The article is contributed By Mr. Yash Dubal, Director, A Y & J Solicitors, London, UK.
The UK Government has unveiled a range of measures to entice talented Indian workers but has made life more difficult for some entrepreneurs and investors.
Recently, the British immigration system introduced several significant changes designed to attract ‘the brightest and best’ migrants from around the world. The aim of the policy changes is to boost UK productivity, making the nation more competitive.
One of the most significant updates is the introduction of the highly anticipated Scale-Up visa route on August 22. This is targeted at highly skilled graduates wishing to work for UK companies with an annualized growth of at least 20% over the last three years and at least 10 employees at the beginning of the period.
The Scale-up visa holders will be able to change employers after six months of working for their initial sponsor company, unlike workers on Skilled Worker visas who can only work for their sponsor.
The Scale Up visa application process is anticipated to be easier than the current system for Skilled Workers. Candidates must speak English proficiently and have a job offer that is at the graduate level or above with a £33,000 per annum salary, or the going rate for the job, whichever is higher.
The visa lasts for two years and can be extended for a further three if certain criteria are met. After five years’ continuous residence, an application for permanent settled status can be made, providing certain conditions are met.
Another option for talented individuals wishing to work in the UK is the High Potential Individual (HPI) visa, which is opening for applications from 30 May. This ‘elite’ visa route is aimed at applicants who have gained a bachelors or postgraduate degree from a top-ranking university. The list of qualifying universities will be compiled annually by the UK Home Office – the UK government department in charge of immigration. Generally, post-grads from institutions in the top 50 Times Higher Education World University Rankings, Quacquarelli Symonds World University Rankings and The Academic Ranking of World Universities will qualify. Candidates will also need to speak English proficiently and can sponsor dependents.
The visa will allow high-flyers to work in any full-time job at any skill and pay level but is not a route to settlement.
While the HPI and Scale Up visas are squarely aimed at attracting highly qualified individuals to boost the UK’s tech, digital and fintech sectors, there is also a new route for business people. The Global Mobility visa offers several options for workers going to the UK on temporary business assignments. There are sub-categories for graduate trainees, service suppliers, seconded workers, managers and specialists transferring from overseas branches and senior employees deployed to the UK by Indian businesses to expand their UK presence. These routes open from 11 April 2022.
While these new routes aim to poach talent from other nations, other well-established visa routes have been closed. The controversial Investor or ‘golden’ visa was closed earlier in the year following concerns it had been used as a way of bringing dirty money to the UK to be laundered.
The Sole Representative Visa route has been closed for initial applications from 11 April 2022, and also the Intra-Company Transfer route. These closures create real problems for businesses in India wishing to expand into the UK, for which Global Mobility routes are unsuitable. In these cases, A Y & J Solicitors, an expert immigration legal practice based in London, has pioneered a new, legal process called Self-sponsorship.
This innovative idea allows those with a genuine intention to open a business in the UK a route to realise their ambitions. The process involves establishing a UK company, and then applying for a sponsor licence, which allows that company to sponsor an overseas worker on a Skilled Worker visa. That skilled worker will be the applicant, who, in effect, will be sponsoring themself to work in their own company. Under this scheme, after five years the visa holder may also qualify for residency and after six, for citizenship. They can also take spouses and children under 18.
There are big changes in the UK immigration system over the next months and the advice offered is to seek legal help from a reputable immigration expert when weighing up the possibilities of emigrating.
The article is contributed by Gayatri Panda, Business Partner, Themis Technologies Ltd., London.
The UK tech industry is now worth $1 trillion, making it the world’s third largest behind the United States and China. The UK tech startups and scaleups are receiving more investments than ever before, such as £29.4 billion in 2021; as a result, tech hiring activities within the UK organisations have skyrocketed. According to the statistics, the number of advertised IT jobs is up 42% compared to pre-pandemic levels. As the talent competition is getting fierce globally, the UK is joining the worldwide hunt for talents with a world-leading migration system. So what are the immigration routes for international technology talent to join the UK’s thriving tech sector?
A visa sponsorship means that an organisation, also known as the sponsor, is providing you a job because they are unable to fill a position in the local market. The sponsor is also legally and financially responsible for you and your activities throughout your stay in the country and must report to the UK government. There are various types of sponsored visas;
Skilled Worker Visa
A Skilled Worker visa allows foreign nationals to enter or remain in the UK to work for an authorised company in an eligible job. The Tier 2 (General) work visa was replaced by this visa route. To be eligible for a Skilled Worker visa, you must have a job offer from a UK company with appropriate salary level. After five years of stay in the UK, the Skilled Worker route can lead to Indefinite Leave to Remain (ILR) and eventually British Citizenship or British Passport.
Global Business Mobility Visa
It’s a new sponsored work visa option for international companies wanting to temporarily relocate employees to the UK to establish a UK presence or for specific commercial purposes. The introduction of the new route corresponds with the end of the Sole Representative visa and Intra Company Transfer or known as the ICT visa.
There are five subcategories in the Global Business Mobility route:
Senior or Specialist Worker: This visa has taken the position of the Intra-company Transfer visa. This category is for senior managers or specialists assigned to a UK company affiliated with their employer. It will not result in a settlement in the United Kingdom.
Graduate Trainee: The Graduate Trainee route replaces the Intra-Company Graduate Trainee Visa. This visa is intended for employees who are being relocated to the UK as part of a structured graduate training programme for a managerial or speciality post. You must have worked for your employer overseas for at least three months prior to the date of application. Graduate trainees will be paid at least £23,100 per year as a minimum wage. It does not directly lead to settlement in the UK. However, you may be able to change your immigration status to one that leads to permanent residence.
UK Expansion Worker: The UK Expansion Worker visa, which supersedes the Sole Representative visa, allows senior or specialised employees to enter the UK for a short length of time to carry out work related to their company’s expansion ambitions in the UK. It does not directly lead to settlement in the UK. However, you may be able to change your immigration status to one that leads to permanent residence.
SCALEUP VISA
The Scale-up visa is a newly introduced sponsored work visa that will become available on August 22, 2022. The sponsoring employer must be a scaleup firm in the United Kingdom, with annualised turnover or staffing growth of at least 20% for the three years preceding the application and a minimum of 10 employees at the commencement of the three-year period.
You need a sponsorship from a scaleup company and you must work full-time for the company in any position for 6 months. So, after just 6 months of being linked to a single company, you will be free to work in the UK in any employment of your choice. Nevertheless, the job must also meet specific standards, such as having a skill level of at least degree level (RQF level 6) and paying a minimum wage of £33,000 or the market rate for the position, whichever is higher.
After 5 years of continuous residency, you will be able to apply for settlement (indefinite leave to remain). You must have earned at least £33,000 (PAYE) in at least two of the three years preceding your ILR application.
One of the ways the UK government believes Britain can attract high-quality migration is by implementing independent elite visa routes.
High Potential Individual Visa
The government’s attempt to attract the world’s “brightest and best” into the UK economy incorporates the High Potential Individual visa. It is scheduled to open on May 30, 2022. The High Potential Individual visa is intended for international graduates with a bachelor’s, postgraduate or PhD degree within the last 5 years from a university outside the United Kingdom that is listed in the top 50 global universities ranking. Graduates with a bachelor’s or master’s degree can stay in the UK for up to two years, or up to three years if they have a PhD. It does not lead to permanent residence in the United Kingdom, visa holders can move to another UK visa option, such as the Skilled Worker visa.
Global Talent Visa
This visa is for globally recognised world leaders or promising individuals in Science and Medicine, Engineering, Humanities, Digital Technology, Arts and Culture, and Research. This visa provides absolute freedom and greater flexibility regarding work, location, remuneration, leave and engagement with organisations. You can join a company or start your business without any restriction. This results in a settlement after 3 years if you are a leader applicant or 5 years if you are a promising candidate. The UK govt has appointed Endorsement Bodies for above mentioned fields, you need to make an application along with proof of your past achievements and future plan in line with the government guideline. Upon successful approval, you can apply for immigration.
Startup Visa
The Startup visa category is for high-potential entrepreneurs looking to establish their business in the United Kingdom. To qualify, you need a new, innovative, viable and scalable business idea that is endorsed by a UK govt appointed endorsing body. The Startup visa is valid for a maximum of two years, after which you can switch to the Innovator Visa.
Innovator Visa
The Innovator Visa is for experienced business individuals who want to start a company in the United Kingdom. You must have a new, innovative, viable and scalable business idea that is endorsed by a UK govt appointed endorsing body and you are ready to invest £50,000 to your business. Under the Innovator Visa you are eligible to apply for ILR after 3 years.
Conclusion
The United Kingdom recognises migrants as one of the most efficient means to encourage the development and investments in viable, innovative, and scalable businesses in the United Kingdom in order to drive economic growth. The UK government has done everything possible to remove barriers to innovation and business expansion, resulting in a 31% increase in the number of technology firms in the UK private sector since 2010. With this fast and easy visa support, a favourable tax regime, stable and democratic political system, strong and respected system of law and a strengthening British Pound also known as safe haven currency, the UK is becoming the home for technology experts and digital innovators globally.
The moment we hear the word Royal, the first thing that comes to our minds is huge Fortune. Our minds automatically create a picture of palaces, King and Queen in precious jewellery, and tons of money.
When we hear the term ‘Royal Family’, the first one to come to our mind is the Royal family of the UK. They are no doubt the most popular royalties in the world.
The British Royals are wealthy. Looking at the family’s palace, properties, staff members, and lifestyle, we cannot help but wonder what is the source of their money?
At present, Queen Elizabeth II is the head of the state of the United Kingdom. The queen’s father King George VI died in 1952 and she has been a monarch since then.
The family consists of the Queen, her 4 children, grandchildren, and great-grandchildren. Queen’s late husband Prince Philip, Duke of Edinburgh was also a member of the Royal family.
The other important family members include:
Prince Charles, Queen Elizabeth’s eldest son. After the Queen, he will get the throne as the King.
Prince William, the firstborn of Prince Charles. He will be the next successor in line after Prince Charles.
Prince Harry, the second son of Diana and Charles. Last year, however, Harry and his wife Meghan Markle, stepped down as the Senior Royals. Even though they live independently, Harry being born in royalty is still a Prince.
The Monarch’s Relationship with the Parliament
In the United Kingdom’s Parliament, there is the House of Commons, House of Lords, and the Monarch (the Queen, at present).
The Queen enjoys the power of Royal Assent in the Parliament. To pass a bill in the parliament, it is approved by both the House of Commons and the House of Lords. After that, the bill goes to the Queen for final approval.
This approval is the Royal Assent which converts a bill into Parliament’s Act. She invites the leader of the winning party to form a government and become the Prime Minister. She also plays an important role in the case of the dissolution of the Parliament.
Today, but the constitutional role of the monarchy in the parliament has been reduced to a certain extent. It is now more of a ceremonial role.
What are the Sources of Income for the Royal Family?
The following are the sources of how the British Royal Family makes money:
The Sovereign Grant:
The first and the most significant source of income for the Crown in the UK is the Sovereign Grant. The monarch has official duties and for that, the government pays this grant.
The Crown Estate in the United Kingdom belongs to the throne. It means it belongs to the monarch during their time on the throne. A monarch has no power to sell the estate. It is not their private property. It is neither owned by the monarch nor the government.
The Crown Estate is super valuable that helps to generate revenue. A percentage of profits of this revenue makes for the Sovereign Grant. It is like an annual income for the monarchy.
This grant covers the expenses of the monarch’s official duties. This includes security expenditure, press meetings, basic maintenance, and travel.
The Treasure of the Royal Collection
Queen’s Crown
It is one of the most significant and enormous art collections in the whole world. It consists of more than a million objects. Various vintage objects are ranging from fine to decorative art. This collection is living proof of the personal taste of various kings and queens over the years.
Buckingham Palace Exhibition
The Royal Collection gets maintained under the queen as a Sovereign. This collection helps in the generation of a lot of money. The items under the collection are given on loan to various museums. For this, there are annual visitors. All this makes a source of money for the monarch.
However, this trust income is not profitable for the royals. A major amount of this income goes into the maintenance of the queen’s public residences. Also, the artwork and jewels of the crown require maintenance expenses.
The Duchies
The Duchies are the properties and financial investments of the royals. It refers to their private estate. There are two royal duchies in England.
The Duchy of Lancaster, owned by Queen Elizabeth II. The second, the Duchy of Cornwall functions under the Duke of Cornwall. Prince Charles heads and enjoys the privilege of this private estate.
Duchy of Cornwall
These private estates are separate from the crown properties. The revenue generated by these is for the royals and their family’s private and public activities.
Inheritance
Inheritance and blood are what makes for a royal family. The members of the royal family also generate income from their inherited properties.
For example- The queen has her income sources under the Duchy of Lancaster. It was inherited by the queen from her father King George VI.
In the same way, Prince Charles gets his income from the Duchy of Cornwall. Prince William and Harry are also entitled to the revenue of this Duchy.
Prince Harry and William have also inherited money from their late mother, Princess Diana.
Princess Diana
Apart from the crown properties, the royal family has their investments. Even the queen has her investments which are not revealed in public.
Prince Harry and Meghan- No Longer Entitled to Royal Wealth
Harry and Meghan Markle in America
In January 2020, Harry and Meghan decided to step down as the Senior Royals. They decided to shift to North America and be financially independent.
In an interview with Oprah Winfrey, Harry revealed when he left, he got cut off from any financial help from the royals. He shared that he was grateful for the money inherited from his mother, Diana. This money proved to be helpful in his journey to new life.
Harry and Meghan are using their wealth to work further. Thus, maintaining their decision of being independent.
Conclusion
The royal family holds great importance among the people of the UK. The power is shared between the government and the crown. The queen has official duties and ceremonial powers that make her role important.
The royals of the UK get money from both public as well private sources. Thus, the royal family has various sources of money to enjoy their status as royalty.
FAQs
How much do British taxpayers pay to the Royal Family?
As per the latest Sovereign Grant the taxpayers are paying nearly $96.28 million.
How much is Buckingham Palace worth?
Buckingham Palace is worth an estimated $4.9 billion.
How many properties do the royal family own?
The British Royal Family owns 20 properties in the UK.
From being known as one of the world’s greatest cosmopolitan cities to the second-most connected startup ecosystem across the world, London has come a long way. There is no doubt that London has experienced a rapid rise in startup incubator and accelerator programmes in the past few years, surpassing any other European city. This growth, with the absolute diversity of skills available, makes London a perfect place for entrepreneurs to build their startups.
Let’s take a look at the following list of best startup incubators and accelerators in London.
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OneDay.io isn’t your typical startup incubator. It is a more practical option for a university which wants to help those 50% of the population who want to become entrepreneurs rather than pursuing unappealing careers. Many people eventually become self-employed, enabling them to do what they love every day and fulfill their aspirations!
OneDay.io assists people in achieving their objectives by matching them with a mentor who helps them develop their companies by offering guidance and instructions based on their own successful experience. Additionally, Oneday.io includes a virtual network called “OneDay community” that enables new users to communicate with each other and ask fellow entrepreneurs and trainers for help and guidance on building a business.
OneDay also offers case studies of many other founders outlining how their firms succeeded, enabling aspiring entrepreneurs to gain knowledge from the achievements of other founders.
Bethnal Green Ventures
Bethnal Green Ventures focus on the startups working in the market sectors such as Social, Education, Healthcare, GreenTech and WorkerTech to provide funding and support. Their requirements from the startups are an innovative idea and a team that is ambitious to impact millions of lives and scale up the startup.
Bethnal Green Ventures Website
Bethnal Green Ventures deals with an investment of £20,000 in cash for an equity stake of 6%. They will provide the startups with mentorship programmes, workshops, workspace, access to investors and industry experts, etc.
Few startups they have supported are AirPublic, Skin Analytics, Commonplace, Workerbird, Health VR, GoodGym, Ally Chatbot and many more.
Activate Capital
Activate Capital focuses on the startups working in Digital platforms to provide funding and support. Their requirements from the startups are to be an entrepreneur with a brilliant digital idea.
Activate Capital’s terms for their deals or their Programme is divided into three phases:
The Foundation Phase is where they help the startups to validate their ideas and create the business model.
The Traction Phase is where they let the startups create a Minimum Viable Product (MVP) and go through user testing.
The Build Phase is where the startups will be able to build, launch and scale their product. The investments and the equity stake varies depending on the program phase.
OneDay.io
Barclays Accelerator
Barclays Accelerator focuses on FinTech startups to provide funding and support. Their requirements include innovative entrepreneurs and startups focused on the FinTech industry.
Barclays Accelerator Website
Barclays Accelerator’s terms and conditions for their deal is an investment of £120,000 for an equity stake of 6%. The selected startups will have an opportunity to gain access to workshops and events.
They will be able to work at Rise London and Barclays Eagle Labs’ makers’ lab. They will also be able to receive mentorship from the industry leaders.
Some of the startups they have supported are BaseStone, Oathello, Shieldplay, Stockfuse, Cuvva and many more.
Entrepreneur First
Entrepreneur First focuses on all tech or tech-enabled businesses to provide funding and support. Entrepreneur First chooses people on the basis of their ambition, potential and willingness to make a significant impact.
Entrepreneur First Website
The terms and conditions of their deal is an investment of £80,000 for an equity stake of 10%. They will help the people to build cohesive teams and develop ideas. The teams will get an opportunity to work with experienced industry leaders and also be able to pitch in front of the investors.
Some of the startups they have supported are Beyond, Affable, Hydroleap, Marble, CodeREG, Represent and more.
Collider
Collider focus on the startups working in the Commerce, AdTech and Marketing sectors to provide funding and support. Their requirements include entrepreneurs who want to develop their ideas and the ones with amazing mad tech talent.
Collider’s terms of their deal is an investment between 50,000€ -100,000€ and access the mentorship of the Collider network for life.
Some of the startups they have supported are Beem, Cooala, Duel, Tailify, Unrival and more.
Founder Institute London
Founder Institute London is a pre-seed accelerator. They focus on all tech or tech-enabled businesses to provide funding and support. They welcome both teams and solo founders at the pre-seed levels as well as those with the ideas or at the initial stage of the company.
Founder Institute London Website
Founder Institute London’s terms and conditions of their deal is to support and create a strong support network. They will have to contribute 4% of their equity stake to a shared pool. Any financial returns received are then shared equally with the alumni, founder institute, program mentors and local leaders.
Some of the startups they have supported are Udemy, TravelCar, Realty Mogul, Appota, Ovamba and many more.
Hatch Enterprise
Hatch Enterprise provides funding and support to the startups working in the Social Inequality Issues. They look to work with social enterprises, female founders and young entrepreneurs from disadvantaged communities.
Hatch Website
Hatch Enterprise offers three programmes: Launchpad, Incubator and Accelerator to develop the idea and grow the startup. The startups also get access to workshops, mentoring and coaching, coworking space with support and access to a network of fellow entrepreneurs.
Some of the startups they have supported are Built by Us, Hemp and Williams and Snact.
CyLon
CyLon provides funding and support to the startups working in the field of Cybersecurity. They look to work with startups that have a Minimal Viable Product (MVP) and be able to help in securing the digital economy with their innovative ideas.
Cylon Website
Some of the startups that they have supported include CyberSparta, CyberSmart, Senseon, Tessian, BitNinja, Meterian and many more.
Founders Factory
Founders Factory focuses on all tech or tech-enabled businesses to provide funding and support. They look for entrepreneurs who want to start or scale their businesses.
Some of the startups they have supported include LuckyTrip, Sampler, Vidsy and much more.
Founders Factory Explained
JLAB Accelerator
JLAB Accelerator focuses on the startups that work in the Retail Tech sector. They look for entrepreneurs or startups who want to bring considerate changes to the retail industry.
They provide mentorship and advice from the industry leaders and a marketplace to test your products or prototypes. Some of the startups they are working with are Memomi, Ruuby and more.
Level39
Level39 focuses on Cybersecurity, Retail Tech and FinTech startups to provide funding and support. They look for ambitious entrepreneurs and innovative startups who are aiming for growth.
They conduct networking events, mentorship programmes, meetups and co-working spaces. Some of the startups they have worked with are Motive Partners, Revolut, etc.
WeWork Labs
WeWork Labs focuses on all tech or tech-enabled businesses to provide funding and support. They also focus on sectors like FinTech, Food Labs, Mobility Labs and Blockchain Labs. They help startups in scaling up their business on a global level.
WeWork Labs
WeWork Labs does not take any equity in return for their service but the startups or the entrepreneur will have to pay a monthly membership fee. Nothing more than that.
Wayra
Wayra focuses on all tech and tech-enabled businesses to provide funding and support. They search for entrepreneurs who are innovative and wants to create a difference in the market.
Wayra website
They provide different programmes such as mentorship, investor networks, workshops, etc. and also an investment of up to $50,000 to scale the startups.
Some of the startups they have worked with are Hospify, Cybershield, TravelAI, etc.
The Bakery
The Bakery also focuses on the startups that are working in tech or tech-enabled businesses. They look for entrepreneurs, innovators, early-stage startups and late-stage startups with innovative and disruptive ideas.
They have 3 different programs: the start programme, partner programme and the accelerate programme. Some of the startups they have worked with are Qriously, Flourish, Bulbshare, etc.
Techstars
Techstars focuses on all tech or tech-enabled businesses. They look for teams that are balanced and strong with a wide range of skill sets.
Some of the notable startups they have worked with are Coconut, Memgraph, etc.
Techstars website
Startupbootcamp InsurTech
Startupbootcamp InsurTech’s market of focus is Insurance Technology. They look for startups that are at their early stage with the innovative technology in the Insurance sector.
They offer services such as office parks, investor networks, training from industry experts, etc. Some of the startups they have worked with are Relayr, Valoo, etc.
Seedcamp
Seedcamp helps all tech or tech-enabled businesses with startup support and funding. They look for entrepreneurs who are innovative and are trying to solve problems in the larger market sector.
Seedcamp Website
They provide funding of up to £100,000 for an equity return of 7.5%. They also provide networking sessions, mentorship programmes, etc. Some of the startups they have worked with are Monese, wefox, etc.
RocketSpace
RocketSpace focuses on startups based on sectors like Food and Agri Tech & Mobility Tech to provide support and funding. Its program is designed for later-stage startups who are willing to grow their business.
They offer mentorship programmes, access to industry leaders for investment opportunities without any equity requirements. Some of the startups they have worked with are Leap Motion, Uber and many more.
Platform-X
Platform-X focus on the startups that are working in the market sector which include tech or tech enables businesses to provide support and funding. They look for startups that are innovative and wants to bring a change in the market that requires a platform to grow and develop their services and products.
Platform-X website
They provide an investment of up to £25M with no equity in return. They also provide mentorship programmes and co-working spaces. Some of the startups they have worked with are RotaGeek, Living Lens, etc.
Oxygen Accelerator
Oxygen Accelerator focuses on the startups that are working in the market sector which include all tech or tech-enabled businesses to provide support and funding. They look for startups with innovative ideas and that can create a high impact in the market.
Oxygen Accelerator Website
They provide an investment of up to 21,000€ for equity of 8%. The startups will receive access to mentors and investor networks. Some of the startups they have worked with are Reality Games and Vidsy.
Microsoft Scaleup
Microsoft Scaleup focuses on all tech or tech-enabled businesses to provide support and funding.
Microsoft Scaleup Website
They provide startups with mentorship and advice from industry experts and Microsoft sales experts. They also get access to Microsoft events. Some of the startups that they have worked with are GoSlope, Openhour, etc.
L Marks
L Marks focus on the startups that are working in the market sector which include tech or tech enables businesses to provide support and funding. They look for early and growth-stage startups with innovative ideas.
L Marks website
They offer programs that include mentorship programmes from industry leaders, perks from support partners, etc. Some of the startups they have worked with are Winkapp, Ping and more.
InMotion Seed Programme
InMotion focuses on sectors like mobility, travel and transportation to provide support and funding. They look for startups and entrepreneurs with innovative and disruptive ideas.
They invest in startups from the seed stage to Series B level globally. Some of the startups they have worked with are VALIDATED, Transit, Zeelo, etc.
Launch22
Launch22 is an incubator and coworking space that helps entrepreneurs to accelerate to the next level. They offer 3 months program with mentoring and networking events to help your idea and business succeed.
Conclusion
These are the list of top Incubators in London. Startups are receiving significant investments from local capital in the UK and a lot of startups have been setting up in the country. Due to its continuous support towards startups, UK has been seen as bringing their ideas into reality.
FAQs
How many incubators are there in the UK?
There are 343 Accelerators & Incubators in the United Kingdom.
Should you join a Startup Incubator or Accelerator?
Startup Incubator or Accelerator helps the startup at the initial stage to take their business to a higher level. They provide guidance, mentoring, funding, infrastructure, coworking space, investors, etc. to startups in order to scale their business. They can be a good source of advice for early-stage startups.
What is the difference between an incubator and an accelerator?
In simple words, Accelerators focus on scaling a business while incubators focus on innovation.
Which are the top startup incubators and accelerators in London?
Here’s the list of top startup incubators and accelerators in London.
The Competition and Market Authority is a regulator for competition related to the business in the United Kingdom. The Authority was founded in the year 2013 and has its headquarters in London. The organization is responsible for preventing and reducing the anti competitive activities and for strengthening the business competition. The CMA has accused Google and Amazon of fake reviews and in this article let’s look at further information regarding it.
The United Kingdom Watch Dog has accused the biggest tech companies Amazon and Google in relation to fake reviews on their platform for the goods and services. The UK regulators had stated on 2 July 2021 that they are looking into Amazon and Google in relation to it.
The regulatory has said that online giants are not taking enough steps or putting the required efforts in order to stop the fake reviewing of products and services on their platform.
The CMA has also conveyed that they had conducted an initial inquiry last year and had raised a lot of concerns in relation to whether the companies had been doing the required amount of work in order to detect the fake reviews for their products and services on their platforms and removing them quickly from their websites.
UK Regulators Investigation against Amazon Google Fake Reviews
The UK Regulators have conveyed to have started an investigation into Google and Amazon in relation to the fake review on the products and services. The Competition and Markets Authority has said that they have started a formal investigation in order to analyze whether the major tech giants have broken the consumer law of the UK by failing to protect their customers or shoppers.
It is reported that in the previous year amidst the boom in the e-commerce industry due to the pandemic the UK regulators had looked into some top e-commerce platforms in relation to fake reviews without identifying any specific ones.
Andrea Coscelli who is the Chief Executive of the Regulatory Authority of UK said in a press statement that the only worry of the regulator is about the consumer who would mislead by looking at the fake review and would purchase the product by spending their hard-earned money and later realize that it was not worth it.
The Chief Executive also added that it is equally not fair that certain businesses can go against the laws and provide 5 star reviews on their products and services making them stand out and in the meanwhile, the businesses that follow the laws and regulations would lose out.
Response from Amazon and Google on its Fake Reviews
Both the companies Google and Amazon have said that they would work together and provide the support to the UK Regulators with their investigation.
Google has conveyed that the strict policies of the company have a clear statement that the reviews provided on the services and products should be based on real experiences and genuine ones and added that the company would soon take action and remove the abusive contents to even disabling the user accounts if they find any policy violators.
Amazon also stated that even the company focuses on removing the fake reviews from their e-commerce websites and also avoid fake and incentivized reviews from appearing on their store as it would help in earning the trust of their customers.
Conclusion
Amazon has already been accused in the past of fake reviews on their products. The company has also taken specific measures in relation to it with certain Chinese products and companies. However, we will have to wait for the investigation in order to get much more clarity into it.
FAQ
Does Google take down fake reviews?
Google only remove reviews that it sees to be in direct violation of their policies. It may be that there is insufficient evidence to determine whether the review is legitimate or not.
What percent of Amazon reviews are fake?
According to the December 2018 findings, the supplements category had the highest share of fake product reviews on Amazon, with a reported 64 percent of reviews being considered fake.
Are fake Amazon reviews illegal?
In several countries, paying people to conduct fake reviews is an illegal practice that damages the rights of consumers.
The cryptocurrency exchanges have been growing for a very long time with a huge set of believers towards the digital coins. At the same time, there has been a lot of crashes, a lot of wealth wiped off, and as well as a lot of wealth gained through it.
However, many countries across the globe have been laying restrictions over the trading of cryptocurrencies and the most recently even the UK has banned the largest cryptocurrency of the world from undertaking transactions related to cryptocurrency. In this article let’s look at the reason for it.
The Financial Regulator of Britain has ordered Binance which is one of the largest cryptocurrency exchanges around the globe, to stop all the regulated activities conducted by the crypto exchange. The Financial Regulator has also issued a warning for the consumers about the platform which is coming under critical observation globally.
In a notice that was sent on 25 June 2021, the Financial Conduct Authority of the UK has conveyed to the UK entity of Binance, Binance Market Limited that the exchange should not carry out any regulated activities without the prior written consent from the FCA.
Terms stated by FCA to Binance
The trading of cryptocurrencies is not directly restricted in the United Kingdom but offering services such as trading in the derivatives of cryptocurrencies does require the authorization.
The FCA has asked Binance to display a notice on its website and social media channels by 30 June 2021 stating that “BINANCE MARKET LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE UK”.
Other than this the FCA has asked Binance to secure and preserve all the records relating to the UK consumers and to provide the information to the FCA by 2 July 2021.
Reason Why UK imposed a ban on Cryptocurrency exchange – Binance
The regulator has not provided any information or has provided an explanation for why it had taken the measure against Binance. However, Binance had stated earlier that it takes its legal obligations very seriously and engages with the law enforcement and regulators in a collaborative manner.
Some of the reasons can be the problems faced by Binance across the globe. The regulator of Japan has conveyed on 25 June 2021 that Binance had been operating in the country illegally. This was found through a notice that was posted on the country’s Financial Services Agency Website.
In the month of May officials from the US Justice Department and Internal Revenue Service who investigate tax offenses and money laundering had sought various information from individuals regarding insights into the business of Binance.
In the month of April, the financial regulator of Germany, BaFin had warned the exchange about the risks of being fined for offering Digital tokens without a prospectus of the investor.
These can be the reasons why the UK had decided to ban the cryptocurrency exchange in the country. Amidst the growing number of acquisitions and cases against the Crypto exchange, the UK regulator would have taken the move.
Will UK ban other cryptocurrency exchanges?
Since the month of January 2021, the FCA has asked all the different Cryptocurrency exchanges and the apps that offer crypto related services to register and to provide details that they comply with the rules of anti money laundering. However, in the month of June, the FCA has conveyed that only 5 firms have registered and that the majority of the firms were not compliant.
The FCA is stepping up its unintentional failure to notice the cryptocurrency trading, which has grown in popularity in the UK along with various other countries across the globe.
This may be a major step towards hunting down the firms that are not compliant with the anti money laundering rules in the country. Binance may be the first step that is taken by the regulator. However, the countries across the globe have been hunting down the crypto exchanges and various transactions of the cryptocurrencies.
FAQ
Is Binance banned in UK?
Yes, The UK financial watchdog has banned leading cryptocurrency exchange Binance from all regulated activities.
Why is Binance being banned?
Binance has not registered with the FCA and therefore is not allowed to operate an exchange in the UK.
Will UK ban Crypto exchanges?
The U.K. does not regulate cryptocurrencies, but it requires exchanges to be registered to operate, which means companies must comply with anti-money laundering measures.
Amazon has faced a lot of controversies against its working policy in the past. The company has been criticized for following a hire to fire policy and a lot of employees conveying about it on the social media platforms. Recently the company has been criticized for destroying around 1.3 lakh items and in this article let’s look into more information about it.
A new report has stated that Amazon is estimated to destroy around millions of unsold items on a yearly basis. The items include books, electronics and now even the face masks due to the ongoing Coronavirus Pandemic. It was found as per the new investigation conducted on the company.
Footage was collected from one of the fulfillment centers of Amazon among the 24 centers. The footage shows certain boxes which have unsold items and a label that is marked on them destroy. This has created a lot of attention on why these destroyed items are not used for charitable purposes rather than destroying them.
Reason Why Amazon destroys over 100,000 items every week
One of the major reasons for destroying the items is due to the lack of space in the fulfillment centers. Many vendors use the warehouses of Amazon in order to store their products and after a certain period of time when the products are unused and unsold, destroying or disposing of them is considered to be cheaper than paying for their storage cost.
An ex-employee from the Amazon center had conveyed that they had a target to destroy around 1.3 lakh items on a weekly basis that is from Friday to Friday.
The former employee had conveyed that there are no specific items that get destroyed. He had shared that from MacBook, iPad, Dyson fans every item gets destroyed. He even shared an experience where he conveyed that he saw them destroying around 20,000 Covid face masks that were still in their wrappers.
While looking at the number of items that get destroyed, the number of items that are provided for charitable purposes is very less. The items that were going to be destroyed had ‘to destroy’ written on their boxes and the items that are given as charity has ‘to donate’ written on them. The difference between the two boxes is very large.
The number of items that are destroyed was somewhere around 1.3 lakhs, at the same time the number of items that were given as charity was somewhere around 28,000 comparing to the same period of time.
However, half of the items that were marked destroy are brand new ones which haven’t even been removed from the cover and the others are the ones that are returned by the customers.
Amazon’s response on Why it destroys items every week
It is estimated that the company destroys more than 3 million products in a particular year. The Amazon spokesperson said that, the goal of the company is to ensure zero product disposal and added that they are working towards it.
He added that the priority of the company is to donate to charitable organizations or to recycle any unsold items. He said that, no items are sent to destroy in the UK and said that as a last resort the company would send items for energy recovery and also said that the company is working hard in order to reduce this number to zero.
However, it was found that certain products were sent for destroying and had tracked that the products were packed and loaded to the truck from Amazon’s warehouses. The Amazon spokesperson had provided the information regarding these in the year 2019 and later on hasn’t provided any updates about it or any information regarding the change of infrastructure.
Even certain employees have been complaining that the daily wages provided by Amazon are not helping them reach their basic requirements and such other laborers have also said that Jeff Bezos donates money for charity in order to gain tax benefits.
FAQ
What happens to unsold inventory in Amazon?
The unsold inventory in Amazon is either destroyed or is given to charity purposes.
Does Amazon destroys unsold products?
Yes, in a recent report it was found that Amazon warehouse destroys around 1.3 lakh unsold items every week.
How many fulfillment centers does Amazon have in the world?
There are currently 185 active fulfillment centers in the world.
Elon Musk has been in the limelight since he had gained the title of the world’s richest man. He has been called as the crypto king after his tweet went viral and the shares of the meme-based currency Dogecoin had soared in its value.
Elon Musk is the CEO of Tesla and SpaceX but recently there was a company named Elonspace being registered in the United Kingdom. Let’s look at the further details of the company.
There has been a recent filing on the Companies House which is the official business registrar of the United Kingdom. The newly registered company was a sole proprietorship which was registered under the sole director named Elon Musk PhD and the name of the company was Elonspace Ltd.
When they looked at the entry made in the Companies House, the birth month and nationality of the director is the same as that of Elon Musk, Tesla and SpaceX CEO.
Even though the company and the name of the director sound similar to the real Elon Musk who is the CEO of Tesla and SpaceX both are different individuals. Elon Musk had not completed his PhD and had dropped out of it after two days of his enrollment.
When looked at the other details such as the UK based location and the country of residence it is different from the original Elon Musk. Hence the company does not seem to be a fake one as the details provided are different.
The contact address provided by the Elonspace Ltd is located in West London which is a tower building that is used for student accommodation. The registered work entered by the company indicated that it involves in IT, data processing and computer facility management.
The student accommodation tower used as a correspondence address for Elonspace Ltd. in West London
The real identity of Elonspace Ltd remains unknown as of now. But an interesting fact to be noted is that a new crypto with the same name as the registered company had been promoted on the social media posts.
It was founded that the cryptocurrency which got promoted on the social media post was during the same week the company had registered with the register. However, the representative of the crypto company had conveyed that they wouldn’t be able to provide any classified information about the company and the owner as it is and would be a violation of their NDA.
About Companies House
Companies House is the United Kingdom’s registrar of companies. They also act as an executive agency and the trading fund of Her Majesty’s Government. They are located in Crown Way, Cardiff. It is an executive agency that is sponsored by the Department of Business, Energy and Industrial Strategy.
All the forms of companies that are permitted by the United Kingdom Companies Act are registered under the Companies House.
FAQ
Does Elon musk owns Elonspace Ltd?
No, Elon musk does not owns Elonspace Ltd.
Who owns Elonspace Ltd?
The sole director named under Elonspace Ltd is Elon Musk PhD.
Where is Elonspace Ltd located?
Elonspace Ltd is located in West London which is a tower building that is used for student accommodation.
Conclusion
There has been no much information available about the newly registered company the crypto token which is spread on the social media. We will have to wait for more information to be provided about the company.
Dreaming about beginning a company abroad and hunting for the world’s most startup friendly countries? It has never been easier to launch a company abroad in today’s globalized economy. It is worth investing in exploring the right place to suit your business if you are thinking about beginning a startup abroad. Even if it’s not as straightforward as it seems to us everybody knows that starting a business is always a company.
Think and Decide
A startup will thrive in many ways including dedication, inspiration, creativity, talented workers, aspiring leaders, and, of course, an outstanding concept. Investments, accelerators, and incubators funding and a solid and well-developed ecosystem should also be made readily available. Tax incentives for entrepreneurs and government funding should also be offered in order to achieve their dreams and to take chances on the road to growth. There are several aspects deciding what makes a country that is ideal for start-ups.
Keeping all these factors in considerations, here are the top 10 startup-friendly countries:
1. Germany
Germany Flag
Germany is the fourth-largest economy in the world and the largest in Europe. It provides a competitive funding climate for start-ups, a clear organizational culture, and a well-trained workforce. English is widely spoken all over, making creating a global corporation smoother and attracting diverse skills. Germany gives start-ups favorable funding choices and straightforward corporate culture. German firms are funded by the most popular foreign investors including Earlybird VC, Ciaran O’Leary, etc. In addition, the nation has a highly trained population, global ties, a skilled workforce, and a sophisticated infrastructure.
A reputation for conservativeness, old fashion and risk-averse in the Japanese marketplace. Yet this mentality is evolving and it has made the entrepreneurship community expand rapidly. In 2018 it began the ambitious J-Startup program aimed at generating 20 unicorns or listed companies by 2023. There are roughly 10,000 start-ups in the world according to the Japanese Ministry of Economics. This has been possible through creative thinking, technology skills, advanced networks, a well-trained ex-pat population, competent staff, etc. This has been possible.
As the nation has a well-evolving community and a long tradition of entrepreneurship, the U.S. is not new to the innovation ecosystem. Silicon Valley is known around the country for its world-famous start-up center, as are Atlanta, New York, Austin, San Diego, San Francisco, and others. As a result, several people decide to immigrate to the US in order to start a business. Some of the best examples of successful start-ups are Google, Uber, and Facebook. The amount of financing given to young ventures has increased, leading to the growth of entrepreneurship.
The UK is well known for numerous technology start-ups. Britain is now famous for its presence in colleges of world-class and a diverse pool of foreign talent. The UK startup community has not ceased manufacturing creative businesses like Revolut, Move Wise, and Perkbox amid shaky talks on Brexit and an unpredictable future. Start-ups in the United Kingdom profit from Europe’s highest population of English, easy business entry, and highly trained, highly skilled workers. The British new technology economy is full of talent to choose from, with a population of 2.1 million.
Canada gives founders and start-ups a comprehensive support structure that includes a wealth of activities and programs. Increase business practices, trained people, a well-developed facility and competitive foreign exchange rates are open to Canadian start-ups and more. With many seeing it as one of the most appreciated countries in the world not only to develop a corporation but to establish families and raise children, Canada has become one of the best locations. It may be a powerful company, access to a wide talent pool, or welcome, but it seems that Canada is gaining a lot of fame as one of the most promising countries on a business trip.
Switzerland is regarded as a tranquil paradise with magnificent lakes, glaciers, and mountains. However, elegance does not keep the European start-up community from being broken. According to this assessment, the fact that a company starts in Switzerland has more positive than negative implications, so it is a very good chance for entry into a stable market with access to the European markets in order to be stable, creative, and productive, it helps you to test your product or service in a multicultural environment. Thanks to the presence of a trained population, a well-established regulatory environment, and quick access to capital for enterprises, the country has a successful startup ecosystem.
Sweden is a unicorn factory in the industry as it is home to valuable industries across the world. There is a tiny domestic market in the world, which pushes start-ups and entrepreneurs to think internationally from the beginning and take them to high levels. Despite Stockholm, the capital city of Sweden, which is per capita the second most active technology center of the world after Silicon Valley, many consider that the Swedish economy is being powered by big companies. However, 99% of all companies in Sweden are small firms, currently hiring four out of five individuals.
Australia is in the Royal proclamation. There are also several islands in the world, particularly Tasmania. The area was settled by aboriginal people at least 40,000 years before the first British settlers in the 1700s. Australia ranks fifth when it comes to women entrepreneurship, one of the world’s most start-up-friendly countries. It was reported that either migrants or their children founded 57% of start-ups in the country and 20% of workers are foreign talent. Australia has achieved a well-built community, infrastructure, and regulatory system in terms of education. Australia has scored.
Opposition to the southern part of the Korean Peninsula South Korea, formally the Republic of Korea, is a region with a long tradition of violence in Eastern Asia. Freed from Japan at the conclusion of World War II in 1945, South Korea was occupied in North Korea a couple of years later by Communist Forces. South Korea has experienced rapid economic growth and is now the world’s 11th largest economy. In recent years, there has been an immense increase in the country’s technology start-up ecosystem. With the various investments of these start-ups, this is likely. In 2017, 2.38 trillion start-ups were spent, and by 2018 hit 3.42 trillion.
Singapore is the busiest metropolis in Southeast Asia and home to one of the world’s most busy ports, established as a British trading colony in the 19th century. On the eponymous capital island, the vast majority of its 5,7 million people remain, and the city-state is complete by hundreds of neighboring islands. The government encourages startups with large incentives and creative policies favorably. In addition, Singapore has an advanced ecosystem of entrepreneurs with multiple incubators and accelerators. More than 150 risk capital investors in the country are also responsible for the growth of these start-ups.
Various aspects contribute to an environment of diverse entrepreneurs. Firstly, government funding in the form of monetary benefits and other programs must be consistent. The next key consideration is unimpeded access to highly trained and eligible workers. The country’s position is also significant, as it can make foreign markets easier for companies to enter.
Alan Joseph
