What attracts international entrepreneurs to the UK?
Every year, thousands of migrants come to the UK on a ‘high-value’ Tier 1 visa, which includes investors, entrepreneurs and exceptional talents – in many cases, people who plan to start a business in the UK as a migrant.
A Tier 1 visa recognises your value to the UK, usually as an entrepreneur with a good amount of starting capital for your business, and is also available to graduates who want to stay in the UK and start a business here after the end of their university degree or equivalent training.
There are other ways to come to the UK to work, and new arrivals from some European countries – notably in the EU and EEA – might not need a visa in order to start a business.
Overall in 2017, there were over 5,000 Tier 1 visas granted, along with 99,999 work-sponsored visas, over half of which were Tier 2 skilled applications. Many more people came from the EEA with no visa required.
So what attracts thousands of people to start a business in the UK as a migrant – and nearly 100,000 more to live and work here?
Ease of access
For entrepreneurs from Europe, the ease of access of the EEA has made the UK a great place to start a business in recent years.
While Brexit may change that – and the exact rules for new arrivals from the EU may change several times in the years to come – it’s unlikely that the UK will close its doors to talented, high-value entrepreneurs from its nearest neighbours.
Although the details of specific trade deals might take some time to finalise, if you are a high net worth investor with a good business plan, you’re likely to be welcome in the UK no matter what.
With Tier 1 visas well established too, there are clear rules for non-EEA entrepreneurs new to the UK, and these rules are unlikely to change much no matter what happens during and after Brexit.
Time to grow
A typical Tier 1 entrepreneur visa gives you several years to get your business established in the UK, after which you can usually apply for an extension or for permission to remain indefinitely.
Again, if you’re valuable to the UK, you will typically be given time to make your money here, especially if the money you make stays in the country and you pay the appropriate amount of tax on it.
Either way, when you get a UK visa to start a business, you know that you have a certain amount of time to make a success of it before you have to decide whether to stay here long-term or return home.
Access to banking
When you start a business in the UK as a migrant, it helps to base your business finances here – so customers can pay you directly without the awkwardness of sending money internationally, and so you don’t have to pay foreign exchange fees on all your spending.
The UK high street banks don’t always make it easy to get a business account as a migrant in the UK, but with an Arro Business Account it’s fast and easy, and you can set up a business account as soon as you arrive in the UK.
All we need is to confirm your name, your age (you must be over 18), your company name and UK trading address. You must live in the UK at the time of your application, so please don’t apply until you arrive here.
We check your ID automatically using online databases, so unlike the banks, we don’t need piles of paperwork or years of address history – and we guarantee to accept you if we can, subject to our Fair Fit test.
Apart from that the contact details we ask for are just so we can send you your business account number and Business MasterCard® debit card.
If you have already arrived in the UK, you can apply for an Arro Business Account today. If approved, you’ll get your account number and online access immediately, and your debit card details via SMS to use online until the physical card arrives in the post.
You can also apply for an Arro Personal Account if you need a separate account for day-to-day spending that is not connected to your business – again you’ll get a MasterCard® debit card and a sort code and account number for this account too, so your personal finances are in pounds sterling as well.