“The government unveiled new immigration rules on 16 March 2011 that will give wealthy entrepreneurs a ‘fast-track’ route to settling in the UK.
It also published a policy statement outlining how the new ‘exceptional talent’ route under Tier One of the points-based system will operate from April this year.
Under the new rules, those who come to the UK and invest £5m will be allowed to settle here after three years, and those who invest £10m or more will be allowed to settle after two.
Entrepreneurs will be able to settle in the UK more quickly if they create 10 jobs or turn over £5m in a three-year period. This compares with the minimum five-year requirement currently in place.
The government also announced the creation of a new visit visa for prospective entrepreneurs, allowing them to enter the UK to secure funding and make arrangements to start their business.
Those seeking to come into the UK under the Tier One Exceptional Talent category, which facilitates the entry of up to 1,000 people a year who are recognised as leaders in the fields of science, arts and humanities, will not need to be sponsored by an employer but endorsed by an accredited competent body.
Those admitted under this category will initially be granted leave of three years and four months, but will be able to extend their stay for a further two years, with settlement available after five years.
Immigration minister Damian Green said: ‘Today I have sent out a clear message – the UK remains open for business and we want those who have the most to offer to come and settle here.
‘Entrepreneurs and investors can play a major part in our economic recovery and I want to do everything I can to ensure that Britain remains an attractive destination for them.’”
Source: Law Society Gazzette