agenda

Brazil hosts UK Energy delegation

More than 60 UK companies recently formed part of a major energy delegation to Brazil, organised by UK Trade & Investment. Designed to build on the UK’s reputation in the oil and gas sector and to introduce the country’s capability in wind power, around 400 delegates went on the trip, which combined networking opportunities, one- to-one business meetings matching UK and local companies, workshops and a gala dinner. As part of the event, 22 UK fi rms participated in an oil and gas subsea trade mission in association with Aberdeen City Council, Scottish Development International and Subsea UK.

Tax and visa changes to boost FDI

“We have set ourselves the goal of having one of the most competitive tax systems in the G20 and today’s two per cent cut in corporation tax is an important step forward,” said Lord Green as he explained immediate changes to UK tax and

immigration rules, in April. Following the initial two per cent cut, corporation tax is scheduled to fall by a further one per cent per year for the next three years to 23 per cent in 2014 and will represent one of the lowest rates in the G7.

Alongside this, a new ‘entrepreneurs

visa’ aims to attract the best talent to the UK. Under the new rules, those with access to £200k to invest in a business or who have secured £50k funding from venture capital, Government or seedcamp funding will be able to apply for an entrepreneur’s visa to set up in the UK. The new rules will also allow high potential entrepreneurs to enter the UK in order to secure funding and make arrangements for starting their business before they transfer to a full entrepreneur visa. Those on entrepreneur visas will be able to settle in the UK more quickly if they create ten jobs or turnover £5m in a three-year period. Meanwhile new investors visas will help those investing over £5m to settle after three years and two years for those investing £10m.

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Photograph: Mark Johnson