What do Arnold Schwarzenegger, Jan Koum, Sergey Brin, Arianna Huffington, and Elon Musk have in common? They all are immigrants who despite cultural differences and language barriers, succeeded and established their names in a foreign land.
Such success stories lay the foundation of the idea that you too can similarly succeed. Recent trends suggest that in the United States, immigrants are almost twice as likely to become entrepreneurs as U.S.-born citizens. Out of the total 44.9 million immigrants in the U.S., which is 13 percent of the total population, more than 12 million people are entrepreneurs. This shows that immigrants not only have higher chances of success but, essentially, are driven to take the risk.
MORE OPPORTUNITIES
In past decades, the rise in immigrant contributions to entrepreneurship in such developed nations is unprecedented. There are multiple reasons for this change. This includes the fact that their talents and skills are appreciated and recognized more in foreign countries compared to their own. Developed countries also serve as a solid platform for globalized industries and societies, acting as a meeting point for people of varied cultural backgrounds and migrant origins. The past two decades have witnessed the highest number of migrants living thousands of miles away from their homes, from 173 million in 2000 to 281 million in 2020. Furthermore, about one-fourth of all technology companies or startups established in the U.S. or Canada have at least one founder who is an immigrant.
THE GROWING CONSCIOUSNESS
Access to world-class education, ease of doing business, advanced infrastructure, global mobility, and a better quality of life has always been the key reasons behind immigration. The Covid-19 pandemic and the uncertainty brought by it have further made people realize the importance of living in a safe and economically stable country.
Countries such as the U.S., Canada, the U.K, and the EU are among the most popular destinations for immigrant entrepreneurs. A recent study by the UN Department of Economic and Social Affairs study showed that two-thirds of the world’s immigrant population is concentrated in 20 countries.
CHANGING IMMIGRATION LANDSCAPE
Immigrant entrepreneurs looking for a permanent residency in Canada do so through three critical pathways – Canada Startup Visa, Intra-Company Transfer (C-11) visa, and Canada Provincial Entrepreneur Visa.
The U.S. offers an E-2 visa that allows foreign nationals to invest and carry out business activities in America. Though it is important to note that Indians cannot directly apply for the E-2 visa. They first have to obtain Grenada Citizenship by doing an investment to be eligible for the route. Further, the EB-5 Program permits the applicants to apply for US Green Card via investment.
The current Biden administration considered more welcoming towards immigrants than the Trump administration, has introduced the International Entrepreneur Parole (IEP) Programme. The Program will allow DHS to exercise its parole authority and issue a temporary visa to foreign entrepreneurs coming to the United States to launch innovative startups with solid job-creation potential.
Similarly, the EU Golden Visa Programs have also been around for less than a decade and doing well in attracting foreign nationals seeking to invest in Europe. Europe Startups and Entrepreneur Visa programs are making a significant impact on foreign nationals, whether they are just looking for a business expansion or have a business idea.
Golden Visa programs also have a lower minimum investment amount than other countries.
The United Kingdom is also changing its immigration landscape by inviting more foreign entrepreneurs in the post-Brexit era. It may present more opportunities in the coming times for Indians planning to relocate to the United Kingdom.
Australia is also attracting immigrant entrepreneurs through investment programs like the Business Innovation and Investment Programme, Global Talent Programme, and Employer-Sponsored Programme.
THE BOTTOM LINE
One of the most compelling reasons for these entrepreneurs’ rise in developed nations is their Cross-Culture experience. It helps them identify better business opportunities and draft competitive business plans. Their various businesses and cultural expertise help them launch new products, be more creative, offer better services, and prioritize customer preferences. The exposure also allows them to efficiently transfer their knowledge related to customer issues. Many successful immigrant entrepreneurs show similar traits.
The author is President and Founder-Abhinav Immigration Services Private Limited