On 4 March, 2018, the federal government has agreed to pilot a new visa in South Australia (SA) aimed at increasing business growth and investment.

The temporary start-up visa will be offered to those who are nominated by a state or the commonwealth to take forward an innovative idea with a supporting business plan. The new visa is in line with the findings of the 2017 review of the business, investment and talent visa program.

Under the proposed initiative, new visa arrangements that allow state Governments to partner with business incubators in attracting foreign entrepreneurs to Australia would be piloted in South Australia, before a national rollout in 2019.

Under the proposed 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.

“The opportunity this pilot visa provides to encourage people with innovative ideas to pursue their business development plans in South Australia aligns with our strong plan to create more jobs.”

“These arrangements will also encourage more investment in those sectors of South Australia economy with the greatest capacity to grow, including advanced manufacturing and defense technology.

Entrepreneurs who are successful in establishing their business venture in Australia will then become eligible to apply for permanent residence.

“Encouraging seed-stage entrepreneurs to take forward innovative ideas in Australia will assist in growing the jobs of the future”.

There would be no funding requirement, unlike the current entrepreneur visa which requires at least $200,000 in capital backing, and all applicants must be aged under 45 years with a vocational level of English.

For more information about the new temporary start-up visa in South Australia, keep in touch with our migration team at info@australasiaeduconnect.com.au.

Source:

• http://minister.homeaffairs.gov.au/peterdutton/Pages/supporting-innovation-in-south-australia.aspx
• https://www.arnnet.com.au/article/634215/govt-pushes-south-australian-start-up-visa-pilot/
• http://www.news.com.au/national/breaking-news/sa-libs-secure-new-business-visa-deal/news-story/350f7d0fab12ee2bbffae77a82cb9fad
• https://www.sbs.com.au/yourlanguage/punjabi/en/article/2018/03/05/australia-introduce-new-visa-boost-economy-jobs