start up visa

New start-up visa to be trialed in South Australia

by mfafadmin on February 26, 2019

in Jobs in Australia

A new visa is being introduced to encourage businesses and innovation to the State of South Australia and could be extended to the rest of the country, it has been confirmed.

It will be part of a pilot aimed at finding out if the new visa should be rolled out across the nation and it will allow the South Australian Government to partner with business incubators to attract entrepreneurs from around the world.

Adelaide, Souuth Australia

(kwest/Shutterstock.com)

‘Start-ups generate new jobs, drive innovation and bring opportunities to diversify our economy. The pilot is just one of the ways the Government is increasing job opportunities and providing incentives for growing businesses of the future,’ said Immigration Minister David Coleman.

The pilot for the three-year Supporting Innovation in South Australia (SISA) visa will be supported by funding of $400,000 from the South Australia Government and applicants will not need huge funds as there will be an emphasis on the quality of ideas and having a sound business plan.

‘This is a refreshing, innovative and bold drive to attract the world’s best and brightest minds to South Australia to help create new business, industry and jobs,’ said State Premier Steven Marshall.

‘The entrepreneurs can be focused on a variety of industries, however, we’ll be looking favourably at applications that relate to the state’s emerging industries such as defence and space, cyber security and big data, agribusiness, health and medical technology, robotics and media and film,’ he pointed out.

He added that the new visa arrangement build on the State Government’s plan for an Innovation, Incubator, Startup and Growth Hub at Lot Fourteen on the site of the former Royal Adelaide Hospital.

To be successful, applicants will need endorsement from South Australian innovation ecosystem providers or the Office of the Chief Entrepreneur. Successful applicants will be nurtured in South Australia’s local innovation ecosystem to help build a successful new business and grow jobs in our state.

According to David Pisoni, Minister for Industry and Skills, South Australia is known for its burgeoning entrepreneurial ecosystem with numerous co-working spaces housing amazing talent and start-ups and the aim is to have a higher rate of business start-ups and entrepreneurship than anywhere else in Australia within the next decade.

‘We expect the visa scheme will attract up to 30 budding young entrepreneurs to the state in its first year, and up to 100 in the next, who will be encouraged to develop their innovative ideas into start-up businesses,’ he said.

‘Importantly, unlike previous visa classes in this area, the new visa arrangement does not require applicants to demonstrate a minimum funding of $200,000 for approval. The success of their application will ultimately rest upon the quality of their start-up and idea and the soundness of their business plan,’ he explained.

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