According to a recent report prepared by the Centre for Entrepreneurs, (CFE), and DueDil nearly half a million people from 155 countries have settled in the United Kingdom and started their own businesses. The report, “Migrant entrepreneurs: Building our businesses, creating our jobs”, says that migrant-founded companies are behind one in seven of all British companies and are responsible for creating 14% of all jobs.
The report looked in detail at
the contribution of immigrant entrepreneurs in the heartland SME segment of the
economy (companies with a turnover between £1m and £200m and that file employee
numbers). In this segment, migrant-founded companies employ 1.16 million people
out of a total of 8.3 million people. This, as with company formation, shows
migrants are responsible for an impressive 14% of SME job-creation.
It also says that immigrants
are more likely to start businesses than native Britons. Entrepreneurial
activity amongst the migrant community was found to be nearly double that of
British born individuals, with 17.2% having launched their own businesses,
compared with 10.4 % of those born in the United Kingdom. They are also, on
average, eight years younger than indigenous entrepreneurs. This is despite the
extra challenges they face including access to finance and cultural and
language barriers.
The report shows that the
United Kingdom is a melting pot for young, productive, entrepreneurial migrants
from across the world. These migrant entrepreneurs come from virtually every
country, although there are significant numbers from Ireland, India, the US,
Germany and China.
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