Whilst the UK Government appears keen to limit the number of migrant workers coming into the UK it is reassuring to know that the recent ‘migrant capping’ has not greatly affected the movement of skilled workers to the UK. On a similar scale, the UK is still actively encouraging businesses to invest in the UK and the Entrepreneur visa sends out positive signals to foreign entrepreneurs that the UK is keen to welcome them – and their money-to the UK.
So what makes the Tier 1 Entrepreneur Visa attractive to foreign investors?
Well, one of the visas clear benefits is that whilst there is a strict requirement for the entrepreneur to be fully involved in the running of the UK business, the entrepreneur is conveniently entitled to spend up to 180 days per year overseas without it affecting the status of his visa or his long term rights to permanent residence in the UK. This is indeed very useful to the business man who, for example, wants to run his new business in London yet still run his HQ in Dubai as it allows him to move freely within the two businesses.
Another benefit of the entrepreneur visa is the fact that one need only invest £200,000 into the business (which can be any type of business and either a new business or an existing business) but this money does not need to have been invested in the business at the time of the visa application.
Additionally, the £200,000 investment can also be ‘shared’ by 2 persons seeking to enter the UK in an ‘Entrepreneurial team’ enabling both entrepreneurs to come to the UK on an Entrepreneur visa.
And, if all that was not attractive enough, then there is an accelerated right to permanent leave to remain in the UK depending on your company turnover and the amount of jobs you create for resident workers in the UK. You need to create at least 2 full time jobs in the UK but create up to 10 and you could get permanent stay in the UK in as little as 3 years!
We do feel that the Entrepreneur Visa is a visa which encourages foreign investment and business in the UK and opens doors creating opportunities for not only foreign investors but the opportunity of jobs for UK/EEA citizens which given the current ‘recession’ can only be a positive move!