Migreat welcomes the Migration Advisory Committee’s (MAC) latest recommendations to the UK government regarding changes to the UK Entrepreneur visa route for individuals seeking to set up businesses in the UK.
In the report published on Thursday the 29th of October, the government’s immigration experts have called for an overhaul of the visa system for entrepreneurs after finding substantial evidence of low-quality businesses established by applicants previously granted the visa.
The MAC advised that there should be a more thought-out process for the immigration of foreign entrepreneurs and suggested two main reforms
- The selection process should involve industry experts rather than case workers. It could be done by appointing a panel of experts with expertise in early-stage entrepreneurship, such as angel investors or venture capitalists; recruiting specialist immigration officers qualified to review business plans; working with other government departments such as UKTI or BIS; or outsourcing the assessment of business plans to a professional services firm.
- The minimum amount and source of money should include business angels. In particular, the Home Office could work with UKTI and the UK Business Angels Association (UKBAA) to explore the feasibility of approving selected angel investor networks or syndicates (like accelerator programmes) to provide third party endorsement.
Lastly, the MAC suggested to introduce a specific visa route for talented entrepreneurs looking to establish start-up businesses in the UK similar to a startup visa scheme in order to attract more innovative entrepreneurs.
These recommendations are the exact same suggestions Migreat made last March 2014 to the UK Government in its report on the UK Entrepreneur visa.
Migreat is delighted to see its recommendations reflected in the MAC report and strongly believes that these recommendations will make a difference for many talented applicants who have been rejected for issues as minor as improperly filling out forms. It is great news in particular for foreign entrepreneurs with limited access to capital and for early stage startups.