Earlier this month, the Chancellor, Rishi Sunak launched a new visa scheme to attract the tech industries most talented to the UK. It was announced that the government would fast track visa applications for people who were highly recognised without the need for endorsements or sponsorship, naming it the new “Global Business Mobility” visa.
This simplification of the rules has been a result of consistent lobbying by the tech industry and the change has been welcomed by the industry hailing it as a golden opportunity for fintech start ups particularly.
The finer details of the requirements for this new category are yet to be announced but in essence there appears to be resemblance to the previous Highly Skilled visa scheme that existed previously in the UK, when applicants could score points based on qualifications and other criteria.
The current innovator scheme is also under review due to the lack of transparency in costs charged by endorsing bodies with more calls being made as to who is permitted to become an endorsing body.
Since Brexit, any company whether Fintech or other who wishes to serve EU clients would have to open a hub in the bloc. This is an expensive option for any start up so the UK’s announcement is to encourage companies to remain in the UK in an effort to bolster the technology sector.