UK entrepreneurial net migration falls
Home Office statistics have revealed the uphill struggle Britain faces to encourage the next generation of wealth creators and job makers to set up in Britain.
As part of the government drive to support innovation and business, it was revealed that only 130 entrepreneurs from outside the European Union secured immigration visas to launch businesses in the UK last year. In response David Cameron has vowed to reduce bureaucracy and announced the creation of an 'entrepreneur visa' to enable anyone with a great business idea and investment from a leading investor to set up in the UK.
The Home Office data also showed that applications for US visas from UK-based entrepreneurs keen to relocate across the Atlantic remained disappointingly high. Compared to the 130 UK applications, the US Citizenship and Immigration Services processed 1,265 applications with the UK the second highest talent contributor behind India. The US entrepreneur visa allows entry to the US to entrepreneurs prepared to invest $1m in their venture and who create 10 US-based jobs. The US data also reveals that 25% of US venture backed companies in the last 15 years were founded by immigrants.
With David Cameron currently on a high profile trade visit to China, soon after similar recent trip to India, it is a clear indication that Britain will seek to encourage foreign nationals from India, China and elsewhere to act as a catalyst for economic recovery. Before setting off on the trade mission the Prime Minister lambasted the previous visa scheme set up under Gordon Brown, branding it "a total failure". The Home Office research also revealed that many professionals entering Britain from countries such as India under the previous 'highly skilled' category were in fact doing unskilled work.
Full story at EntrepreneurCountry