STEM BUSINESS MODEL BENEFIT WITH NEW VISA ROUTE PLAN
The UK Chancellor announced plans for a new visa route designed to attract talent to UK Fintech and STEM businesses. Here we explain what this means. How will this help companies attract global talent? The new rules announced by the Chancellor yesterday apply specifically to high-growth businesses in research, engineering, science and tech. The new visa route, which is described as an elite points-based route, will make it simpler for qualifying businesses to employ highly skilled workers from overseas as they will have less bureaucracy and paperwork to deal with. As part of the route, highly skilled migrants with a job offer from a recognised high-growth firm will qualify for a visa without the need for sponsorship or third-party endorsement. Further details on the elite points-based route are expected in July and the reforms are anticipated to be made through immigration rule changes and secondary legislation over the next year. Where are the shortages in global talent and will the