Today, Entrepreneur Theo Paphitis came to the defence of migrants, stating that their contribution to the UK should be recognized and dismissed that migrants are taking British jobs from UK natives. The former Dragons’ den star launched the National Enterprise Challenge and said Britain was “in much better shape” as destination for entrepreneurs. The Tier 1 Entrepreneur Visa route under the Points Based System (PBS) demonstrates the UK Government’s desire to attract high net worth individuals from outside the EEA, who wish to invest in the UK by setting up or taking over, and being actively involved in the running of a business or businesses in the UK. In 2013 973 Entrepreneur visas granted and a further 1,323 dependents. There were 2,290 in country extensions of this type of visa and a further 1,181 dependent extensions.
Theo Paphitis: Immigrants are not robbing Native Britons of their Jobs
During a conversation with the Huffington Post, Paphitis who was born in Cyprus explained his enthusiasm about migration:
“I’m a first generation immigrant so the doors were open for me in this country to come here, with my family, and to start my businesses here. Immigration is a really important part of what makes this country so brilliant.”
The National Enterprise Challenge, which is supported by his stationery chain Ryman, will see pupils from over 100 schools across Britain take part in a one day Dragons’ Den style pitch to judges. Paphitis, said due to the TV show entrepreneurism has become popular as a career. He also stressed the importance of encouraging young entrepreneurs to succeed, noting that its starts with a good education. Paphitis explained:
“We don’t live in an ideal world where the number of vacancies are matched by the number of job-seekers with that skill-set, we try to educate them and give them those skills.”
Centre for Entrepreneurs Report: Migrants Behind 1 in 7 UK Companies
Earlier this year a report published by Centre for Entrepreneurs and business information experts DueDil, showed 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. 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. According to the report, nearly half a million migrants from 155 countries have settled in the UK and launched businesses. There is significant representations from Ireland, India, the US, Germany and China, as well as African countries. 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.
Some of the reasons the UK has become a desirable destination for entrepreneurs is due to:
- The country having one of the lowest corporation tax rates in the G20;
- A company can be registered withing 48 hours;
- The UK is the home to 4 of the world’s top 10 universities;
- The Labour force in the UK is the second largest in Europe; and
- The UK government offers support to start-ups and entrepreneurs.
Successful Tier 1 Entrepreneur Visa Applications & Appeals
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