The Entrepreneur Visa “filters out exceptional international talents” from entering the country, a new report on the scheme claims.
The report, from migration-made-easy platform Migreat.com, says the scheme is “complex” and “bureaucratic”, and “forces applicants to look for expert advice and assistance if they want their application to be successful”.
Attracting talent
The Tier 1 Entrepreneur Visa allows overseas entrepreneurs to come to the UK to start, extend or take over a business.
It was launched in 2008 to promote Britain as a hub for the world’s most talented and brightest entrepreneurs, and has since gone through several rule changes.
But the scheme has come under increased pressure from migration targets promoted by Home Secretary Theresa May.
But Migreat.com’s report says the scheme is “still perceived as being difficult to obtain in comparison to similar schemes in other countries”.
Open for business
Business Secretary Vince Cable called the report “timely” and said the UK must send a “clear signal that we are open to business”.
It’s important that we get this route right to ensure that the next migrant business success stories, like Caffe Nero or Last.fm, don’t slip through the UK’s fingers.
Room for improvement
The report recommends four improvements that could be made to the scheme “easily, and at low cost”:
- Returning passports more expediently to avoid the risk of applicants missing business opportunities;
- Increasing flexibility in the format of documents from Venture Capitalists and banks to reduce red tape;
- Tailoring rules on timing of the funding process to match the reality of young entrepreneurs and pre-revenue startups;
- Involving third parties, such as private and institutional investors, in the genuine entrepreneur test that is currently processed by caseworkers unfamiliar with entrepreneurial ventures.
Immigration report
Earlier this year, Tech City News and immigration law firm Fragomen produced a report on the immigration issues faced by the UK tech sector.
It followed a roundtable bringing together startup founders, venture capitalists, law experts and Meg Hillier MP.