How Can Indians Enter Into The World’s Most Competitive Economy?
Migrants are the economic lifeblood of failing countries, adding new energies and innovations. They help rebuild and recover a nation after any devastating economic events, including world wars and now pandemic. Realising that migration has the potential to deliver significant economic benefits and strengthen contacts in international markets and local networks through new language skills and cultural awareness, eventually helping in expansion into new markets, the UK has streamlined its economic immigration policies and subsequently attracting more and more economic migrant.
An individual who relocates from one country to another in search of a better quality of life because the individual’s home region’s living conditions or work prospects are inadequate is referred to as an economic migrant.
The UK has been regarded as the real land of opportunity where hard work is always recognised and rewarded. It provides plenty of fertile ground for its economic migrants to thrive. Being said that, India is the UK’s biggest talent partner. According to Tech Nation Visa report 2020, India is the top country from which exceptional talent has come into the UK. Among highly talented Indians, the UK is regarded as the centre of research, development, and innovation. Embedded into a culture of growth, advancement, opportunities and diversity, the UK offers an environment where people can realise their aspirations and become the best version of themselves.
Much has been said about India and the UK’s “unique bond”, so how can Indians enter into the world’s most competitive economy?
GLOBAL TALENT VISA
The Global Talent visa is a very unique and special immigration route designed for technology experts and researchers/academicians. This allows technologists and research scholars to live and work in the UK flexibly with fewer restrictions than other immigration categories. Benefits include;
- Change roles and employing organisations without seeking permission from the Home Office
- Start your own business, form a spin-off firm, and supplement income with consulting or other works that may or may not be related to your profession in which you were endorsed
- Choose the length of the visa, initially up to five years, with the option to renew multiple times.
- Considerable advantages for you as an individual and any close family member wishing to establish a long-term connection to the UK.
- A fast-track to settlement after three years for you and your family.
- This is the only visa route that provides the fastest and economical settlement
An Innovator visa is for people who want to set up or run a business in the UK (not to join a company as an employee), and an approved body has endorsed their business or business idea. To be eligible for this visa, individuals must have an endorsed business idea, their business idea must be new, innovative and viable, and they must have at least £50,000 in investment funds. Benefits.
- Set up a business or several businesses
- Work for your business – this includes being employed as a director or self-employed as a member of a business partnership
- Bring your partner and children with you as your ‘dependants’
- Travel abroad and return to the UK
- Apply ‘Indefinite Leave to Remain’ (ILR) or permanent residency in the UK within three years
- There’s no limit on the number of times you can extend your visa.
A startup visa is for individuals who have a new, innovative and viable business idea. The idea has been approved by an authorised body, which is either a UK higher education institution or a business organisation with a track record in assisting UK entrepreneurs. Startup visa holders can stay in the UK for a period of two years. This visa cannot be extended. If you start a company when on a Startup visa, you can change to an Innovator visa.
Individuals can apply for a Tier 1 (Investor) visa if they invest £2,000,000 or more in the UK. Under this visa, individuals can work or study and apply to settle within five years if they invested £2 million, three years if the investment is £5 million, two years if they invested £10 million.
SKILLED WORKER/POINT BASED SYSTEM
Under this points-based immigration scheme, anyone moving to the UK for employment must fulfil a specific set of conditions for which they can receive points. Those that accumulate enough points are then granted visas. Employers must obtain a sponsor licence in order to recruit qualifying workers from outside the UK. Employees who meet the government’s specific requirements and earn a total of 70 points are considered ‘eligible’; There are some examples.
- 20 points: a job offer from a licensed employer
- 20 points: meeting skill level (RQF 3 or above, equivalent to A-level)
- 10 points: being able to communicate in English to a certain level
- 10 points: a salary of at least £25,600
- 20 points: employment in a shortage occupation list
- 10 or 20 points: a PhD in a field related to the work (bonus points if it is in STEM)
Any international student who has completed an approved course at a UK university is eligible to continue to stay for up to two years or three years. Graduates can use the opportunity to gain longer-term sponsorship through skilled worker route or any above mentioned routes.
Upcoming: ELITE ROUTE
A new ‘elite’ visa is expected to be introduced in spring 2022. There is currently no information about who will be eligible for the pathway, but it is expected to enable highly qualified migrants in ‘scale up’ industries such as fintech to obtain fast-track access to a visa with no funding or third-party endorsement.
In summary the UK is accelerating the internationalization of UK companies, products and services by simplifying its economic immigration policies and attracting the best minds globally, including India. This sets the nation for growth and positions the country as the hotbed of innovation. Despite the pandemic and its unprecedented challenges the United Kingdom has seen world-leading growth and has proved to be a natural home for many scaling businesses, ranging from startups to multi-national organisations. It’s therefore considered to be a perfect time to join the nation as a founder or employee.
By: Gayatri Panda
Gayatri is an award-winning Human Resource professional with extensive experience in Employment Law and Data and Technology Regulations across Information Technology, Data Science and Analytics, Semiconductor/Electronics, Design Engineering, Technology Consulting, and Professional Services industries.