It has been reported that the new Tech Visa will likely be sponsored by Tech Nation, the accelerator that promotes the growth of the tech sector in the UK. Tech Nation currently act as an Endorsing Body for the Global Talent visa scheme.
The threshold set for endorsement by Tech Nation for the Global Talent visa is as follows:
- You have proven technical expertise with the latest technologies in building, using, deploying, or exploiting a technology stack, and building technical infrastructure if you are a technical applicant;
- You have proven commercial investment or product expertise in building digital products or leading investments in significant digital product businesses if you are a business applicant;
- You have been recognised as a leading talent in the digital technology sector (where applying under the Exceptional Talent category);
- You have been recognised as having the potential to become a leading talent in the digital technology field (where applying under the Exceptional Promise category).
It is unclear what the threshold and requirements for the new “Tech Visa” will be. We anticipate that the scheme will broaden the eligibility requirements from those currently set for the Global Talent scheme so as to attract a wider range of talent working with the FinTech sector and not just those deemed to be leaders in their field. This would help the UK achieve its stated objective of consolidating its position as a FinTech “powerhouse” by attracting not only world-leading talent but also much needed skilled manpower.
While details of the scheme have yet to be released, it is possible that the Tech Visa scheme will operate as a fast-track subcategory under the Global Talent route, allowing those individuals who have been offered specific roles within the FinTech sector to be eligible for the visa. We expect further details of the scheme to be announced by the Chancellor when he delivers his budget on 3 March 2021. It is not the first time that the tech sector has become an area of focus for immigration policy-makers in the UK.
The UK’s work permit scheme (i.e. the Skilled Worker visa) incentivises sponsor employers by reducing the minimum salary threshold to 80% of the going rate for the occupation or £20,480 per year (whichever is higher) for sponsored workers who have a PhD in a STEM subject (i.e. Science, Technology, Engineering or Mathematics).
In the global race to attract talent, America appears to be lagging behind after Trump suspended the H1-B visa in 2020. China may be catching up through its post-pandemic economic recovery and the introduction of the R Visa in 2018, although its endorsement criteria is ambiguous and varies from province to province.
The UK, with the existing Global Talent and new Tech Visa schemes, may soon be leading the way with respect to becoming the most welcoming country for tech workers.
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The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please don’t hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.
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