The number of visas granted for overseas businesses to open a branch in the UK fell by 11% last year, a study shows.
Brexit could be affecting the desirability of this country as a destination, said law firm Collyer Bristow.
Its research found that the number of visas given to representatives of overseas firms wanting to open a business in this country fell from 140 to 125 last year.
James Badcock of Collyer Bristow, said: “The drop in overseas business visas granted could mean the UK misses out on large amounts of investment and tax revenue.
“More visas have been applied for year on year, but far fewer have been granted since the Brexit vote.
“The figures suggest the Home Office has clamped down on overseas business visas since the Brexit vote.
“Overseas business visas can serve a valuable function in attracting often high-profit businesses from other countries to the UK, and can help to encourage trade, investment, innovation and competition.
“However, the Government seems to be reluctant to promote the use of overseas business visas.”
Recommended for you
