13 Sep The New Entrepreneur Visa and Changes in the Points Test
On 10 September 2016 Department of Immigration and Border Protection made some changes to the visa system to support Australian Government’s National Innovation and Science Agenda.
A new Entrepreneur visa has been introduced for entrepreneurs with innovative ideas. In order for someone to qualify for this visa, they would need $200,000 in funding from a specified third party wanting to develop and commercialise their innovative ideas in Australia. The expression of interest needs to go through SkillSelect on DIBP website and State or Territory government nomination will be required. The Entrepreneur visa is a part of the Business Innovation and Investment Visa program.
There have been changes to the points test for skilled migration wherein, five additional points are now available to graduates from Australian institutions with doctorate and masters level by research qualifications in science, technology, engineering and mathematics (STEM), and specified information and communication technology (ICT) related fields. A complete list of fields of education is available on DIBP website.
What does that mean for you?
The new entrepreneur visa has arrived!
The National Innovation and Science Agenda has given two examples that should clarify things:
Sujee has been working on an idea for new battery technology, and has been successful in gaining financial backing from an approved investor to commercialise his idea. The new Entrepreneur Visa will allow Sujee to come to Australia on a provisional visa. If his business idea is successful, he will be able to become a permanent resident of Australia. As his business develops, it will create local jobs and growth. (from the NISA website)
Postgraduate Research Graduates in STEM or ICT
Aiko has studied in Australia for many years and will soon graduate with a PhD in biochemistry. She would like to stay and work in Australia, but because she hasn’t yet obtained much work experience, she doesn’t meet the points test threshold to be eligible for a Skilled Independent Visa. Under the new arrangements, she will be eligible for more points, allowing her to stay in Australia and provide valuable skills for local businesses.(from the NISA website)
These changes will surely help Australia attract and retain the best skilled and talented entrepreneurs that the country needs to drive ideas from research to commercial reality.
Looking for a Entrepreneur Visa? Or help with a Skilled Migration Visa? Get in touch and we’ll show you exactly how we can help you obtain your visa!