The Australian Government is committed to fostering entrepreneurship and innovation and has given an undertaking to the Steven Marshall Liberal Team to pilot a new visa initiative in South Australia.
Under this initiative, new visa arrangements that allow State Governments to partner with business incubators in attracting foreign entrepreneurs to Australia will be piloted in South Australia, before a national rollout in 2019.
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 $200,000.
Instead, applicant’s proposals 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 South Australian Government is working with the Department of Home Affairs on the implementation details for the visa which will be available in the 2018-19 program year.
With a strong history of supporting entrepreneurship, the City of Adelaide provides help for international businesses looking to establish in the City.
To learn how we can support your business when exploring opportunities in the City contact our investment team.