't have up to that amount presently in one account is it okay to use more than one bank statement belonging to the company? And do you think they won't count it as insufficient funds if the exact present amounts in the bank statements are the exact amount for my tuition and feeding for one year, since it is a company account and not a personal account?

Please anybody should help make this clear.
Thanks.

 

[bongoman]

This is not good, company money cant just be used to pay personal expenses, also if it is exact amount even in personal account what will he use for his own and family personal expenses?

 

[Baha.A.T]

The issue is not with multiple bank accounts, that is acceptable as long as all the accounts are in your name of your sponsor

The issue here is that the bank statements should be solely in your sponsor's name, not in a company's name

Look at it from the Visa officer's perspective, he/she needs to make sure you're able to use that money freely, which you can't because the company's money may be used to buy products for that company, therefore its considered a very weak proof of funds

 

[Obaze]

This is not good, company money cant just be used to pay personal expenses, also if it is exact amount even in personal account what will he use for his own and family personal expenses?

My Guardian is Single and is also my cousin. Plus he pays his workers from the company money and also gets his salary from it as well.

 

[Obaze]

The issue is not with multiple bank accounts, that is acceptable as long as all the accounts are in your name of your sponsor

The issue here is that the bank statements should be solely in your sponsor's name, not in a company's name

Look at it from the Visa officer's perspective, he/she needs to make sure you're able to use that money freely, which you can't because the company's money may be used to buy products for that company, therefore its considered a very weak proof of funds

Oh I see. Thanks for this.....

 

[comeflywithme]

Hello,
Please I have an issue with my guardians bank statement. My guardian is sponsoring my study in Canada and he wants to use is company bank statements but doesn't have up to that amount presently in one account is it okay to use more than one bank statement belonging to the company? And do you think they won't count it as insufficient funds if the exact present amounts in the bank statements are the exact amount for my tuition and feeding for one year, since it is a company account and not a personal account?

Please anybody should help make this clear.
Thanks.

Hi.
Company banks statement is good in following cases:
1- if your suponsor have huge amount invested in company and statement is strong enough and all money is in continuous circle.
2- make sure that there is difference in company running finance statement and amount available in it. The account should have always equavlent to or more than 200,000 CAD which is not invested in any business circle and any time can be withdrawn easily. Whereas most of the company money is in circle which is not good enough for sponsorship.
3- you can show multiple company bank statements. But in total the amount should be available more tha 200,000 CAD.
4- provide company docuemnts also. I.e.registration certificates, chamber of commerce registration, your sponsor certificate if he is the owner or co owner of the company and he has access to those funds.
5- a letter from company on company letter hedded paper declaring that they are sponsoring you and how much amount is avaialble for tour studies. I mean to say for example out of 200,000 CAD how much amount is available for you.
6- a letter from your sponsor stating that how much funds are accessable to him directly or in case he is not authorized to give you this amouny directly. He can mention that how he will be able to release you this amount. With mutual agreement with company partners etc etc. State all the relevant persons names.

Must declare all relations in terms of sponsor, sponsor relation with company and with you. Every thing should be cleared in Letters and your SOP. You need to convince the VO only.

Do not worry. If money is there you need to show access to it. Thats all what Visa Officer want to see.

Plus of you have some professional working experience. And you have some savings in your account then do attach your statement also. Even your bank account is empty. You need to show them your eligibility. That you have worked and able to earn before. Plus same thing with your sponsor. He can attach his account statement also that he recieves sufficient amount received in past to support family and expenses. Even he do not have funds in his account. Its just to show how well established you are in your home country.

Rest is luck. No need to afraid but you have to be be careful in providing all documents and links to those documents.

Also check your home country financial proof requirements at CIC website. You will have a more clear idea then. Every thing have a way out. Dont worry

 

[Obaze]

Hi.
Company banks statement is good in following cases:
1- if your suponsor have huge amount invested in company and statement is strong enough and all money is in continuous circle.
2- make sure that there is difference in company running finance statement and amount available in it. The account should have always equavlent to or more than 200,000 CAD which is not invested in any business circle and any time can be withdrawn easily. Whereas most of the company money is in circle which is not good enough for sponsorship.
3- you can show multiple company bank statements. But in total the amount should be available more tha 200,000 CAD.
4- provide company docuemnts also. I.e.registration certificates, chamber of commerce registration, your sponsor certificate if he is the owner or co owner of the company and he has access to those funds.
5- a letter from company on company letter hedded paper declaring that they are sponsoring you and how much amount is avaialble for tour studies. I mean to say for example out of 200,000 CAD how much amount is available for you.
6- a letter from your sponsor stating that how much funds are accessable to him directly or in case he is not authorized to give you this amouny directly. He can mention that how he will be able to release you this amount. With mutual agreement with company partners etc etc. State all the relevant persons names.

Must declare all relations in terms of sponsor, sponsor relation with company and with you. Every thing should be cleared in Letters and your SOP. You need to convince the VO only.

Do not worry. If money is there you need to show access to it. Thats all what Visa Officer want to see.

Plus of you have some professional working experience. And you have some savings in your account then do attach your statement also. Even your bank account is empty. You need to show them your eligibility. That you have worked and able to earn before. Plus same thing with your sponsor. He can attach his account statement also that he recieves sufficient amount received in past to support family and expenses. Even he do not have funds in his account. Its just to show how well established you are in your home country.

Rest is luck. No need to afraid but you have to be be careful in providing all documents and links to those documents.

Also check your home country financial proof requirements at CIC website. You will have a more clear idea then. Every thing have a way out. Dont worry

Thanks you Very much for this clear Explanation.

 

[comeflywithme]

Thanks you Very much for this clear Explanation.

The amount 200,000 CAD i used as a reference. You can ask some immigration lawyer or consultant that how much amount is sufficent to show prood of funds for family business.

 

[Zoo1231]

Hi.
Company banks statement is good in following cases:
1- if your suponsor have huge amount invested in company and statement is strong enough and all money is in continuous circle.
2- make sure that there is difference in company running finance statement and amount available in it. The account should have always equavlent to or more than 200,000 CAD which is not invested in any business circle and any time can be withdrawn easily. Whereas most of the company money is in circle which is not good enough for sponsorship.
3- you can show multiple company bank statements. But in total the amount should be available more tha 200,000 CAD.
4- provide company docuemnts also. I.e.registration certificates, chamber of commerce registration, your sponsor certificate if he is the owner or co owner of the company and he has access to those funds.
5- a letter from company on company letter hedded paper declaring that they are sponsoring you and how much amount is avaialble for tour studies. I mean to say for example out of 200,000 CAD how much amount is available for you.
6- a letter from your sponsor stating that how much funds are accessable to him directly or in case he is not authorized to give you this amouny directly. He can mention that how he will be able to release you this amount. With mutual agreement with company partners etc etc. State all the relevant persons names.

Must declare all relations in terms of sponsor, sponsor relation with company and with you. Every thing should be cleared in Letters and your SOP. You need to convince the VO only.

Do not worry. If money is there you need to show access to it. Thats all what Visa Officer want to see.

Plus of you have some professional working experience. And you have some savings in your account then do attach your statement also. Even your bank account is empty. You need to show them your eligibility. That you have worked and able to earn before. Plus same thing with your sponsor. He can attach his account statement also that he recieves sufficient amount received in past to support family and expenses. Even he do not have funds in his account. Its just to show how well established you are in your home country.

Rest is luck. No need to afraid but you have to be be careful in providing all documents and links to those documents.

Also check your home country financial proof requirements at CIC website. You will have a more clear idea then. Every thing have a way out. Dont worry

Hi, my dad owns a company and it is in his name.. we are about to apply for the visa and he recently got amount of around 250,000 DHS which is equivalent to about 100,000 CAD..the issue is that the amount hasn’t been in the account for 4 months....plus he has property back home worth around 300,000 CAD I was wondering if that would be sufficient for the proof of funds?