UK government will reimburse visa fees for fast-growing companies hiring overseas talent, in a move aimed at strengthening the country’s appeal to global tech and innovation firms, according to a statement issued Tuesday by the Department for Business and Trade, as cited by Bloomberg. The scheme targets scale-up businesses in sectors such as digital technology, life sciences and clean energy.
Visa fee refund plan for scale-ups
Under the plan, eligible companies will be able to recover visa application costs paid for foreign employees. The fees currently range between £819 ($1,093) and £1,865 per worker. The reimbursement mechanism is part of a wider effort to ease hiring costs for firms expanding their workforce through international recruitment.
The government will also accelerate approvals for UK “Expansion Worker” sponsor licences, which allow overseas companies to send staff to Britain to set up operations. Processing time for such licences will be reduced to about 10 days from several weeks, the Department for Business and Trade said.
Policy push to boost investment
The measures come as the Labour government seeks to strengthen Britain’s position as a business destination amid criticism that recent immigration and tax policy changes have affected investor sentiment and job creation. As per Bloomberg report, officials said the policy is offered to support high-growth firms and improve access to global talent, finance and business networks.
The immigration fee refunds will be issued on a first-come, first-served basis, a DBT spokesperson told Bloomberg. A cap of £5,000 per employee and £25,000 per firm annually will apply, with funding drawn from existing departmental budgets.
The government will also establish a “concierge service” for leading scale-up companies to help them access available support. A separate “pipeline pilot” initiative will connect high-growth firms with investors, lenders and skilled professionals through a structured platform.
Business Secretary Peter Kyle said the policy is aimed at helping firms scale in the UK, while Chancellor Rachel Reeves said, “We are backing the UK’s most ambitious firms to start, scale, and stay here – with the finance, talent and support they need to succeed,” as part of the announcement.
(With Bloomberg inputs)
