How To Bring Finance and Banking Staff to the UK from Overseas

Employing Finance Staff in The UK From Overseas – An Overview

Bringing finance and banking staff from overseas to the UK is uncomplicated on paper. In simple terms, you must:

• Obtain a sponsor licence for workers, temporary workers or both
• Issue a Certificate of Sponsorship (CoS) to each employee you hire from overseas

In practice, the process can be exhaustive. To become a Home Office-approved sponsor, you must meet several legal requirements and obligations. Once approved, you must adhere to UK employment law and the requirements of the visas you sponsor. 

Our guide details the full process of applying to become a sponsor, sponsoring employees, legal obligations, finding the right visa, and outlining salary requirements ensuring everything you need to know to employ overseas workers in the finance and banking sector.

You must have a sponsor licence to hire an overseas worker who requires a visa to work in the UK. A sponsor licence is unnecessary to employ a British citizen, a worker who has pre-settled or settled status under the EU Settlement Scheme, or a worker with Indefinite Leave to Remain. 

How to Become a Home Office-Approved Sponsor?

To become a Home Office-approved sponsor, a business must demonstrate its ability to comply with immigration laws, maintain effective HR systems, and fulfil specific requirements set by UK Visas and Immigration (UKVI). These are:

• Ensure your business has a presence in the UK, evidenced by business registration with Companies House or other trading proofs.
• Prove genuine operations, ensuring you operate legally and provide genuine employment adhering to UKVI skill and salary requirements.
• Appoint an authorising officer, key contact, and Level 1 user to manage the sponsorship process.
• Gather documents such as business registration, financial records, and proof of business premises. Provide evidence of financial stability, such as audited accounts or bank statements.
• Establish HR systems for monitoring employees, including record-keeping, right-to-work checks, and reporting changes to UKVI.
• Ensure your organisation and key personnel have no unspent criminal convictions for immigration or other serious offences.
• Submit the online sponsor licence application form on the UKVI website, paying the relevant application fee for your business size
• Be prepared for a potential compliance visit from UKVI to verify your application and inspect HR systems.

What are the HR System requirements & inspections?

It is crucial to ensure that your business has the resources and infrastructure to support overseas finance workers and implement HR Systems to ensure that they are legally allowed to work in the UK. Your company will be inspected before you are granted a sponsor licence. The inspection will ensure you adhere to the procedures for managing overseas employees. You are required to:

• Maintain accurate records of sponsored employees, including personal details, employment history, and immigration status. Regular updates must be reported to the Home Office.
• Conduct right-to-work checks to confirm employees’ legal right to work in the UK. This includes verifying visa status and maintaining records of these checks.
• Report any significant changes in the employee’s circumstances, such as a change in job role or salary, and notify the Home Office if the employee leaves the company.

Sponsor Licence Fees

There are two types of sponsor licences available for UK employers:

• Worker Licence 
• Temporary Worker Licence

Companies may apply for one or both types of licences. The fees depend on the size of your business. 

You are classified as a small business if:

• Your turnover is £10.2 million or less
• Your total assets are under £5.1 million
• You have less than 50 employees

Worker Licence Fees:

• Small or Charitable Sponsors: £574
• Medium or Large Sponsors: £1,579

Temporary Worker Licence Fees:

• Small or Charitable Sponsors: £574
• Medium or Large Sponsors: £574

Combined Worker & Temporary Worker Licence Fees:

• Small or Charitable Sponsors: £574
• Medium or Large Sponsors: £1,579

Typically, temporary worker licences are popular if you are a company expanding to the UK as a branch or subsidiary of a parent company and want to post employees on temporary assignments to upskill and train your UK workforce. The cost of issuing a temporary worker Certificate of Sponsorship is lower than the worker licence. Applying for a combined licence is recommended if you intend to hire temporary and permanent workers. 

What happens when your sponsor licence is approved?

The decision process may take several weeks after your UKVI compliance visit. If approved, you will be given a sponsor licence, which you can use to issue Certificates of Sponsorship (CoS) to foreign workers. 

You must maintain compliance, including updating UKVI on any changes, conducting regular audits, and ensuring ongoing compliance with all relevant laws and regulations.

If you are not in breach of your sponsor licence, it will be valid for 10 years. The renewal process (after four years) was scrapped on April 7, 2024, and anyone applying after that will no longer need to renew their licence. 

Compliance with UK Employment Law

Once you are a Home Office-approved sponsor, you must still comply with UK employment law and meet the conditions of each visa you issue. 

When can you hire an overseas worker?

• You must have a valid sponsor licence and issue a Certificate of Sponsorship (CoS) to each overseas hire
• The role must meet skill and salary thresholds for the visa type 
• Your appointment must align with the immigration rules set by UKVI for the specific job role and visa
• Employers must ensure they have a genuine need for foreign talent
• Equal treatment of foreign workers is mandatory. You must maintain fair recruitment practices, equal pay and working conditions for foreign workers as British employees.
• Employers must comply with all employment laws, including conducting right-to-work checks

Preparation for Hiring Foreign Finance Staff

• Create detailed job descriptions that accurately reflect role responsibilities and required qualifications  to justify the need to hire
• Show how the position contributes to your business goals and fits within the organisational structure.
• Align job descriptions with UK immigration and employment laws
• Maintain comprehensive documentation to support the legitimacy of the roles and be ready for Home Office inspections.
• Perform background checks if needed

Perform Background Checks If Needed

When you decide to hire employees from overseas, and specifically in the finance & banking sector, you may need to perform background checks. The legal requirements for conducting these checks differ depending on the type of visa or permit the employee holds.

For example, if the worker is applying for a Skilled Worker Visa, they will likely need to provide a criminal record certificate from their home country they have lived in for more than 12 months.

Background checks are essential as they help employers ensure that your new employees do not have any criminal history that could pose a risk to your business. 

When carrying out the checks, you must ensure compliance with data protection laws such as GDPR and UK GDPR and obtain explicit consent from the candidates. It is also crucial to conduct them without discrimination and only focus on job-related criteria. 

The process can vary based on the type of security check; these include:

• Criminal record checks: When dealing with applicants from overseas companies, they can request an overseas police check through their embassy or high commission.
• Consider utilising third-party verification services: These services have expertise in global databases and can provide reports on history, employment and education.
• Employment and education verification: Contact past employers and educational institutions to help with verification. Be aware of varying data privacy laws.

Costs of Hiring an Overseas Employee in the UK

You must pay a Certificate of Sponsorship (CoS) fee for each overseas employee you hire under your sponsor licence. The costs depend on whether you grant a temporary worker or worker licence.

CoS Worker Licence 

Issuing a Certificate of Sponsorship for a Worker costs £525 per employee.

This is payable for worker licences, which include the Skilled Worker Visa and the Senior and Specialist Worker Visa (Global Business Mobility). 

You must also pay an Immigration Skills Charge:

• Small or Charitable Sponsors: £364 per employee per year; additional 6 months costs £182
• Medium or Large Sponsors: £500

CoS Temporary Worker Licence 

Issuing a Certificate of Sponsorship for a Temporary Worker costs £55 per employee.

• This licence can be issued to all other Global Business Mobility Visa applicants, not including the Senior and Specialist Worker Visa. 
• You will not have to pay the Immigration Skills Charge for temporary workers. 

Get Step-By-Step Support

At IAS our corporate immigration experts have supported thousands of UK business hire international talent. We can support you with advice and applications on:

• Sponsor licence applications
• Issuing Certificates of Sponsorship
• Salary thresholds for finance and banking staff from overseas
• Compliance with Immigration and Employment Law
• Immigration Routes
• UK Worker Visa Applications & Extensions

Consult with our expert immigration lawyers at IAS for a comprehensive package focussed on fulfilling your needs. Contact us at +44 (0)333 414 9244 to discuss your requirements or message us online.

Offering Competitive Salaries for Skilled Overseas Employees

UK employers hiring skilled finance and banking professionals from overseas must comply with salary regulations. 

• For a Skilled Worker Visa, the minimum salary is £41,700 or the standard going rate for the job they are doing (whichever is higher)
• For a Senior or Specialist Worker Visa, the minimum salary is £52,500 per year.

Adhering to these salary thresholds is essential for attracting top talent and ensuring compliance with immigration laws. It’s also important to consider national insurance contributions. As with employing UK-based staff, you will be required to deduct national insurance and deal with income tax on behalf of employees, as well as pay a minimum pension contribution of 3%.

Which Visa is Right for Overseas Employees in the Finance Sector

To bring finance and banking staff from overseas to the UK, you must choose the right visa or work permit for your workers. The most prevalent visas suitable for this field include:

Skilled Worker Visas

One of the primary permits for hiring foreign workers is the Skilled Worker Visa. It allows individuals with a job offer in a skilled role, such as a bank manager or accounting specialist, to come to the UK. It requires sponsorship from an employer.

To work overseas, applicants must meet specific eligibility criteria, including English language proficiency and have a job offer at an appropriate skill level. 

The minimum salary requirement for this route is the higher of the following:

• £41,700 per year 

or

• The ‘standard going rate’ for the specific job role.

You may not need to meet the ‘standard going rate’ if you are employing finance graduates. You may qualify for a Skilled Worker Visa with a salary below £41,700 or the job’s standard rate if:

• You’re under 26, studying, a recent graduate, or hold a relevant PhD, you can earn 70%-90% of the standard rate (at least £33,400)*

Standard Going-Rates for Financial & Banking Jobs under Skilled Worker Visa

Financial Managers and Directors

Bank Manager, Finance Director, Insurance Manager, Investment Banker, Treasury Manager

• Standard Going-Rate: £70,000 per year

Finance and Investment (Analysts & Advisers)

Credit Risk Analyst, Financial Adviser, Financial Consultant, Mortgage Adviser, Pensions Consultant

• Standard Going-Rate: £40,600 per year 

Taxation Experts

Investigator (HM Revenue and Customs), Tax Adviser, Tax Consultant, Tax Inspector, Tax Manager, Taxation Specialist

• Standard Going-Rate: £46,300 per year 

Management Consultants and Business Analysts

Business Adviser, Business Consultant, Business Continuity Manager, Digital Business Analyst, Financial Risk Analyst, Management Consultant

• Standard Going-Rate: £48,000 per year

Finance Officers

Finance Officer, Financial Officer (Local Government), Regional Finance Officer (PO)

• Standard Going-Rate: £30,960 per year

(Must meet the minimum requirement of £41,700 unless you are exempt*)

Financial Administrative Occupations

Cashier, Finance Administrator, Finance Assistant, Legal Cashier, Tax Assistant, Treasurer, Valuation Assistant

• Standard Going-Rate: £30,960 per year

(Must meet the minimum requirement of £41,700 unless you are exempt*)

Senior or Specialist Worker Visa

For more senior positions within the finance and bank sectors, companies might consider the Senior or Specialist Worker Visa. It is designed to attract highly skilled individuals who have been offered a senior position or possess specialised skills unavailable in the UK.

It caters to senior bankers, investment managers, accounting advisors and other leadership positions.

To qualify, you must:

• Be an existing employee of a Home Office-approved sponsor.
• Have a Certificate of Sponsorship from your employer detailing your UK role.
• Work in an eligible occupation.
• Earn at least £52,500 per year.

Finance Roles Eligible for Senior or Specialist Worker Visa

Chartered and Certified Accountants

• Roles: Accountant, Auditor, Chartered Accountant, Company Accountant, Cost Accountant, Financial Controller, Management Accountant

Taxation Experts

• Roles: Investigator (HM Revenue and Customs), Tax Adviser, Tax Consultant, Tax Inspector, Tax Manager, Taxation Specialist

Financial Managers and Directors

• Roles: Bank Manager, Finance Director, Insurance Manager, Investment Banker, Treasury Manager

Finance and Investment Analysts and Advisers

• Roles: Credit Risk Analyst, Financial Adviser, Financial Consultant, Mortgage Adviser, Pensions Consultant

Management Consultants and Business Analysts

• Roles: Business Adviser, Business Consultant, Business Continuity Manager, Digital Business Analyst, Financial Risk Analyst, Management Consultant

Actuaries, Economists, and Statisticians

• Roles: Actuarial Consultant, Actuary, Bioinformatician, Economist, Financial Engineer, Statistician, Statistical Analyst, Web Analyst

Business and Financial Project Management Professionals

• Roles: Chief Knowledge Officer, Contracts Manager (Security Services), Project Delivery Officer, Project Manager, Research Support Officer, Scrum Master, Work Package Manager (Professional)

Quality Assurance and Regulatory Professionals

• Roles: Compliance Manager, Financial Regulator, Quality Assurance Manager, Quality Manager

Help Bring Employee’s Dependants

In some cases, skilled workers brought to the UK from overseas may have dependents such as spouses, children, or elderly parents. Companies might consider the wellbeing of all family members when arranging for their employees’ relocation. They may require support with:

• Housing, and a suitable tenancy agreement
• Enrolling their children in schools or colleges.
• Accessing healthcare, like the NHS, dentists, and local GP services.
• Opening a UK bank account or other financial institutions like building societies.
• Obtaining a national insurance number.

It’s important for companies to understand that ensuring a smooth transition for employees and family members can contribute positively to employee retention rates and job performance.

Best Practices For UK Companies Hiring Finance and Banking Employees From Overseas

Cultural Competency

It is also crucial for a UK company to assess candidates’ cultural competency when bringing them into a new country. Understanding how well employees will integrate into the new workplace is vital for long-term success.

Open Dialogue

Creating open communication channels between management teams based in the UK and incoming finance & bank staff is crucial. 

A UK employer should establish clear lines of communication through regular meetings or video conferences where expectations are discussed openly.

This ensures that both parties understand work objectives while fostering strong working relationships despite geographical barriers.

Our Immigration Team Can Help Your Business

Bringing skilled professionals to fill critical jobs in UK banks can offer many benefits for UK businesses. Navigating the legal complexities involved in the process can be daunting.

IAS has extensive expertise guiding employers through international recruitment within these organisations. Our core services include:

• Evaluating your skills needs and recommending optimal immigration routes
• Securing sponsor licences and Certificates of Sponsorship
• Preparing the appropriate visa applications and work permits
• Ensuring compliance with all regulations
• Helping your new hires with visa extensions and settlement

Whether you need strategic advice on overseas hiring regulations or hands-on support completing all paperwork, rely on our immigration lawyers. Contact IAS today at +44 (0)333 414 9244. Our consultations aim to provide clarity so you can legally hire international talent.