Scale-up Visa Route
The Home Office released a new UK Innovation Strategy on May 24 outlining High Potential Individual and Scale-up visa streams set to be introduced in 2022. The paper gives details on the plans to reform the immigration system post Brexit.
What are they?
These new visas are designed to attract elite talent and foster innovation in the UK economy via global businesses.
A way to promote innovation includes Scale-Up visa- a single sponsored Global Business Mobility visa and renewing the current Innovator visa route.
The new proposed Innovation strategy is based on four key grounds:
- Expanding businesses- providing the grounds for businesses to innovate
- People- transform the UK into a global hub for innovation and elite talent
- Institutions and places- allow institutions to serve businesses by ensuring research
- Missions and technologies- become a driving force for key technologies in order to stimulate innovation
The paper outlines the Government acknowledges the call for diverse and domestic global talent.
The Scale-Up Route
The new Scale-Up visa is aimed to allow talented individuals holding a highly skilled job offer from a qualifying scale-up to come to the UK.
Individuals in this position will qualify to extend their visa as well as settle in the UK.
‘Scale-up’ refers to a business with an annual average revenue of more than 20% over a 3-year period. The business must also have at least 10 employees at the start of the 3-year period.
How to apply?
The Scale-Ups will be able to apply via a fast-track verification process after confirming the annual employment growth and number of employees.
The policy paper on the new Innovation Strategy outlines further discussion on whether individuals can qualify for the scale-up visa route on the basis that they can demonstrate an expectation of strong growth.
The new route will enable individuals to work and or switch employers.
