This week a report published by Centre for Entrepreneurs and business information experts DueDil, has shown that migrant entrepreneurs have set up one in seven UK companies, with people born abroad almost twice as likely to start a business in the UK. According to the report, nearly half a million migrants from 155 countries have settled in the UK and launched businesses. In addition to this, it seems that companies founded by migrants are responsible for 14% of all jobs. This has led to analysts stating that the report highlights the positive impact migrants have made on the UK’s economy.
Valuable Migrant Entrepreneurs are Net Contributors to UK Economy
Data compiled by Centre for Entrepreneurs and DueDil (founder and CEO of DueDil), shows that migrant entrepreneurs in the UK are from almost every country, although there are significant representations from Ireland, India, the US, Germany and China, as well as African countries.
The following is a summary of the think tank’s findings:
- There are 456,073 migrant entrepreneurs in the UK; using ONS September 2013 figures, this indicates 17.2% of migrant wokrers have launched their own business, compared to 10.4% of UK nationals in employment;
- There are 464,527 active UK companies with migrants as founders or co-founders; with a total of 3,194,981 active UK companies (not including sole traders), migrant entrepreneurs are behind 1 in 7 of all UK companies; and
- Examining companies with £1m – £200m turnover, companies founded by migrants that report employee numbers to Companies House, employ 1.16m people. This accounts for 14% of jobs in that segment of the economy.
Migrant Entrepreneurs Report: “Migrants Tend to be Highly Entrepreneurial”
Luke Johnson (Chairman of Centre for Entrepreneurs) and Damian Kimmelman state the following in the report:
“While popular perceptions of immigration involve migrants arriving in the UK to take jobs and depress wages, migrants actually tend to be highly entrepreneurial. Many want to launch businesses and create jobs. Many come here with specific plans that they can realise in Britain’s business-friendly environment. As we map our economic future, we can no longer afford to ignore such an important source of economic dynamism.
The current tone of hostility towards immigration – even within mainstream political debate – could prove damaging for future job creation in the UK, especially in high-growth entrepreneurial sectors. Instead, we should appreciate that migrant entrepreneurs have overcome significant challenges to develop enterprises in the UK. In many respects, the odds have been stacked against them. Yet they still thrive and triumph.”
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