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UK creates Entrepreneur Visa to boost high-tech sector

Cameron: We’ll reform tier one to make sure it is genuinely a route only for the best

pm-olympic-park.jpg5th November 2010: Prime Minister David Cameron has announced the creation of an Entrepreneur Visa to enable people with good business ideas and financial backing to set up their business in the UK.

He made the announcement in a speech setting out the Government’s ambition for London’s East End to become a world-leading technology city to rival Silicon Valley.

Vodafone, Google, Facebook, Intel and McKinsey & Co are among the leading companies that have said they will commit to invest in the long-term future of the area.

In a speech to high tech business leaders and entrepreneurs in East London on 4th November, Mr. Cameron announced a raft of measures to improve the climate for technology and entrepreneurialism in the UK.

“The first is to do with visas. Despite net migration reaching hundreds of thousands a year over the past decade, not enough was done to attract the next generation of wealth creators and job makers. Tier one – the immigration route through which the best and the brightest are supposed to come to Britain – was a total failure,” Mr. Cameron said.

He cited the recent research published by the Home Office that showed that a third of tier one economic migrants are doing unskilled work. “That’s wrong and it’s got to change. So as we introduce our limit and reduce non-EU economic migration, we will reform tier one to make sure that it is genuinely a route only for the best. And as part of that package, I can announce today that we will create a new Entrepreneur Visa. These Entrepreneur Visas will mean 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.”

Mr. Cameron, however, insisted that they’ll bring net migration to Britain down to the tens of thousands.

He assured all with bright ideas, good business plans, those who want to create jobs and those who have the ambition to build a world beating company in the UK that they’ll meet no obstacles. “We want you; we’ll make it easy for you; we’ll put out the red carpet for you. With our new Entrepreneur Visa we want the whole world to know that Britain wants to become the home of enterprise and the land of opportunity,” he said.

By Stephen Ogongo Ongong’a

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