There could soon be a new visa encouraging entrepreneurs to base their start-ups in Australia.
Proposed Entrepreneur visa
Entrepreneurs will be lured to Australia by a new visa as part of the Turnbull government’s plan to encourage innovative talent. The Australian Government announced the National Innovation and Science Agenda (NISA) on 7 December 2015.
Under the NISA, a new entrepreneur visa will be established for entrepreneurs with innovative ideas and financial backing from a third party. This visa will:
- be a provisional visa for individuals who have obtained capital backing from a third party (details of appropriate third parties will be informed through consultation) to develop entrepreneurial ideas in Australia
- be established as a new stream within the existing Business Innovation and Investment (Provisional) visa (subclass 188) and the Business Innovation and Investment (Permanent) visa (subclass 888).
The Entrepreneur visa will be introduced in November 2016. The new visa category is directly aimed at attracting the best and brightest entrepreneurial talent and skills to Australia.
According to Immigration Minister Peter Dutton, the visa would help promote innovation and he wants to encourage individuals to take part in the consultation process.
“Under the National Innovation and Science Agenda [NISA], the new Entrepreneur visa will facilitate the entry to Australia and stay of entrepreneurs with innovative ideas and financial backing from a third party,” he said.
“I encourage individuals to provide their feedback as part of the consultation process to ensure the visa achieves the desired outcome,” he added.
The consultation process will go on until Friday 18 March 2016 and the date for the new visa being launched has been set for November 2016. There will be no cap on the number of visas being granted at this stage.
The visa concept is currently open for public submissions on how it would work.
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