New entrepreneur visa launches in Australia shortly

by Ray Clancy on September 9, 2016

in Jobs in Australia

Applications will begin for Australia’s new entrepreneur visa this month, which has been launched to attract more skilled and talented people to the country.

From 10 September the visa will be available as new part of Australia’s Business Innovation and Investment Programme, which sits alongside the National Innovation and Science Agenda which includes a range of initiatives to drive prosperity in Australia through innovation and science.

Entrepreneur‘As part of the NISA, we are making changes to the visa system to help Australia attract the best and brightest entrepreneurial talent and the skilled, talented people we need to drive innovative ideas,’ said a spokesman for the Department of Immigration and Border Protection (DIBP).

The Entrepreneur visa will allow entrepreneurs with $200,000 in funding from a specified third party to develop and commercialise their innovative ideas in Australia. It also provides a pathway to permanent residency.

To be eligible for the entrepreneur visa, applicants must be under 55 years old, have a competent level of English, have an agreement in place for at least $200,000 to grow their entrepreneurial venture in Australia, hold at least 30% interest in that entrepreneurial venture and be nominated by a state or territory government.

The $200,000 in funding can come from Commonwealth agencies, state and territory governments, publicly funded research organisations, investors registered as Venture Capital Limited Partnerships or Early Stage Venture Capital Limited Partnerships, or any combination of these.

If an applicant is a co-founder of an entrepreneurial venture, they and their other co-founders can apply for an entrepreneur visa for the same venture, as long as they each have a 30% share when they enter into their funding agreement.

Expressions of Interest for the entrepreneur visa will open in SkillSelect from 10 September 2016.

The DIBP spokesman also pointed out that changes are being made to the points test for the skilled migration programme. From 10 September 2016, five additional points will be available for students from Australian institutions with doctorate level and masters by research qualifications in science, technology, engineering and mathematics, and information and communication technology fields.

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