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Concentration of capital is an important factor but visa system and election concerns abound, survey shows
A poll conducted during London Tech Week this week by law firm Kingsley Napley shows the UK’s appeal to foreign technology entrepreneurs is still strong but not without wrinkles.
At an event held in association with Global Tech Connect, 83% of respondents* surveyed said they rate the UK as an attractive location for tech ventures, with 33% agreeing it has ‘high appeal’.
The general ecosystem, concentration of capital and diversity of talent stood out as the most popular factors contributing to the UK’s attractiveness. Further 35% of respondents believe the UK's regulatory environment is ‘more supportive’ of businesses than other countries.
Some 44% of respondents agreed the UK is a great base to access potential investors from both domestic and international markets. However, a relatively high number - 32% - expressed concerns that this could change. A worrying 20% of survey respondents said the UK did not support all exit options so, for example, a listing on an overseas market may be preferable.
Respondents also recommended certain immigration policy reforms to better support foreign entrepreneurs establishing businesses here. Suggested improvements include – ease threshold requirements on minimum salaries, lower visa fees and increase the number of visas for the tech sector.
When asked about the forthcoming election, higher taxes was the most common concern, with potential changes to employment laws also voiced as a fear factor.
David Davies, partner in the Corporate, Commercial & Finance team at Kingsley Napley, comments:
Our survey shows that the UK, especially London, remains attractive as a destination for establishing tech businesses. The access to funding available, regulatory environment and general ecosystem supporting business growth are important factors. However, frustrations with the visa system and listing options are once again areas where our survey shows improvements would be welcome if the UK is to maintain its reputation as a global tech hub.”
Ilda de Sousa, partner in the Immigration team at Kingsley Napley, comments:
We hear time and again that our visa system is failing to address the needs of the tech sector. This is something the next Government needs to grapple with urgently as the current system is in danger of becoming a negative for tech entrepreneurs and business owners.”
David Webster from Global Tech Connect says:
The UK offers many strengths and opportunities for foreign tech entrepreneurs looking to grow their business. Some look simply to have a sales presence here, whereas others set up their HQ here and have founders UK based. Any incoming Government needs to ensure continued commitment to the sector and to demonstrate its contribution to the UK economy is valued.”
ENDS
For media enquiries please contact:
- Louise@Bell-Yard.com 07768 956997 on behalf of Kingsley Napley
- David Webster 07776 188 676 on behalf of Global Tech Connect
Notes for editors
*This survey was carried out on 10/6/2024 at an event co-hosted by Kingsley Napley and Global Tech Connect in London. 42 attendees were polled comprising trade delegations and tech entrepreneurs from 7 different countries with cleantech, cybersecurity and AI businesses represented amongst those looking to have a presence here. To see the 2024 survey responses in full please click here. Last year’s survey results can be viewed here.
About Kingsley Napley
Kingsley Napley LLP is a leading UK based law firm providing expertise for our clients’ business and private lives, when it matters most. We advise in the following areas: corporate & commercial, criminal, dispute resolution, employment, family & divorce, immigration, medical negligence & personal injury, private client, public law, restructuring & insolvency, real estate & construction, and regulatory law. For more information about how Kingsley Napley can help tech companies see here.
Press
- What Makes The UK Appealing To Foreign Investors And Entrepreneurs? TechRound, June 2024.
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