New immigration scheme to attract innovators
The Government has announced a new scheme to attract entrepreneurs with innovative business ideas to the UK. The "Innovators" scheme will 'create a route of entry for individuals who will bring economic benefit to the UK but who do not qualify for entry as entrepreneurs under the existing rules'.
The announcement came jointly from the Home Office's Immigration Minister Barbara Roche and DTI Competitiveness Minister Alan Johnson. It will be piloted from September 4.
Minister Barbara Roche announced the pilot scheme in a response to an arranged Parliamentary Question (July 25) from Vernon Coaker, Labour MP for Gedling. She said: "It is important that our immigration policy encourages people with innovative business proposals and valuable skills to bring these to the UK. Many such people, whose presence here would result in significant economic benefit to the nation, are not catered for under the existing rules.
"Applicants under the new scheme will need to submit a business plan and supporting material, and the selection process will be rigorous but flexible. Unlike the existing entrepreneur category there will be no requirement for personal funds to be invested."
DTI Minister Alan Johnson said: "This pilot scheme is excellent news for the UK. We want to attract talented entrepreneurs in e-business and other new technology fields to set up business here. They will create jobs and exploit knowledge in a way that is vital to our national competitiveness.
"In the knowledge-driven economy, innovation is ever more critical to success. We are committed to ensuring that by 2002 the UK will be the best place in the world to conduct e-commerce. This scheme will strengthen our position in the global war for talent. It will promote the UK as the location of choice for high-tech entrepreneurs."
The scheme follows the commitment in the Government's Competitiveness White Paper to examine the scope for lowering barriers that prevent entrepreneurs from coming to the UK.
This scheme 'complements' a number of measures introduced in a recent work permit review aimed at ensuring 'the UK has the skills base it needs and is established as the place to do business'.
The Government's announcement said that the focus of the scheme is on science, technology and e-commerce based businesses which will not only create new jobs but also introduce new knowledge. It added: "We are looking for innovative entrepreneurs whose businesses will bring real economic growth, by introducing new technology services, processes or products."
Key differences from current business entry routes are that no minimum investment is required, third party finance is permitted and assessment of the potential economic benefit of the scheme to the UK is at the core of the consideration process.
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Susie Hughes