New start-up visas aim to bring global talent to London
Great progress in technology
There is great progress in technology in UK. A new digital tech job is created in every 50 minutes. Presently, the UK remains the leading destination in Europe for technology investment. Additionally, British tech firms attract almost three times more investments in venture capital compared to any other European country during the last two years.
The tech sector in the UK is forging ahead, and now employs 2.1m people.
In order to retain this top position as the tech capital of Europe, there is a need to ensure that the bright and the best talents continue to arrive along with their investments.
London is center stage
London always remains an attractive destination for emerging talent and budding entrepreneurs. It has the admirable traits of being open and tolerant, and is also a melting pot of cultures and backgrounds. People from all corners of the world prefer to live here. 37 percent Londoners were born outside the UK. London is unrivaled for its great culture, varied cuisine and impeccable history. Additionally there is more to parks, fashion and nightlife here.
The government has successfully created a positive environment for entrepreneurs. Moreover in the last Budget there is a £2.3bn investment in emerging technologies, which is allotted to extensively boost the R&D support.
Today London has the fundamentals for a thriving tech sector to attract bright minds.
Yet there are concerns that after Brexit, Britain will not remain open for outside talent. The government is taking steps to attract global talent to start businesses and drive new technologies.
A new start-up visa route
The Home Secretary announced the creation of a new start-up visa route, which will ensure a fast and smooth visa process for entrepreneurs in the UK. It replaces the present graduate entrepreneur route. Additionally it will open up to a broader group of business founders, not limiting itself to recent university graduates.
There is a need for the best graduates continue to arrive from all corners of the world, but there is a recognition that innovation and entrepreneurship does not have to depend on a university degree alone. More people must arrive here and start promising businesses through this route.
The government has build on other reforms in the visa system. It has doubled the number of visas for the exceptional talent route. This will ensure that more global talents are attracted to the country. This will lead to maintaining the top position for the UK in innovation and entrepreneurship.
The workforce in tech sector is highly mobile and it also illustrates that this government has a determination to keep Britain open and welcoming to all talents and entrepreneurs.
In 2017, investment in the tech sector of UK was a record high. It almost doubled from 2016. Presently £2.3bn of foreign investment in this sector has the capacity to create more than 1,600 jobs. The London Tech Week hosted more than 50,000 global delegates and the future is really bright for technology sector in UK.