After learning about the new visa rules of Britain many rich investors might consider it as a huge option. The new rules allow a person to be a resident of Britain indefinitely after a period of 3 years, if the person has a UK bank account worth more than 5 million pounds, and if the person puts more than 10 million pounds then this limit is brought down to 2 years. So the heavy investors have a clear advantage when compared to other people who generally have to wait for 5 years to be given such a privilege.
These new rules also bring in new hope for young entrepreneurs as they will be easily allowed to set up their business in UK provided they have at least 50000 pounds of funds from a reputed organization and they are considered as ‘high potential’. Mainly, people with talent looking to make their fortunes will be benefitted as they get easy access to the market that UK is. Also rejoicing are tech start ups in the UK like CTOs since they can now easily hire new talent from across borders if it is not available within the country.
If they manage to get a joint funds account from a big organization then they can even take along their business partners. Clearly the UK is looking to pile up more and more money from all investors possible.
The rules for normal entrepreneurs without extraordinary growth abilities haven’t changed as they still have to manage 200000 pounds to get the above benefits. The ‘high potential’ category can also avail a ‘visitor visa’ which they can use to visit the country and make arrangements for their funds and business before they actually before they transfer to a full Tier 1 (Entrepreneur) visa.
All this means that a Tier 1 (“Exceptional talent”) applicant will now go to an accredited competent body to get funded rather than his/her employer who used to earlier fund such a venture. Although a list of these competent bodies is not yet out we a speculating companies like VC and Angels to surely feature in the list.
A similar offer was laid down by three powerful Senators in the US legislation to help the exceptional entrepreneurs. Named as the Startup Visa Act of 2011, this new law will allow a person willing to start a new business in the US to get a two year visa if the person is able get funds and support from a major recognized US investor. All this is good but eh bill is not yet hopeful of being cleared so it is just a rosy picture as of now.
The new laws by UK have surely given a challenge to the European markets as they all hunt for good quality labor and UK is certainly the smartest of them.