The UK government has introduced a new 'startup visa' to lure investors and entrepreneurs, many of which will be tech orientated, to the country.
The new visa rules, which will come into effect from April 6th, will allow 'high-potential' entrepreneurs to come and set up shop in the UK, provided that they have £50,000 in funding from a 'reputable organisation'.
The move has been designed to allow companies to expand their operations into the country and for UK based startups to source talent from outside the UK. US lawmakers are planning a similar set of visa rules but that legislation will take a long time to be implemented.
The UK government will initially be allowing entrepreneurs who want to start businesses in the UK to come into the country on a visitor's visa so they can secure arrangements for funding and starting the business. Should they be successful, they would then automatically qualify for a Tier 1 (Entrepreneur) visa, as TechCrunch explains.
Damian Green, the Minister of State for Immigration, said in a statement, “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.”