Introduction
London has long been a global hub for investment banking, attracting talent from all corners of the world. As the industry evolves and diversifies, understanding the types of visas available for prospective employees becomes paramount for firms seeking international expertise. This article outlines some of the key visa options available in the UK, including the Tier 2 General Visa and the Youth Mobility Scheme, aimed at easing the movement of skilled workers into the country's vibrant financial sector.
Tier 2 General Visa
The Tier 2 General Visa is the most commonly used route for skilled workers from outside the European Economic Area (EEA) and Switzerland to enter the UK job market. This visa category requires sponsorship from a UK-based employer who holds a Tier 2 Sponsor Licence. It is an essential tool for London-based investment banks looking to hire specialized international talent for roles that cannot be filled by resident workers.
Tier 5 Youth Mobility Scheme
The Tier 5 Youth Mobility Scheme is not specifically designed for investment banking but offers a unique opportunity for young professionals to gain experience in London's financial market. This visa allows individuals aged 18-30 from participating countries—including Australia, Canada, Japan, Monaco, New Zealand, Hong Kong, Republic of Korea, and Taiwan—to live and work in the UK for up to two years. While on this visa, candidates can explore various roles and sectors, including investment banking.
Graduate Route
The Graduate Route offers an avenue for international students who have completed their higher education in the UK to work, seek employment, or start a business. The visa is valid for 2 years for undergraduate and master's degree students and 3 years for doctoral students. The Graduate Route is an excellent opportunity for newly minted graduates to enter the London investment banking arena, as it doesn't require sponsorship from an employer.
Ancestry Visa
Individuals from Commonwealth countries who have a grandparent born in the UK may be eligible for an Ancestry Visa. While not exclusively geared towards the financial sector, this visa allows for a stay of up to five years and the freedom to work in any sector, providing another route for qualified professionals to enter the investment banking industry in London.
Intra-Company Transfers
Investment banking is a global industry, and many firms have offices worldwide. The Intra-Company Transfer Visa allows employees of multinational companies to be transferred to a UK branch. This visa is especially useful for investment banks headquartered outside the UK but have a significant presence in London.
Investor Visa
Though this option is less common, high-net-worth individuals from outside the EEA and Switzerland can apply for an Investor Visa by investing £2 million or more in the UK. While this is generally for people looking to manage their investments, it could serve as a less traditional entry into London's investment banking world for those with the necessary resources.
Conclusion
London's position as a global financial centre makes it a magnet for international investment banking talent. Various visa options, from the widely-used Tier 2 General Visa to the flexible Youth Mobility Scheme and the new Graduate Route, can help facilitate the flow of skilled professionals into the UK. By understanding the visa landscape, London-based investment banks can widen their talent pool and enrich the diversity and skill sets within their teams, contributing to the city's ongoing leadership in the global financial arena.
How can Circle Square help?
With a long-established track record and network in the investment banking, PE, VC and Corporate Development space, Circle Square has developed a solid knowledge of the visa process and connections that can support clients with obtaining visas for their candidates.
