My understanding is that I do not need to produce bank statements for any period to sponsor my family on a visit visa. Is this assumption correct ? Also, can I sponsor them immediately after my RP gets stamped ?
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You can issue family visit visa for your family as soon as you get your RP. No need of Bank statement for that.
But to sponsor your family in Family Residence visa, you need to have bank statement of at least 3 months.
Call your family here in family visit visa and convert it to family residence visa after 3 months.