Britain to launch ‘startup visas’ for entrepreneurs who want to set up business in U.K.

The Home Office of United Kingdom has decided to launch ‘special’ visas in the coming spring for the entrepreneurs who want to launch their business in U.K.

These “startup visas” will replace which were earlier exclusively reserved for graduates. Each applicant will need to be substantially backed by a university or approved business sponsor.

The Home Secretary, Sajid Javid, during the announcement officially said: “The UK can be proud that we are a leading nation when it comes to tech and innovation, but we want to do more to attract businesses to the UK and our migration system plays a key part in that.

“That’s why I am pleased to announce a new visa for people wanting to start a business in the UK. This will help to ensure we continue to attract the best global talent and maintain the UK’s position as a world-leading destination for innovation and entrepreneurs.”

Many believe that the launch of such visas will also help Britain to meet the acute deficiency of skills after the abrupt Brexit. This visa would give a plethora of opportunities to the Indians studying in the U.K. and give wings to their entrepreneurship dreams.

The startup ecosystem is exponentially increasing over the years in U.K and its neighboring countries like France. According to a FICCI report Developing a startup ecosystem: LESSONS FROM THE UK, London witnessed a growth rate of 6.95 in businesses (an increase of 29,000 businesses) in 2015.

The new “startup visas” is a welcoming move for the global startup ecosystem and after U.K., it may motivate more European countries to relax their visa policies and do the same.

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