Now, a Silicon Valley in London!
The eagerly awaited Olympics 2012 has seen east London undergo a major transformation in the recent years. The British Prime Minister, David Cameron recently unveiled plans to further redevelop the Olympic Park area of east London into a high-tech global hub on the lines of California’s Silicon Valley.
The ambitious initiative of having Britain’s own Silicon Valley has been welcomed by many UK based entrepreneurs and technology start-up companies. The project is intended to help technology businesses create private sector jobs and fuel growth in the UK economy.
To go a step further, the UK Government has plans to introduce a new relaxed “Entrepreneur Visa” in April this year which will allow overseas businesses with innovative ideas to start-up their projects in the UK more easily. The Government has confirmed that this category of High-Net-Worth individuals and entrepreneurs will be exempt from the immigration cap. The Government has also announced its intention to amend the existing intellectual property (IP) laws to make them more favourable for entrepreneurs and companies alike.
Private enterprise has always been actively encouraged by the UK and company formations are straight forward, companies can be formed instantly and trade without hindrance in almost any line of business (although there are a few exceptions).
Due to its transparent and politically strong economy, the UK has always been a great place to live and start a business, and with the above plans put in place, it is on its way to become a world-class technology centre.
The creation of a stronger technology sector in the UK will undoubtedly generate more private sector jobs that the public sector may no longer sustain. The incredible possibilities which the Olympic Park will bring coupled with Shoreditch’s buzzing energy is all set to change the face of east London, making it one of the world’s greatest technology centres.
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