Operating account
An operating account is a bank account used by the RMA for depositing income earned and paying business expenses. Any money to which the RMA is legally entitled after completing agreed services and issuing the client with an invoice or Statement of Services may be deposited into the Operating account.
Clients’ account
A Clients’ account is a bank account used by the RMA to hold monies on behalf of clients. Any money coming into the RMA’s control which is the property of the client, and to which the RMA has no current entitlement, is client money.
Client money includes:
- money received from a client before the RMA has provided the services or issued a Statement of Services or an invoice
- money paid by the client to the RMA for disbursements such as visa application charges, penal clearance fees, enrolment fees etc
- any refunds received on behalf of a client, for example a refund of Tribunal application fees.
Client money must be deposited into the Client’s account and must remain there until the RMA has issued an invoice or a Statement of Services for an agreed block of work performed or until disbursements are paid.
There is more detailed information on this website to assist registered migration agents. From the home page, select Tools for registered agents.