NEW UK VISA PROGRAMS ANNOUNCED THAT ARE DUE TO BE LAUNCHED IN 2022
New UK visa programs announced that are due to be launched in 2022. These include Scale-Up visa, High Potential Individual visa & Global Business Mobility visa.
The UK Government has shut down the Tier 1 Investor visa program at short notice and with an instant effect. Whilst there had been rumors and reports of closing the program a few years ago and the general agreement being that a review of the rules would very much be welcomed, the unexpected end has come as a surprise to us and those who would seek to apply.
New UK visa programs announced that are due to be launched in 2022. These include Scale-Up visa, High Potential Individual visa & Global Business Mobility visa. This is what we know of the new UK Immigration programs so far.
UK SCALE – UP VISA PROGRAM
This UK Scale-Up visa program has been designed for talented individuals who pass the English language proficiency requirement and have received a high-skilled job offer from a qualified, scale-up business. The minimum salary requirement will be £33,000.
UK Scale-Up visa program businesses will be able to apply to use this program through a fast-track verification process if they can show:
A yearly average income or employment growth rate over a 3-year period greater than 20%; and
A minimum of 10 workers at the start of this three-year period.
The UK Scale-Up visa program is expected to permit individuals to extend their visa, switch jobs/employers, and will possibly be a path leading to a settlement in the UK (provided the required eligibility requirements are met). It is also set to be a better program to the Skilled Worker category given that employers should not need a sponsor license.
UK HIGH POTENTIAL INDIVIDUAL PROGRAM
This program will be open to individuals who have graduated from a top worldwide university, are highly skilled , and academically exclusive, with the purpose of contributing positively to the UK economy.
Those applying will not need to require a job offer in the UK and the program is anticipated to offer a pathway to settlement.
UK GLOBAL BUSINESS MOBILITY PROGRAM
The UK Global Business Mobility program will let a streamlined process for abroad entities to transfer their staff to the UK. The concept is that the Intra Company Transfer (ICT) visa and other business mobility paths (such as the UK Sole Representative visa program) will be combined into one program.
We know that this program will be offered to both overseas businesses with a branch or subsidiary in the UK and to overseas businesses without a presence in the UK.
Overseas businesses with a branch or subsidiary in the UK will be able to sponsor:
individuals with specialist skillsets benefit the UK entity;
senior executives who need to be transferred to their UK entity; and
Businesses without a presence in the UK will be able to sponsor:
senior and specialist employees assigned in connection with expanding the business to the UK;
individuals seconded to the UK; and
service suppliers (as part of a UK trade agreement)
The precise requirements are yet to be declared, nevertheless, the key requirements are likely to be similar to the principles of the current global mobility routes, in that:
those with a UK entity will need to sponsor overseas employees;
jobs would need to meet the appropriate skill and salary thresholds; and
applicants must already be employed by the business
The foremost benefits of this program compared to the existing UKICT and UK Sole Representative program, will be:
the ability of overseas businesses with no UK entity to send more than one member to the UK, which is now capped at only one individual under the UK Sole Representative route; and
a lower salary threshold of £20,480 for those coming to the UK for graduate trainees, this at present being £23,000 or 70% of the going rate of the job
WHAT ARE THE ALTERNATIVES FOR THE UK TIER 1 INVESTOR VISA?
The most suitable alternatives for high-net-worth individuals and families include:
UK Innovator visa: Available to migrants planning to launch a new innovative business in the UK that delivers new products or services to the market. This program grants a three-year visa which can be extended for another three years.
UK Overseas Business visa: The Representatives of an Overseas Business visa is designed primarily to allow senior executives and managers of an overseas company to enter the UK to set up the company's first UK office, branch, or subsidiary.
UK Start-up visa: The UK Start-up visa is for new entrepreneurs who want to set up a new business in the UK for the first time. A big drawcard of this visa is that you do not need to be a graduate or have secured any initial funding to apply. You must, however, have an innovative, viable, and scalable business idea that has been approved by an endorsing body.
TAKE ACTION TODAY
For more information about the UK Immigrant Investor Programs, or if you have a question about the closure of the investor visa, or the immigration options to invest in UK-based enterprises, or for expert advice and assistance if you were previously considering a Tier 1 Investor visa application, extending your leave or applying for settlement as a Tier 1 Investor please contact our office.
Fill out our Free Assessment to find out if you qualify for any of the business immigration programs offered.