Minister for Safe and Legal Migration Kevin Foster said rapidly growing businesses, like small enterprises, tech and financial services, need the right level of support to go to the next level.
“Through our Scale-up visa, we’re enabling businesses to focus on their growth and innovation by giving them more freedom to bring in the diverse skills and experience they need, making them more attractive on an international stage,” he said.
“By supporting our high-growth tech, financial services and small businesses, we are ensuring the UK remains a global hub for emerging technologies and innovation while enhancing productivity across the economy – creating jobs, growth and prosperity across Britain.”
The UK’s top high-growth businesses will have greater flexibility and power to entice the world’s top talent through the new visa.
UK businesses experiencing impressive success will be eligible to sponsor talented individuals, from scientists and engineers to architects and programmers, to support their growth and contribute to boosting the UK’s economy.
Unlike other sponsored visas, the Scale-up visa allows businesses to employ high-skilled individuals who will receive two years’ leave to remain in the UK without requiring further sponsorship or permission beyond the first six months.
This will further enhance the government’s overall offer to businesses through the points-based immigration system to hire eligible employees from anywhere in the world. The Scale-up visa will give them greater flexibility to hire, often in-demand, talent they need so they can go to the next level, while boosting the UK’s high-skilled pool.
Irene Graham OBE, chief executive of the ScaleUp Institute said scale-ups add over £1 trillion a year and more than 3 million jobs to the UK economy, and are present in every community, hiring people from at home and abroad, as they drive growth into their local areas and beyond.
“The visa should help with the skills demands. We look forward to continuing to work with the government as this service evolves to ensure it fully addresses scaling business needs and works effectively,” she said.
“Scaling up is an important phase for high-growth businesses to continue growing and drive their international competitiveness. By bringing in sought-after expertise and skills, enterprises can boost their innovation and productivity and in turn keep contributing to the UK’s economy.”
Companies, including small businesses and those in the tech and financial services sectors, that have achieved growth of 20 per cent or more in either employment or turnover year-on-year for at least three years and employed a minimum of 10 people at the start of the three years will be eligible to sponsor talented individuals through the Scale-up visa.
