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Migrant entrepreneurs contribute £1.45bn per year to the UK economy (1 September 2015)

Date: 01/09/2015
Duncan Lewis, Immigration Solicitors, Migrant entrepreneurs contribute £1.45bn per year to the UK economy

Figures recently released by BIS suggest that more than 1,500 businesses either started or taken over by individuals on entrepreneur visas since 2008.

According to figures released by the Department of Business, Innovation and Skills (BIS), businesses run by individuals on entrepreneur visas have contributed £1.45bn annually to the UK since 2008. The figures, which are estimates based on the extensive enterprise database at BIS, also suggest that 1,580 business have either been started or taken over by people on entrepreneurship visas during this period.

The figures consist of anyone who has come to the UK from outside of the EU, due to the fact that individuals coming to the UK from the EU do not require a visa to start a business in the UK. In total, 9,850 people are employed in these businesses; which have an average turnover of £919,000. The majority of the businesses recorded are micro-businesses (employing between 1 and 9 people) – with 1,450 falling into this category; but 50 business employ 21 or more workers.

Retail and automotive repair proved the most popular sector for migrant entrepreneurs with 425 businesses started or taken on since 2008. Professional, scientific and technical services (380) and information and communication (185) where the next in popularity.

Since 2008 the number of businesses started or taken over by those on an entrepreneur visa has increased dramatically since 2008. In that year the figure was 1-; but by 2013 it had soared to 595. It dropped slightly to 335 in 2014, and the figures only show so far this year- though the figures for this year only go up to March.

Despite this, it is surprising that so few business were started in the first quarter 2015 given the fact that net migration has reached 300,000 for the first time since records began.

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