Chapter 8 Conclusions and recommendations
B.5 Learning from experience
16. The MAC particularly welcomes evidence from persons who have made use of the entrepreneur routes. The questions below identify some
additional issues, across both routes that the MAC would like to consider:
Can you summarise your previous experience before coming to the UK using the entrepreneur routes.
What were your reasons for choosing to establish or take over a business in the UK?
How long have you been resident in the UK?
How long have you been resident in the UK under an entrepreneur visa?
Have you come to the UK on the entrepreneur visa to establish a new business, move an existing business to the UK or take over a
business?
Has the value of the business you established increased during your time in the UK? Do you expect this trend to continue? If so, please say why.
Have you, or do you intend to, extend your stay in the UK? Will you seek to extend your business interests in the UK or consolidate existing activities?
In which sector does the business you established or took over operate? If this is a completely different area to your previous experience, why was this?
Did you receive funding from a permitted, specified source prior to establishing or taking over your business? If so, what was the source of your funding? If not, was this because you were unable to source such funding or because you did not require it?
What was the level of your initial investment in the business? What was the rationale for the level of initial investment that you made?
How many full time equivalent jobs have you created through your business? What factors restrict, or would enhance, your ability to create jobs?
17. We would also be keen to solicit responses to the following questions:
At what point can we reasonably expect that a migrant granted leave as an Entrepreneur to have established a successful business?
How could we ensure effective monitoring of the progress of migrant entrepreneur’s businesses?
How should the entrepreneur visa regime deal with failure of the migrant’s business?
What would be reasonable criteria for granting extensions to the initial period of leave granted to entrepreneurs?
Annex C International entrepreneur and start-up targeted visa routes
Table C.1: Summary of international entrepreneur and start-up targeted visa routes
Country Visa Name Date first introduced
Funds required Other criteria Length of visa
granted
Each application must be endorsed by an individual state
Age < 55
Score highly on the “business innovation and investment points test” where points are awarded for:
o Evidence of registered patents designs or trademarks
o Evidence of export trade o Evidence of formal joint venture
agreements
o Evidence of receipt of grants or venture capital funding
A successful business career
Have had ownership interest in a company with a turnover of AU$500,000 (£260,000) for two out of the last four years
Own a certain percent of the proposed business:
o 51 per cent, if the business has a turnover of less than AUD400 000 (£205,000) per year
o 30 per cent, if the business has a turnover of AUD400 000 (£205,000) or more per year
10 per cent, if the business is a publicly listed company
Four years N/A
Country Visa Name Date first introduced
Funds required Other criteria Length of visa
granted
An overall successful business career
An annual business turnover of at least AU$3m for two out of the last four years
Own a certain percent of the proposed business:
o 51 per cent, if the business has a turnover of less than AUD400 000 (£205,000) per year
o 30 per cent, if the business has a turnover of AUD400 000 (£205,000) or more per year
2011 N/A The intended occupation must involve a sustained transfer of investment capital to Austria
The intended occupation must create new jobs or secures existing jobs in Austria
The settlement of the worker must involve the transfer of knowledge leading to the introduction of new technologies
The company must be of considerable
One year initially
N/A
Annex C: International entrepreneur and start-up targeted visa routes
Table C.1: Summary of international entrepreneur and start-up targeted visa routes
Country Visa Name Date first introduced
Funds required Other criteria Length of visa
granted
Minimum language skills in either English or French
An “adequate amount of money” to cover initial living costs
The funding must come from an approved Canadian source
If funding has been received from an approved business incubator, the funds requirement is waived entirely
Permanent 2,750
Chile Start-Up Chile 2010 N/A Must NOT establish export/import companies, franchises, or consulting
Must NOT establish a restaurant, retail shop, import or export enterprise or similar
An “adequate amount of money” to cover initial living costs
Two years initially, up to five years
50
Country Visa Name Date first introduced
Funds required Other criteria Length of visa
granted
Cap on Successful Applicants France Carte de séjour
compétences et
N/A Likely to make a significant or lasting contribution, through skills or talents, to France’s economic development or to its intellectual, scientific, cultural,
humanitarian or athletic prestige, and directly or indirectly, to that of their own country.
This includes ONE of the following:
o PhD University graduates
o Qualified professionals with a minimum of three years of professional
experience in the field in which they apply for the visa
o Minimum investment of €300 000 (£211,000) or proof of capacity to create a minimum of two sustainable jobs in France
Startups must be in the creation or growth phase.
Consulting firms and import-export businesses are not eligible
Applicants must apply for the VLS-TS visa in addition to this scheme.
Pass an independent panel which considers:
Annex C: International entrepreneur and start-up targeted visa routes
Table C.1: Summary of international entrepreneur and start-up targeted visa routes
Country Visa Name Date first introduced
Funds required Other criteria Length of visa
granted
Must be deemed a High Potential Start-up o Introduce a new or innovative product o Capable of creating 10 jobs and €1m
(£705,000) in revenue over 3-4 years o Have business experience
o Less than 60 years old
Must NOT be in the sectors of: retail, personal services, catering or other businesses of this nature
The business idea must be innovative and closely linked with technology
EITHER The Italian Startup Visa Technical Committee OR a certified incubator must approve the business plan
They provide a “Certificate of no
Impediment“ to show there is nothing to prevent the business working as planned
Prove they have had an annual income of at least €8,400 (£6,000) over the last 12
Country Visa Name Date first introduced
Funds required Other criteria Length of visa
granted
Cap on Successful Applicants
Netherlands Startup Permits 2015 N/A Must work together with an experienced mentor based in the Netherlands
The product or service must be innovative
There must be a rigorous plan to develop their idea into a business
An “adequate amount of money” to cover initial living costs.
Score highly on a scale which awards points for factors relating to the likely success of the proposed business and its value to New Zealand. This includes points for:
Have a specific business plan OR purchase at least a 25 per cent shareholding of an existing business
Not be engaged in fraud or have experienced bankruptcy or business failure in the last 5 years
One year initially, up to three years
N/A
Annex C: International entrepreneur and start-up targeted visa routes
Table C.1: Summary of international entrepreneur and start-up targeted visa routes
Country Visa Name Date first introduced
Funds required Other criteria Length of visa
granted
The proposed business idea must be entrepreneurial and able to create local employment. They must also fulfil at least ONE of the “innovativeness” conditions:
o The company is receiving monetary funding or investment of at least S$100,000 (£47,000) from a third-party Venture Capitalist or angel investor accredited by a Singapore Government agency.
o The company holds an Intellectual Property that is registered with a recognised national IP institution.
o The company has on-going research collaboration with an institution recognised by Agency for Science, Technology and Research or Institutes of Higher Learning in Singapore.
o The company has been endorsed by a Singapore Government-supported incubator
30 days to inject the necessary capital.
One to two years with mid-year audit checks
N/A
Country Visa Name Date first introduced
Funds required Other criteria Length of visa
granted
Cap on Successful Applicants
Spain Ley de
Emprendedores
2013 N/A Have a business plan approved by the government and prove that they have sufficient funding and is in a sector Spain has targeted for development
Those applications which create Spanish jobs will be more likely to succeed
An “adequate amount of money” to cover initial living costs
One year N/A
UK Tier 1
(Entrepreneur)
2008 £200,000
Or
£50,000 (from approved source)
Meet the English language requirement
Pass a “genuineness” test on the business plan
Have at least £3,310 to cover initial living costs
Three years N/A
Notes: All routes also require the applicant have a genuine intention to continuously own or maintain a management role in a business in that country.
Date first introduced refers to the visa as it stands as of April 2015. There may have been previous iterations of entrepreneur-targeted visas before this date under a different name
Sterling equivalent values of investment requirements calculated in July 2015 at prevailing rates.
Source: Migration Advisory Committee analysis of individual country websites
Abbreviations
BIS Department for Business, Innovation and Skills
BVCA British Private Equity and Venture Capital Association
CEFR Common European Framework of Reference for Languages COADEC Coalition for a Digital Economy
COO Chief Operating Officer ECO Entry Clearance Officer EEA European Economic Area FCA Financial Conduct Authority FEP Federal Entrepreneur Programme
FSMA Financial Services and Markets Act 2000
FSMAO Financial Services and Markets Act Order 2005 GCC Gulf Cooperation Council
GEP Global Entrepreneur Programme HEI Higher Education Institution
HMRC Her Majesty’s Revenue and Customs IDBR Inter-departmental Business Register ILR Indefinite leave to remain
IPS International Passenger Survey LTIM Long Term International Migration MAC Migration Advisory Committee MBA Master of Business Administration MI Management Information
NIESR National Institute of Economic and Social Research NHS National Health Service
NQF National Qualifications Framework
OECD Organisation for Economic Co-operation and Development OISC Office of the Immigration Services Commissioner
ONS Office for National Statistics PAYE Pay-As-You-Earn
PBS Points Based System
SIC Standard Industry Classification SME Small and Medium-sized Enterprise
STEM Science, Technology, Engineering and Mathematics VAT Value-Added Tax
VC Venture Capital
UAL University of the Arts London
UK United Kingdom
UKBAA UK Business Angels Association
Abbreviations
USA United States of America UUK Universities UK
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