The rules relating to Tier 1 Entrepreneurs are also expected to be changed so that those migrants who create at least 10 jobs and achieve annual turnover of at least £10 million per year will be offered the chance to secure ILR after only three years, rather than the current five years.
The new rules are expected to make the UK a far more attractive proposition for the super rich. At present Tier 1 Investor and Entrepreneurs make up only a tiny fraction of the total number of Tier 1 applications. The following figures relate to applications made between 2008 (the introduction of the Points Based System) and the end of December 2010:
- Tier 1 Investor:
- Applications approved outside of the UK = 407 applications
- Applications approved inside the UK = 337 applications
- Total applications approved = 744 applications
- Tier 1 Investor applications as a percentage of the entire tier = 0.4% of the tier
- Tier 1 Entrepreneur
- Applications approved outside of the UK = 336 applications
- Applications approved inside the UK = 244 applications
- Total applications approved = 580 applications
- Tier 1 Investor applications as a percentage of the entire tier = 0.3% of the tier
Last November Theresa May said that “We want to actively encourage entrepreneurs to come to the UK. As the prime minister has said, we will reform the rules for entrepreneurs so 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.\”
Commonwealth Contractors is a collection of highly skilled professionals from the Commonwealth and beyond. We partner with OISC Registered Immigration Partners capable of professionally representing a Tier 1 Visa Application / Extension and Tier 2 Licensed Consultancy & Associated Trust Partners who may be prepared, where required, to sponsor a doctor on a Tier 2 Visa (formerly UK Work Permit). Commonwealth Contractors also provides updates on UK Immigration News.
To find out more call Commonwealth Contractors now on 0330 390 9021 or Submit your Details and we will get back to you. Please be prepared to send a copy of a recent CV so that we can pass to interested partners