A new “Fast-Track” Visa Scheme

In the midst of the current Covid-19 Pandemic, Chancellor Rishi Sunak has announced a potential ‘elite’ visa scheme to help start-up and rapidly growing technology sector source global mobility. 

Fintech and the post-Brexit immigration landscape 

The presence of the Fintech industry in the UK has reportedly estimated to be worth £11bn in revenue in 2019, up from £6.6bn in 2015, and it now accounts for around 8% of total financial services output. With London being home to one of the largest global fintech capital with firms such as Monzo, Cazoo and Revolut, the impact of the Post-Brexit immigration system is highly uncertain and offset. 

As requested by the Chancellor, the proposed Kalifa Review of UK Fintech highlighted potential recommendations to mitigate the potential detriment of the post-Brexit landscape, help create opportunity for skilled jobs across the UK, boost trade and extend the UK’s competitive edge over other international Fintech centres. The report highlighted that foreign talent represents 42% of UK fintech employees and that in order for UK to remain a global leader in Fintech, the position on immigration needs to be such which allow Fintech firms a solution and an initiative against costs, administrative burdens or inflexibilities.

What has Chancellor, Rishi Sunak, proposed? 

The new visa scheme is aimed to bring a controlled change into the immigration system. One which builds on existing visa schemes to deliver innovation, flexibility and resilience. The new visa fast track scheme would potentially give priority access to professionals across the technology sector to migrate to the UK. The targeted reforms are to encourage high-skilled workers such as researchers, engineers and scientists to come to the UK. The idea behind the new route is to allow start-ups and fast-growing Fintech companies to be able to migrate high skilled workers with a job offer from a recognised high-growth firm without the need for sponsorship or third-party endorsement. During the Budget 2021, Chancellor, Rishi Sunak announced, “radically simplified bureaucracy for high-skilled visa applications”, with quicker processes for entrepreneurs.

Over the years, the presence of the UK based fintech sector has fostered an entrepreneurial and business-friendly environment, introduced innovative products and services, increased global trade opportunities, has led the way globally in its policy and regulatory approach and has been home to talented global leaders. Deloitte Beyond COVID-19 report calls attention to operating considerations and unique challenges that need responding to. More specifically, the benefit of targeting gig economy workers. 

Working with NA Law solicitors  

A priority for the Fintech sector is access to talent, tech and innovative potential through collaboration, access to regulatory expertise and digital talent. NA Law solicitors understands the challenges and disruption. We aim to support you in your immigration matters so that you have access to the talent and skills you need without having to worry about the legal procedures.  


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