The Australian government is to launch an entrepreneurs visa pilot scheme in South Australia.
Under this initiative, foreign entrepreneurs and investors with an innovative idea and a supporting business plan will be able to apply for a temporary visa to take forward their venture in Australia.
Applicants will not need capital backing, unlike the current Entrepreneur Visa which requires demonstrated funding of at least AUS$200,000. Instead, an applicant’s proposal will be vetted by State or Federal Government entities, with these entities able to partner with incubators and accelerators to identify potential applicants for nomination.
Entrepreneurs who are successful in establishing their business venture in Australia will become eligible to apply for permanent residence.
“The Turnbull Government is focussed on increasing job opportunities and standards of living for Australians and we are doing this by fostering business growth and investment in Australia,” said Peter Dutton, Australia’s Minister for Immigration and Border Protection. “Encouraging seed-stage entrepreneurs to take forward innovative ideas in Australia will assist in growing the jobs of the future.”
The new visa arrangements that allow State Governments to partner with business incubators in attracting foreign entrepreneurs will be piloted in South Australia later this year, before a national rollout in 2019.
Article published 6th March 2018