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UK attracts entrepreneurs and investors via immigration supports
Wednesday, 23 March 2011
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The UK Government has recently announced new visa rules which give an extra incentive as a reward for foreign entrepreneurs and investors who contribute to UK economic growth.
According to Immigration Minister Damian Green, the UK understands the important role of entrepreneurs and investors in UK economic recovery. Therefore, the UK remains open for business and they want those who have the most to offer to come and settle here.
Until recently, investors were able to settle in the UK only after a minimum of 5 years of residence. Under changes to the Immigration Rules, existing and new migrants who enter the UK under Tier 1 (Investor) of the points-based system will have their settlement speeded up if they invest large sums of money. Investors with £5 million can settle here after 3 years, and investors with £10 million or more can settle after 2 years.
Migrants who come to the UK under Tier 1 (Entrepreneur) visas will also be able to settle here faster if they create 10 jobs or turn over £5 million in a 3-year period.
Although the minimum requirement of standard investment for an entrepreneur to qualify for a Tier 1 visa is still £200,000, the government will allow high-potential businesses to come to the UK with £50,000 in funding from a reputable organisation.
Major investors will also be able to move outside the UK up to 180 days a year, rather than 90 and their right to settle in the UK will not be affected by this.
Moreover, the UK government will create a new type of visitor visa for prospective entrepreneurs. They will be able to enter the UK to secure funding and arrange for beginning their business before they transfer to a full Tier 1 (Entrepreneur) visa while they are in the UK.
The government has also outlined a new Tier 1 (Exceptional talent) route to operate from April 2011. The route, which is for exceptionally talented migrants who are recognised as leaders in the fields of science, arts and humanities, will be limited to 1,000 visas per year.
People who come to the UK under Tier 1 (Exceptional talent) will be only need to be endorsed by an accredited competent body. They will be able to stay in the UK for 3 years and 4 months, then extend their stay for a further 2 years, and finally settle here after 5 years' residence in the UK.
The changes will take effect on 6 April 2011.
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