UK fast tracks visa for entrepreneurs

Foreign entrepreneurs and investors have been given an extra boost with the announcement that the UK government has introduced new visa rules that encourage the brightest and the best to locate to the UK, the British High Commission said. Under the new rules, those who come to the UK and invest large sums of money will be given the right to settle permanently in the UK faster.

Those who invest Euro five million will be allowed to settle in the UK after three years and those who invest Euro 10 million or more will be allowed to settle after two.

This compares with the minimum five year requirement that is currently in place.

Entrepreneurs will also be able to settle in the UK more quickly if they create ten jobs or turn over Euro 5m in a three year period.

UK Immigration Minister Damian Green said UK remains open for business and they want those who have the most to offer to come and settle there.

“Entrepreneurs and investors can play a major part in our economic recovery and I want to do everything I can to ensure that Britain remains an attractive destination for them,” he said.

“Last year we issued far too few visas to those who wish to set up a business or invest in the UK - I intend to change that,” he said.

It was also announced that a new visit visa will be created for prospective entrepreneurs. This will allow them to enter the UK in order to secure their funding and make arrangements for starting their business before they transfer onto a full entrepreneur visa in country.

While the standard investment threshold for an entrepreneur to qualify for a visa will remain at Euro 200,000, the government will also make provision for high potential businesses to come to the UK with Euro 50,000 in funding from a reputable approved organisation - for example venture capitalists, including angel investors, or through seed competitions.

Major investors will also enjoy more flexibility as they will be allowed to have spent up to 180 days a year, rather than 90, outside of the UK before they lose their right to settlement. This addresses a major concern that investors often cite as they need to be constantly mobile. Those investors who are already in the UK now and have invested large sums will also qualify for accelerated settlement. The government has also published a Statement of Intent outlining how the new ‘exceptional talent’ route under Tier 1 of the Points Based System will operate from April this year.

This new innovative route for exceptionally talented migrants, which will be limited to 1,000 visas in the first year of the annual limit, will facilitate those who have already been recognised, or have the potential to be recognised, as a leader in the fields of science, arts and humanities. UK Trade and Investment (UKTI), which assists overseas companies in locating to the UK, will promote the new visa arrangements worldwide.