“Scale-up” visa This will be for migrants “with a high skilled job offer from a qualifying “scale-up” at the required salary level”.
A scale-up is a business that can -
- demonstrate an annual average revenue or employment growth rate over a three-year period greater than 20%, and a minimum of 10 employees at the start of the three-year period.
- The strategy also promises to fix the Innovator route for entrepreneurs, which has been on the rocks practically since day one. The UK government is claiming to have reviewed the Innovator route to build a competitive offer. This includes a “fast-track, lighter touch endorsement process” than at present.
Some of the existing Innovator criteria will be scrapped altogether.
- Applicants will no longer be required to have at least £50,000 in investment funds.
- Applicants will only need to show that their business “has a high potential to grow and add value to the UK and is innovative”. This appears to be a lower bar than under the existing rules, which requires growth into international markets, rather than just the UK.