The scale-up visa will propel high-growth companies
The UK’s top growth companies will have more flexibility and power to attract the world’s best talent with the new scale-up visa, the government announced today (22 August).
UK companies with impressive track records are eligible to sponsor talented individuals, from scientists and engineers to architects and programmers, to support their growth and help boost the UK economy.
Unlike other sponsored visas, the scale-up visa allows companies to hire highly qualified individuals who are granted 2 years leave to remain in the UK without the need for any further sponsorship or approvals beyond the first 6 months.
This will further improve the government’s overall offer to companies through the points-based immigration system to hire eligible employees from anywhere in the world. The scale-up visa gives them more flexibility to hire the highly sought-after talent they need to take them to the next level, while strengthening the pool of highly skilled professionals in the UK.
Kevin Foster, Minister for Safe and Legal Migration said:
Fast growing businesses like small businesses, technology and financial services providers need the right level of support to get to the next level. Through our scale-up visa, we enable companies to focus on their growth and innovation, giving them more freedom to bring in the diverse skills and experiences they need and making them more attractive internationally.
By supporting our high-growth technology, financial services and small businesses, we ensure the UK remains a global hub for new technology and innovation, while boosting productivity across the economy – and creating jobs, growth and prosperity across the UK.
Irene Graham OBE, CEO of the ScaleUp Institute said:
The ScaleUp Institute welcomes the introduction of the Scale-Up Visa. This is something we have been recommending since our inception and should provide a much needed fast track service so local growth companies can access the talent they need faster.
Bringing over £1 trillion a year and more than 3 million jobs to the UK economy, scale-ups have a presence in every community, hiring local and international people whilst driving growth in their local areas and beyond .
The visa should help with the qualification requirements. We look forward to continuing to work with the government as this service evolves to ensure it fully meets the needs of scaling businesses and operates effectively.
Scaling is an important phase for high-growth companies to continue growing and increase their international competitiveness. By bringing in-demand expertise and skills, companies can increase innovation and productivity, and in turn continue to contribute to the UK economy.
Companies, including small businesses and companies in the technology and financial services sectors, that have achieved at least 3 years of 20% or more year-on-year employment or revenue growth and have at least 10 employees starting the 3 years are eligible to recruit talented individuals through the Scale -up visa to sponsor.
Eligible companies can attract highly qualified talent, including:
- software developer
- Research and development professionals
- Financial and Investment Advisor