Entrepreneur Visa November 2016
Written By Maryke Wylde | Fri, Mar 18, 2016
Prime Minister of Australia, Malcolm Turnbull has announced new visa pathways for innovative entrepreneurs under the new National Innovation and Science Agenda. A new Entrepreneur Visa will be introduced to attract innovative talent and changes will be made to retain high achieving foreign students in Australia.
The Minister for Immigration and Border Protection Peter Dutton said ideas, skills and talent were essential to a high performing economy.
“The National Innovation and Science Agenda will change the way Australians work together to shape the nation,” Mr Dutton said.
“The Agenda includes initiatives to foster new startups, help businesses to grow, and prepare young Australians for the opportunities of the future.
“The visa system is a key enabler of Australia’s ability to attract and capitalise on the expertise and ideas of foreign innovators within a global marketplace.
“We also have a strong interest in retaining highly educated individuals to contribute to a thriving knowledge economy.”
Mr Dutton said the new Entrepreneur Visa would attract individuals with unique skillsets, ideas and the entrepreneurial talent to Australia.
“It will be available for emerging entrepreneurs with innovative ideas and financial backing to develop their ideas in Australia.
“Australia’s overseas networks will be leveraged to actively encourage entrepreneurial and innovative talent to come to Australia.
“We also want to retain highly educated, talented people whose knowledge base has been developed in Australia.
“We will make changes to facilitate a pathway to permanent residence for foreign students who are recent graduates from Australian institutions with specialised doctorate-level and Masters-by-research qualifications,” Mr Dutton said.
The changes would assist graduates in STEM subjects - science, technology, engineering and mathematics or specified ICT and related fields.
“Innovation is an important building block for our nation’s growth and through these reforms we will ensure Australia can benefit from the expertise of the global marketplace,” Mr Dutton said.
“These changes remove impediments in the visa system to facilitate entry and retention of highly talented people.”
The Entrepreneur Visa will be introduced in November 2016 and the enhanced permanent visa pathway for STEM postgraduate research graduates will be implemented in December 2016.
The Entrepreneur visa will:
• be a provisional visa for individuals who have obtained capital backing from a third party 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)
• be introduced in November 2016.
The enhanced permanent visa pathway for postgraduate research graduates will receive additional points for General Skilled Migration visa applications. Many postgraduates find themselves short of points when applying for General Skilled Migration (GSM) visa as they lack work experience. With the newly announced changes, postgraduate by research graduates in science, technology, engineering and mathematics (STEM) will receive extra points which will provide more options for permanent residency in Australia after their studies.
If you would like more information please contact TSS Immigration on (03) 9421 1020.
One of our migration agents will be in contact as soon as possible.