Overseas Entrepreneurs Choose UK for Business
UK continues to establish itself as an enterprise hub as large numbers of ambitious foreign entrepreneurs move for local talent, strong markets, and favourable tax conditions
Thousands of UK small businesses have been created by entrepreneurs born outside of the UK providing Britain with connections to high growth global economies, according to research by consultancy group Procorre published today.
The report attributes the UK’s start-up environment and recent government measures like the Entrepreneur Visa to increasing numbers of aspiring entrepreneurs moving to the UK to set up a business.
Singling out Made.com’s Ning Li, Euro Car Parts’ Sukhpal Singh Ahluwalia, e-bookers.com’s Dinesh Dhamija and Cobra beer’s Lord Bilimoria, the report emphasised that overseas-born entrepreneurs are providing the UK with some of its leading businesses.
The consultancy group also asserted that entrepreneurs from other countries will encourage links between the UK and the fastest growing world economies – including India, whose GDP growth rate is 5.6% (3% above the global average), China and Nigeria (both with growth rates of 7.4%).
The report found that the majority of overseas-born entrepreneurs in the UK are from India (16,272), Pakistan (9,903) and Germany (7,770). Other top countries named include Italy (7,624), Romania (7,490), China (7,439), Nigeria (7,199), France (6,845), Australia (5,513) and Bulgaria (4,649).
Wiktor Podgorski, contracts and human resource manager at Procorre, commented on the report:
“Entrepreneurs can benefit from the UK’s flexible legal framework and favourable tax system. They also gain access to a high quality talent pool, a strong local market and valuable opportunities for trade with the EU.
“Foreign entrepreneurs’ contacts with their home country could open up valuable opportunities for trade and growth. With such a high proportion of directors of small UK companies born in India, the chance for Britain to establish closer connections with one of the world’s fastest growing economies gives us a major advantage.”