The UK’s Chancellor of the Exchequer Rishi Sunak has revealed the plan to introduce a fast-track UK visa to attract highly skilled foreign workers for its thriving FinTech companies. The new route will allow the UK companies to recruit the best candidates for the job worldwide. At present, there are 76,500 FinTech workers in the UK, and around 42% are migrants. Mr. Sunak, responsible for the country’s financial and treasury policies, believes there is a constant need for FinTech Skilled Workers to boost the economy.
The UK government will set out more details in July 2021, along with the process. As per the reports, the new visa scheme will launch in March 2022.
How does the UK FinTech visa work?
- Under the new migration scheme, the highly-skilled foreign workers with a job offer from a recognized UK company can apply for UK Immigration with a FinTech visa
- The UK company should be an innovative high-growth FinTech and Cyber companies for the fast track visa eligibility
- There is no need for any third-party endorsement or sponsorship.
- The new fast-track scale will be more straightforward and faster for FinTech firms to recruit professionals and innovators.
- This pathway essentially targets financial technology and cyber firms like Monzo, OakNorth and, Revolut, contributing billions of pounds to the UK’s economy.
UK FinTech Sector & Policies
- The sector has plenty of hubs in the cities such as Leeds, Manchester, London, Cardiff, Edinburgh, Belfast, and other places which contributed around £11 billion in 2019
- The UK has a 10% share of the global FinTech market, and the investment was around £2.9 billion.
- Scale-up companies have a yearly growth of 20% in the past three years, with ten workers at the inception.
- announced £126 million investment to strengthen traineeships and generate 40,000 new posts to help people back into the job market.
- The Department of Treasury also introduced a mortgage scheme that will help the buyers to pay just 5% deposits to purchase homes worth up to £600,000 and offer lenders the guarantee to give mortgages of the remaining 95%.
Understand and prepare for the new UK FinTech Visa in simple steps. For UK Permanent Residency Visa queries, you can reach us @ 8595338595 or at [email protected] for free immigration counseling.