Which is Best for Immigration Purpose: A Corporate or Savings Bank Account?

[Johnsnow 007]

Which is Best for Immigration Purpose: A Corporate or Savings Bank Account?

The corporate account gives an advantage in terms of home ties from an economic aspect. When the corporate account is active with good inflows and/or closing balance, it helps the officer have adequate understanding during assessing the economic level of establishment of the party concerned. It also helps to justify the source(s) of income as reliable.

The savings account helps the officer assess the availability (and sufficiency) of the study (or sponsorship) funds. The savings account also enables the officer to note that any money in the account is readily available to spend, unlike the corporate account where money flows out constantly.

The volatility of the corporate account makes the officer flag an application for insufficient funds and personal assets ground. Note that the savings account can be flagged too if there are lump sums deposits, especially when it is recent. For immigration purposes, the savings account is most ideal. The corporate account can be used as secondary proof to strengthen the proof of funds.

If you find this piece insightful, ensure to follow @GCMSWriters on Twitter, Instagram, or Telegram for updates and guide on Canadian Study Permit


– JS

 

[Simba112]

Which is Best for Immigration Purpose: A Corporate or Savings Bank Account?

The corporate account gives an advantage in terms of home ties from an economic aspect. When the corporate account is active with good inflows and/or closing balance, it helps the officer have adequate understanding during assessing the economic level of establishment of the party concerned. It also helps to justify the source(s) of income as reliable.

The savings account helps the officer assess the availability (and sufficiency) of the study (or sponsorship) funds. The savings account also enables the officer to note that any money in the account is readily available to spend, unlike the corporate account where money flows out constantly.

The volatility of the corporate account makes the officer flag an application for insufficient funds and personal assets ground. Note that the savings account can be flagged too if there are lump sums deposits, especially when it is recent. For immigration purposes, the savings account is most ideal. The corporate account can be used as secondary proof to strengthen the proof of funds.

If you find this piece insightful, ensure to follow @GCMSWriters on Twitter, Instagram, or Telegram for updates and guide on Canadian Study Permit


– JS

It doesnt really matter, they just need to see proof of fund and if it is from legitimate source.So Corporate, Savings, Term deposits doesnt make much of the difference. But i get you post was to lure people to follow your pages, nice trick....

 

[Johnsnow 007]

It doesnt really matter, they just need to see proof of fund and if it is from legitimate source.So Corporate, Savings, Term deposits doesnt make much of the difference. But i get you post was to lure people to follow your pages, nice trick....

Hello Simba112,

In a public forum, it is right to always be cautious of the words that are used. Using "to lure or trick..." was inappropriate.

For the record, it matters. It is highly not advised that an applicant use a company account as the primary proof of funds or to demonstrate financial availability for a study permit application. The savings account is always advised.

It is not wrong to share information and in the process gaining from the appreciation of readers who need such information.

Best wishes,


– JS