UK Trade & Investment (UKTI), which assists overseas companies in locating to the UK, will actively promote the scheme across the globe, according to an announcement posted on the Foreign and Commonwealth Office website.
The rules fast-track settlement for high-value investors and entrepreneurs, it said.
Under the new rules, those who come to the UK and invest large sums of money will be given the right to settle permanently in the UK faster. Those who invest five million pounds will be allowed to settle in the country after three years and those that invest 10 million pounds or more will be allowed to settle after two. This compares with the minimum five-year requirement that is currently in place.
Entrepreneurs will also be able to settle in the UK more quickly if they create 10 jobs or turn over £5 million in a three-year period.
Damian Green, UK Government Immigration Minister, said: “Today I have sent out a clear message – the UK remains open for business and we want those who have the most to offer to come and settle here.
“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.
“Last year we issued far too few visas to those who wish to set up a business or invest in the UK – I intend to change that.”
It was also announced that a new visit visa would be created for prospective entrepreneurs.
This will allow them to enter the UK in order to secure their funding and make arrangements for starting their business before they transfer onto a full entrepreneur visa in country.
While the standard investment threshold for an entrepreneur to qualify for a visa will remain at £200,000, the government will also make provision for high potential businesses to come to the UK with £50,000 in funding from a reputable approved organization — for example venture capitalists, including angel investors, or through seed competitions.
Major investors will also enjoy more flexibility as they will be allowed to have spent up to 180 days a year, rather than 90, outside of the UK before they lose their right to settlement. This addresses a major concern that investors often cite as they need to be constantly mobile.
Those investors who are already in the UK now and have invested large sums will also qualify for accelerated settlement.
