“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” – Christopher Pyne, Minister for Industry, Innovation and Science
With a view to attracting the best and brightest entrepreneurial talent from around the globe, the ‘Entrepreneur Visa’ will be introduced in November 2016, providing a pathway to permanent residency for those migrants with “innovative ideas” and financial backing from a third party.
Under the Federal government’s new National Innovation and Science Agenda (NISA), the ‘Entrepreneur Visa’ will:
- be a provisional visa for individuals who have secured capital backing from a third
- be introduced as a new stream within the existing Business Innovation and party to develop entrepreneurial ideas in Australia; Investment (Provision) visa (subclass 188) and the Business Innovation and Investment (Permanent) visa (subclass 888).
With today’s world ultimately powered by technology, it has been suggested by Mike Cannon- Brookes, co-CEO and co-founder of startup darling Atlassian that “if we’re not investing in technology, we’re completely stuffed as a nation”. The ‘Entrepreneur visa’ seeks to actively avert such a bleak outcome, making it easier for those abroad with “innovative ideas” to move to Australia and start a business. At present, there has been no cap set on the number of visas which may be granted.
In addition, with Science Technology Engineering and Mathematics (STEM) based skilled jobs on the rise, and a skills gap within the Information and Communication Technology (ICT) field identified by the recent StartupAUS Crossroads 2015 report, the government will also introduce enhanced permanent visa pathways for certain postgraduates in December 2016. Australian doctorate-level and masters by research qualifications in STEM and specified ICT or related fields will soon be awarded additional points under the Points Tested Skilled Migration program in an effort to strengthen their pathway to permanent residence.
With Minister Pyne expressing a desire to “retain those educated and talented people who have come to Australia and developed their knowledge base during their time in this country”, the introduction of such changes to the current Australian skilled visa program looks set to achieve this goal.