Proof of Funds - Clarifications

[ktayo006]

I recently got ITA and still wondering wether to decline or not due to Proof of Funds. I haven't got the required $12000 CAD in my account, actually I had this balance 8 months ago but withdrew the money. Having said that, I cofounded a startup and have raised some funding from investors and even awarded for best startup of the year. The company's now valued >£3M in London and I have 50% of the shares. Having said this, I'm wondering if a Gift of Shares might be worth it in my case to show I have been issued the shares.

Also, the company can write me a check as part of my 50% equity to show the money needed, can I include this check in my application?

I really would like to follow through with my application as I don't want to wait 6 months to start putting the money if I decline this invitation Sad

Kindly advise with any thoughts or routes I might be able to show the POF.

Thanks in anticipation!

 

[Marty_]

I recently got ITA and still wondering wether to decline or not due to Proof of Funds. I haven't got the required $12000 CAD in my account, actually I had this balance 8 months ago but withdrew the money. Having said that, I cofounded a startup and have raised some funding from investors and even awarded for best startup of the year. The company's now valued >£3M in London and I have 50% of the shares. Having said this, I'm wondering if a Gift of Shares might be worth it in my case to show I have been issued the shares.

Also, the company can write me a check as part of my 50% equity to show the money needed, can I include this check in my application?

I really would like to follow through with my application as I don't want to wait 6 months to start putting the money if I decline this invitation Sad

Kindly advise with any thoughts or routes I might be able to show the POF.

Thanks in anticipation!

You will have to prove these funds are free of any lien and not a loan. The cheque you may receive should clearly mention that it is not a loan (letter from company along with bank letter). Explain in detail in your LOE

 

[luv2read90]

I recently got ITA and still wondering wether to decline or not due to Proof of Funds. I haven't got the required $12000 CAD in my account, actually I had this balance 8 months ago but withdrew the money. Having said that, I cofounded a startup and have raised some funding from investors and even awarded for best startup of the year. The company's now valued >£3M in London and I have 50% of the shares. Having said this, I'm wondering if a Gift of Shares might be worth it in my case to show I have been issued the shares.

Also, the company can write me a check as part of my 50% equity to show the money needed, can I include this check in my application?

I really would like to follow through with my application as I don't want to wait 6 months to start putting the money if I decline this invitation Sad

Kindly advise with any thoughts or routes I might be able to show the POF.

Thanks in anticipation!

Hello,

A gift of shares (by this I am assuming you mean the share certificate) wouldn't work as POF, as the funds needs to be liquid. But you said your company can write you a check for this equity.

This check would need to be deposited in your bank account (as a copy of the check wouldn't be enough for your application which needs a bank letter). And assuming it is equal or more than the amount required for POF you should be fine.

Since its your company and you liquidated some of your assets a nicely worded LOE to support the sudden influx of funds should suffice.

I personally don't think you should decline. Cut off scores are going down, and who knows when they might start going back up. You have this opportunity now, take it.

 

[ktayo006]

You will have to prove these funds are free of any lien and not a loan. The cheque you may receive should clearly mention that it is not a loan (letter from company along with bank letter). Explain in detail in your LOE

Thanks Marty!

I'll include the check as well as letter from their bank accompanied with my statement and letter of explanation.

Really appreciate!

 

[ktayo006]

Hello,

A gift of shares (by this I am assuming you mean the share certificate) wouldn't work as POF, as the funds needs to be liquid. But you said your company can write you a check for this equity.

This check would need to be deposited in your bank account (as a copy of the check wouldn't be enough for your application which needs a bank letter). And assuming it is equal or more than the amount required for POF you should be fine.

Since its your company and your liquidated some of your assets a nicely worded LOE to support the sudden influx of funds should suffice.

I personally don't think you should decline. Cut off scores are going down, and who knows when they might start going back up. You have this opportunity now, take it.

Hi luv2read90,

Thanks for your response!

I can get letter from the bank as well as include the check with my application and letter of explanation, but depositing the check into my account for it to clear may be an issue as we are unable to take out any cash from the business account at this time for some reason.

I completely agree with you regarding CIC cut off, as a result I'd really like to accept this one.

What do you reckon?

Thanks,
ktayo006

 

[Marty_]

Hi luv2read90,

Thanks for your response!

I can get letter from the bank as well as include the check with my application and letter of explanation, but depositing the check into my account for it to clear may be an issue as we are unable to take out any cash from the business account at this time for some reason.

I completely agree with you regarding CIC cut off, as a result I'd really like to accept this one.

What do you reckon?

Thanks,
ktayo006

As luv2read90 said, you will need the funds to be in liquid form. The amount must be deposited in your bank account.
The bank letter showing this amount deposited along with company letter stating it is not a loan would be supporting docs. Only a cheque & letter would not be enough.
Another alternative is to get a gift deed from your parents,relatives or friends.

 

[ktayo006]

As luv2read90 said, you will need the funds to be in liquid form. The amount must be deposited in your bank account.
The bank letter showing this amount deposited along with company letter stating it is not a loan would be supporting docs. Only a cheque & letter would not be enough.
Another alternative is to get a gift deed from your parents,relatives or friends.

Hi Marty,

Many thanks again for your explanation. I think gift deed from a friend might be the way to go. Could you please provide me details how to go about this?

Thanks brother,

ktayo006

 

[Marty_]

Hi Marty,

Many thanks again for your explanation. I think gift deed from a friend might be the way to go. Could you please provide me details how to go about this?

Thanks brother,

ktayo006

You will need the following docs for proof of funds.

1.Gift Deed
link for gift deed letter format to be signed by family/friend - http://www.canadavisa.com/canada-immigration-discussion-board/gift-deed-letter-t384602.0.html

2. Bank Letter stating the required opening date,current balance, average balance, account number and other details as per bank certificate.
You can also attach your bank statement showing the inflow of the gift money into your bank account.

3. Letter of explanation (LOE) - write 2-3 lines about the gift deed and other supporting docs that you will upload for proof of funds section

 

[ktayo006]

You will need the following docs for proof of funds.

1.Gift Deed
link for gift deed letter format to be signed by family/friend - http://www.canadavisa.com/canada-immigration-discussion-board/gift-deed-letter-t384602.0.html

2. Bank Letter stating the required opening date,current balance, average balance, account number and other details as per bank certificate.
You can also attach your bank statement showing the inflow of the gift money into your bank account.

3. Letter of explanation (LOE) - write 2-3 lines about the gift deed and other supporting docs that you will upload for proof of funds section

Brilliant, thank you. I'll follow up should I have other questions regarding Gift Deed.