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DIBP set to introduce a new visa to attract innovative entrepreneurs

26 February 2016

In December 2015, the federal government has announced a new entrepreneur visa in a bid to lure innovative talent and changes will be made to retain high achieving foreign students in Australia.

In an attempt to retain talent, the government will make it easier for foreign postgraduate students – with specialised doctorate-level and masters research qualifications in science, technology, maths or specified ICT subjects – to be given permanent residency. The reforms will be introduced in the second half of 2016. 

Under the National Innovation and Science Agenda (NISA), a new entrepreneur visa will be established for entrepreneurs with innovative ideas and financial backing from a third party. This visa will be :-

  1. A provisional visa for individuals who have obtained capital backing from a third party to develop entrepreneurial ideas in Australia
  2. Established as a new stream within the existing Business Innovation and Investment (Provisional) visa (subclass 188) and the Business Innovation and Investment (Permanent) visa (subclass 888)
  3. Introduced in November 2016 

It is critical for Australia’s prosperity and growth in not just tapping into the best entrepreneurial minds in Australia but also make it easier for talent from overseas to contribute to this country’s innovative future.   
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. 

AIMS is dedicated to provide excellent professional service for people who have the intention to migrate to Australia – be it temporarily or permanently! Whether you are seeking to study or work in Australia, we can advise you on your visa options and assist you in securing the right visa. Give us a call on 03 9078 6819 or email us at team@thinkvisa.com.au. Alternatively, visit www.thinkvisa.com.au for more information about us. 

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