(Bloomberg) -- Graduates of top global universities will no longer need a job offer in order to secure a visa to work in the U.K., under a government plan to boost innovation.

The new route for “internationally mobile individuals” will also allow beneficiaries to extend their visas and settle in the U.K., subject to meeting certain requirements.

The move is part of a wider plan to overhaul rules and regulations facing industry as the government seeks to increase the country’s competitiveness after Brexit in everything from financial services to technology.

The Department for Business, Energy & Industrial Strategy published the strategy on Thursday. Rapidly growing companies will also be given a new fast-track process to bring in highly skilled staff from overseas. The government is also reviewing an existing program to make it easier for innovative or venture-backed entrepreneurs to establish firms in the U.K.

The “primary objective is to boost private sector investment across the whole of the U.K., creating the right conditions for all businesses to innovate and giving them the confidence to do so,” Kwasi Kwarteng, the secretary of state for business, said in the report.

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