Australia announces consultation over new entrepreneur visa

by Ray Clancy on February 18, 2016

in Jobs in Australia

The consultation process for a new entrepreneur visa in Australia has opened with the government seeking feedback to ensure the new visa stream matches expectations.

Minister for Industry, Innovation and Science, Christopher Pyne, said the aim of the new visa is to attract the best and brightest entrepreneurial talent and skills to Australia.

“It is critical for Australia’s prosperity and growth, that we not only tap into the best entrepreneurial minds in Australia, but we also make it easier for talent from overseas to contribute to this country’s innovative future,” he explained.

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“We are also keen to retain those educated and talented people, who have come to Australia and developed their knowledge base during their time in this country,” he added.

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 at November 2016. There will be no cap on the number of visas being granted.

There are also calls for the new entrepreneur visa to be linked to a 20% tax offset and capital gains tax exemptions along the lines of the UK’s Seed Enterprise Investment Scheme.

Australian Prime Minister Malcolm Turnbull said the country needs an “ideas boom” as two decades of economic growth based on a mining boom cannot go on forever.

“Australia needs to wake up and see that mining is stalling and that if we want the economy to carry on growing, we need new ideas, new companies and people who can make them work,” he said.

It is felt that Australia is behind leading developed countries in research and development and that a cultural shift is needed. “Australians are not comfortable with risk and new businesses find raising funds difficult. We expect more failures than success, but we appreciate that entrepreneurs learn from their failures,” added Turnbull.

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