By Daniel Hunter
Tens of thousands of new British businesses are being created by entrepreneurs born outside the UK, according to international professional services consultancy Procorre.
Research into the nationalities of directors of small companies in the UK revealed that the highest numbers of overseas born entrepreneurs come from India (16,272) and Pakistan (9,903). Large numbers of new businesses are also being set up by those born in other leading economies including Germany (7,770), China (7,439) and Nigeria (7,199).
Procorre said that the government has taken several steps to encourage entrepreneurs from overseas to the UK in recent years. The introduction of the Entrepreneur Visa, for example, which allows foreigners to establish a business and earn a fast track to full British citizenship, has drawn an increasing number to the country.
Wiktor Podgorski, Contracts & HR Manager at Procorre, said: “The UK provides a favourable environment for start-ups and this is reflected in the high number of internationally-connected entrepreneurs who have chosen to set up here.
“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.”
Mr Podgorski added: “Whilst some of these entrepreneurs will have already been resident in the UK, many will have come from overseas solely to take advantage of the unique prospects that the UK offers.”