Potential future of Tier 1 Entrepreneur program in the UK
Recently Migration Advisory Committee (MAC), the British government’s public line, considered to review the UK’s arrangements for the entry and stay of non-EEA entrepreneurs under Tier 1 Points Based System. MAC together with the UKBA proposed to improve the programme of Tier 1 (Entrepreneur) route which encourages skilled entrepreneurs relocate to Britain and establish one or more businesses. A more detailed summary and analysis on this below.
The Tier 1 (Entrepreneur) category is for non-EEA nationals who would like to set up or running businesses in the UK. Those who apply under the category must meet the requirements that have access to at least £200,000 investment funds. Additionally, there is a lower funding threshold of £50,000 for migrants to apply for this visa, if they comply with the relevant criteria. Tier 1 Entrepreneur programme is appropriate to bring significant economic benefits to Britain. The programme also drives investors to make long-term decisions based on the benefits of joining technical industries. In return, these start-ups based in the UK give new job opportunities and provide competitive economy in the global market. As more focus and support from the government, almost 85,000 new jobs were created by the foreign investments last year.
Total successful of Tier Entrepreneur Visa application was 1039 according to Home Office Immigration Statistics, and 1087 applicants were succeed in 2014. In order to make a more productive financial capital market, the UK government and UKTI increased the promotion and secure on 34 R&D collaboration between UK-based research centres and overseas investors in relation to Research & Development investment. Financial technology is one of the potential invest areas which is accounted for 2/5ths of total fintech investment in Europe. A decade ago, we may enviously at overseas outstanding technology market. However, now the picture is different, Britain becomes good at applying and developing technology, particularly in retail and banking. For example, the online retailer specialising in household appliances or real estates as well as financial information companies provide independent data, customised technology platforms and money transfer services.
New proposals and changes by the government to Tier 1 (Entrepreneur) visa category which give entrepreneurs more opportunities to set up innovative businesses in Britain. It becomes a global tech and digital hub attributed by investors from foreign countries, including many of talents whose birthplace is not in Britain but choose to invest and live here. Therefore, supporting entrepreneurship gets more focused by the MAC and become a long-term goal.
Our team of experienced immigration solicitors are pleased to see the positive direction and scope of MAC’s reforming of the programme. We welcome consulting of Tier 1 Entrepreneur visa. Our expertise solicitors will be able to advise and guide you via whole process of obtaining the visa.