New entrepreneur visa introduced in the UK

by Ray Clancy on November 9, 2010

New entrepreneur visa issued in UK

A new Entrepreneur Visa is to be introduced in the UK to encourage overseas business people with exciting ideas to invest in Britain.

It is part of a bid to attract the next generation of wealth creators and job makers to Britain.

’These Entrepreneur Visas will mean that if you have a great business idea, and you receive serious investment from a leading investor, you are welcome to set up your business in our country,’ said Prime Minister David Cameron.

‘So as we act to bring net migration to Britain down to the tens of thousands, I want this message to be heard loud and clear the whole world over: In every classroom or laboratory where a bright idea is born, every bedroom where a business case is put together, if you’ve got an idea, if you want to create jobs, and if you have the ambition to build a world beating company here in the UK,’ he said in a speech to entrepreneurs and investors in London.

‘We want you; we’ll make it easy for you; we’ll put out the red carpet for you. With our new Entrepreneur Visa we want the whole world to know that Britain wants to become the home of enterprise and the land of opportunity,’ he added.

Some see it as a move to appease critics of the government’s new immigration cap and Cameron hinted as much. ‘As we introduce our limit and reduce non-EU economic migration, we will reform tier one to make sure that it is genuinely a route only for the best,’ he said.

He also announced that the Inter-Company Transfers (ICT) category of visa, which is widely used by Indian companies with office and branches in the UK, would not be affected by the current review of immigration rules.

The move is also part of a plan to turn London’s East End into the new Silicon Valley. Google, Facebook, Intel and consultants McKinsey & Co will commit to invest in the long-term future of the area growing out of London’s Old Street and Shoreditch that is already becoming known as Silicon Roundabout.

Cameron said that the 2012 Olympic village and the current start up internet boom in Shoreditch would be harnessed to create a new area for investment by international technology firms. He said that the East End will be transformed into one of the ‘world’s great technology centers. He added that the response from international technology firms and venture capitalists to the Government’s proposals had been overwhelming.

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