A recent report has highlighted the importance of additional Government support for migrant entrepreneurs to help the UK economy thrive post-Brexit.
The report, by the Institute of Directors (IoD) and mi-HUB, found that there were particular challenges for entrepreneurs from oversees, and that addressing these issues would help migrant-led businesses to create even more jobs and boost the UK economy.
The research found that:
- The majority of those interviewed - foreign entrepreneurs now leading companies - either employ native born workers or are planning to do so in the near future.
- The majority came to study or to work in established firms. The report argues that any post-Brexit policies designed to restrict or complicate visas would have a damaging long-term effect on the UK economy.
- Despite the success of many migrant entrepreneurs, there remain significant challenges around networks, contacts, and knowledge of Government support, with many migrants to the UK unaware of official schemes and advice often used by native-born entrepreneurs
80 migrant entrepreneurs were asked specifically about the issues they faced:
- 44% believe that a lack of contacts and networks holds them back.
- 38% suggest there is a lack of knowledge of Government and non-Government schemes designed to help start-up businesses, and 33% believe accessing finance is more difficult.
- In particular, difficulties transferring credit histories from abroad, particularly outside the European Union, often means entrepreneurs struggle to access finance or obtain credit cards to fund early stage business.
“For all the talk of migrants ‘taking our jobs,’ it’s more likely that they will be creating them,” commented Simon Walker, Director General of the IoD. “As we move towards our departure from the European Union and rewrite our immigration policy, ensuring that we are still open to those who want to grow their businesses in the UK will be absolutely crucial.”
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