The United Kingdom’s economy is not only highly developed, but also market-orientated. Presently it is ranked the sixth largest national economy in global rankings on basis of GDP. In terms of Purchasing Power Parity (PPP), it’s considered the ninth largest. It attracts business & investor migrants who enter the UK on Tier 1 Investor, as Sole representatives of overseas business or representatives of media houses, or on Tier 2 General visas. The city of London, which is also known as the financial hub of UK, is also host to Tier 1 Entrepreneurs, Innovator visa holders and Start up visa aspirants.
Brexit, the withdrawal and formal exit of the United Kingdom from the European Union took place on 31st January 2020. The transition period, also known as the implementation period has immediately begun and is due to end on 31st Dec 2020.
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UK will be introducing an Immigration Bill to bring in a firm and fair points-based system, attracting the high-skilled workers who will be contributing to UK’s economy, communities and the public services. UK is now intending to create a high wage, high-skill and a high productivity economy. Initiatives are also being brought forward for scientists, graduates, NHS workers and those in the agricultural sector, providing businesses with additional flexibility in the shorter term.
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Moving forward, from 1st of January 2021, UK will be introducing its Points Based Immigration System. The EU and the non-EU citizens will be treated equally and top priority would be given to those with the highest skills and the greatest talents – the scientists, engineers, academics and other highly-skilled workers. This new immigration regime would be more accessible to students and professionals with a background in STEM – Science, Technology, Engineering and Mathematics.
Read Go Global – UK Work Visas : Points Based System
The Migration Advisory Committee (MAC) published its reports and recommendations on salary thresholds, reducing the minimum salary requirement to £25,600 from the current £30,000 p.a. while comparing to the specific salary threshold for that job code, also known as the ‘going rate’. The applicants will be able to trade characteristics such as their specific job offer and qualifications against a lower salary. Different arrangements for a small number of occupations where the salary threshold will be based on published pay scales will continue to exist. Requirements for the new entrants will be set to determine whether the salary threshold is met. The cap on the number of people who can come on the skilled worker route and the resident labour market test will be suspended. All applicants will need to demonstrate that they have a job offer from an approved sponsor which is at the required skill level and that they speak English. UK will be creating a broader unsponsored route within the points-based system to run alongside the employer-led system allowing a smaller number of the most highly-skilled workers to come to the UK without a job offer. Ending the free movement, a route for lower-skilled workers will not be implemented.
These are some of the important changes that signal the fact that UK is open for business, ensuring that a wide pool of skilled workers will be able to come to the UK from anywhere in the world and that the process will be made simpler and quicker for employers.
If you are considering entering the UK as Tier 1 Investor, or as Sole representatives of overseas business or representatives of media houses, or on Tier 2 General visas or Innovator, Start Up visa – UK Immigration experts can help.