New research into the nationalities of directors of small companies in the UK revealed that a large proportion of entrepreneurs born overseas came from a select pool of countries. These entrepreneurs have been attracted by business conditions in the UK, including pro-active steps taken by the UK government.
New research into the nationalities of directors of small companies in the UK revealed that a large proportion of entrepreneurs born overseas came from India (16,272). Next up, was Pakistan with 9,903 entrepreneurs. Despite a strong economy at home, German entrepreneurs are also tempted to set up shop in the UK (7,770). Italy (7,624), Romania (7,490), China (7,439) and Nigeria (7,199) also figured prominently. Have a look at Procorre's survey here.
Many of these entrepreneurs have been resident in the UK for many years. However the UK government have taken steps to encourage this kind of immigration in recent years. You can now apply for a Tier 1 (Entrepreneur) visa if you want to set up or run a business in the UK, you’re from outside the European Economic Area (EEA) and Switzerland, you meet the other eligibility requirements, and you must have access to at least £50,000 investment funds to apply.
The attractions the UK hold include a flexible legal framework, favourable tax system, skills in the workforce and, of course, many opportunities to trade within the EU. In the World Bank's annual ranking system 'Doing Business', the UK was among three EU countries in the top ten (along with Finland and Denmark and Norway, which is in the EEA). Germany came a distant 14th. However in terms of attracting an international workforce, according to another Procorre survey, the UK lagged behind the UAE, US and Australia.
There are a lot of businesses based at Workspace whose founders were born overseas. We recently profiled Elevate London, a fashion label founded by two Parisians. Benjamin Marcon, at easyRECrue, a French interview and recruiting video platform, recently talked to us about the benefits of doing business from a UK base:
'We are experiencing a huge growth and we plan now to become the European leader in our market. So, the UK was clearly a place to be (dynamic, innovative, open-minded…) for us!'
Find out more about the other businesses based at Workspace and tweet us your story at @WorkspaceGroup.