The scheme is designed by Home Secretary, Sajid Javid, following advice from the Migration Advisory Committee and tech industry professionals. The “start-up visa” promises a faster process for entrepreneurs coming to the UK.
Unlike the Tier 1 Entrepreneur Visa currently in place, the new visa route promises to appeal to a larger audience and therefore a wider variety of talent. Applicants can either be endorsed by their university or by a business sponsor, including accelerators. The move comes as a deplorably low number of candidates were approved for a Tier 1 Entrepreneur Visa in the year ending March 2018. While the visa cap currently sits at 2,000, only 839 candidates were successful.
The new “start-up visa” promises more flexibility and a higher acceptance rate for the exceptionally talented and business-savvy. It also directly addresses the potential skills shortage the technology sector faces in the plight of Brexit.
Sajid Javid said in The Independent: “The UK can be proud that we are a leading nation when it comes to tech and innovation, but we want to do more to attract businesses to the UK and our migration system plays a key part in that.
“That’s why I am pleased to announce a new visa for people wanting to start a business in the UK. This will help to ensure we continue to attract the best global talent and maintain the UK’s position as a world-leading destination for innovation and entrepreneurs.”