11% Less Business Visas Given By The UK After Brexit
The United Kingdom left the European Union on June 23, 2016. Post the exit, the UK has most definitely suffered a lot of business losses. The most recent is getting 11 percent less foreign business visas given out this year. In 2016, 140 individuals representing foreign companies had applied for the UK visa. In 2017, only 125 individuals representing foreign companies applied for a business visa. That is a loss of 11 percent.
The UK government says that the drop is because of stricter reviews. Prime Minister Theresa May wants to cut down on immigration, so that is why Home Office is minutely reviewing foreign businesses. It is projected that population in the United Kingdom is expected to touch 70 million in 2029. After looking at the statistics, PM May has decided to cut down net immigration.
Representative of an overseas business visa is a visa that is valid for three years. The visa is given to individuals from non-European Union countries looking to expand business in the United Kingdom. Most companies that want to expand are tech industries.
Collyer Bristow, a law firm in the UK, said that rejecting visas will reduce government tax revenue. The government will miss out of major tax revenue. Maximum business visas were given to Australian and American nationals. The law firm said that 20 each were given to both the nations. Chinese and Indians nationals were given 15 business visas each.
10 business visas were issued to Japanese nationals. James Badcock, a lawyer representing Collyer Bristow, said that business visas attract major companies around the world to the UK. it encourages trade, innovation, competition, and more importantly investment. He feels the government hasn’t done much to promote representative of an overseas business visa. Most companies around the world aren’t even aware that a business visa like that exists.
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