“The UK is often seen as the preferred destination for a foreign company’s European headquarters and remains the business gateway to Europe,” claims Garth Coates, accomplished immigration lawyer and founder of Garth Coates Solicitors. “The financial crisis over the last two years has enhanced the position of the UK, making it the most attractive financial destination.” The UK, as ever, ranks among the world’s top business capitals and continues to offer a great many investment opportunities for companies based in the region. However, for those seeking UK citizenship it is vital that any foreign national thoroughly researches the British market before deciding to migrate. They should seek the guidance of law firms such as Garth Coates Solicitors in better understanding the business and investment climate.
Coates, who has worked as a leading British immigration lawyer for over 20 years and previously worked at the UK Border Agency, spoke to European CEO about how wealthy individuals, entrepreneurs and overseas representatives can gain citizenship and capitalise on the country’s rich business climate.
Wealthy clients
For wealthy clients, “the investor category remains the most beneficial option”, say Coates. “The category was first established to attract high-net-worth individuals to migrate by means of making a substantial investment in the UK.” The most important requirements to keep in mind if taking this route are that the client must invest at least 75 percent of the specified investment amount of capital – between £1m and £10m – in the UK by way of government bonds, share or loan capital in active and trading UK registered companies.
The remaining 25 percent must also be invested in the UK, either by purchasing assets or maintaining the money deposited in a UK regulated financial institution.
The qualifying period for residency depends on the level of investment and period of time residing in the region. An applicant investing £1m will secure residency after five years, an applicant investing £5m will secure residency after three years and an applicant investing £10m will secure residency after two years. British citizenship can be applied for after six years in the UK.
In order for the individual in question to preserve their granted visa status, they must also be able to maintain and accommodate themselves and spend at least 50 percent of their time in the UK.
Entrepreneur Programme
The Entrepreneur Programme for business immigration is indicative of the UK government’s support of foreign entrepreneurs and was created in 2008 to attract further investment in new and existing UK businesses. “The scheme is designed to bring those with business acumen to the UK so that the economy benefits in terms of revenue growth and employment creation,” says Coates.
“The Entrepreneur Programme for business immigration is also a potential route for permanent settlement in the UK, after three or five years, depending on the number of jobs created and income from business activity.” An entrepreneur can apply for residency after a qualifying period of five years in the UK. However, if they create the equivalent of 10 full time jobs or have had an income from business activity of at least £5m over three years, they will have an accelerated route to residency after those three years.
The scheme requires an investment of at least £200,000 – which can be financed from personal or third-party funds – in a new or existing UK business and that the company creates full time employment opportunities for at least two UK resident workers. The employer must generate sufficient funds to support themselves until the business becomes profitable.
Garth Coates Solicitors can assist entrepreneurs with market research and in the preparation of detailed business plans to support their applications. “We can also provide a network of trusted professionals to assist them with expertise in company formation, tax advice and planning, and business property search,” says Coates.
Overseas representatives
“The UK immigration regulations specifically cater for overseas companies wanting to set up business operations in the UK by allowing a foreign company to send a sole representative employee to the UK,” says Coates. The employee, however, must conduct similar business activities to that of the foreign company and must not be a majority shareholder of the overseas company nor conduct any other form of employment during their time in the UK.
The company’s sole representative must have been recruited outside the UK and be deemed a senior employee in order to qualify for overseas representative status, as well as having the authority to undertake operational decisions on behalf of the overseas business. A sole representative will be eligible to apply for residency after residing in the UK for a qualifying period of five years.
For further information visit www.garthcoates.com; email garth@garthcoates.com