Scaleup businesses have been given greater flexibility to attract the world’s top talent through a new scaleup visa announced by the Government.

The new Scaleup visa, announced this week, will mean fast-growing UK businesses can sponsor top talent such as scientists, engineers and programmers to contribute to their business growth while helping to expand the UK economy.

The new visa will mean businesses can employ such individuals for two years and they will be allowed to remain in the UK during this period without requiring sponsorship or permission beyond an initial six months.

Companies which have achieved growth of 20 per cent or more in either employment or turnover year-on-year for at least three years and employed a minimum of 10 people at the start of the three years will be eligible for the scheme.

Kevin Foster, minister for safe and legal migration, said: “Rapidly growing businesses, like small enterprises, tech and financial services, need the right level of support to go to the next level.

“Through our Scaleup visa, we’re enabling businesses to focus on their growth and innovation by giving them more freedom to bring in the diverse skills and experience they need, making them more attractive on an international stage.

“By supporting our high-growth tech, financial services and small businesses, we are ensuring the UK remains a global hub for emerging technologies and innovation while enhancing productivity across the economy – creating jobs, growth and prosperity across Britain.”

Irene Graham OBE, CEO of the ScaleUp Institute said: “The ScaleUp Institute welcomes the launch of the Scaleup visa. This is something we have recommended since our inception and should provide a much-needed fast track service to enable local growth companies to access the talent they need more quickly.

“Scaleups add over £1 trillion a year and more than three million jobs to the UK economy, and are present in every community, hiring people from at home and abroad, as they drive growth into their local areas and beyond.

“The visa should help with the skills demands. We look forward to continuing to work with the government as this service evolves to ensure it fully addresses scaling business needs and works effectively.”

Full information about the Scaleup visa including eligibility is available here.