Visa Applicants in Limbo with Closure of Tech Nation
The end of March will see the closure of Tech Nation when the government cut its financing and allocated the £12 million to Barclays Bank.
On March 31, the start-up network, which has operations all around the nation, will permanently close. The coalition government founded Tech Nation in 2010, and it currently employs about 100 individuals.
How have tech startups reacted to the Closure?
Tech startups in the UK reacted negatively to reports that Tech Nation was about to lose out to Barclays in September 2022. More than 140 members of the IT community signed an open letter urging government-backed assistance to be “based in the startup environment” and “not looking to piggyback on its coattails.”
Tech Nation has backed businesses that have grown to be household names through its growth programmes.
Many people are in a limbo as a result of Tech Nation’s involvement in managing the global talent visa coming to an end. The link that is required between endorsement and application is one of the primary challenges for people who are applying now or who are in the UK on a global talent visa.
What should I do before I submit my application?
In brief, before you submit your application, you must receive endorsement from a Home Office-approved endorsing group (as Tech Nation was). You can read more about applying for a global talent visa here. After getting your recommendation, you have three months to submit your application. It’s unclear whether people will be left hanging after applying for a visa or an endorsement but receiving no response before Tech Nation closes its doors in March.
Uncertainty reigns for individuals in the tech sector who want to expand their businesses in the UK. Since it is not yet obvious who will take over the global talent visa endorsement in the tech industry, it is unlikely that enterprises will develop to their full potential in the UK by 2023. It’s possible that applications may stop until the uncertainty passes. This implies that the Home Office may not issue new visas for some time. Perhaps there is still plenty of time for enterprises to expand elsewhere.
It’s unclear what will happen with the global talent visa for the tech industry or how the move will affect the UK’s economy and tech sector.
Why is the goverment giving to Barclays Bank instead?
Giving the money to Barclays Bank rather than Tech Nation may be a sign that the government is shifting its focus away from tech talent development and towards fintech in the future.
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For more information contact Evellyn Geemon on 0207 427 5293. Evellyn works with Taylor Hampton as a Paralegal.