Are you an ambitious entrepreneur and wish to expand your business overseas? If yes, here’s an important news report for you! Australia beckons people like you. Canberra is keen to draw additional trained and talented community to the nation, and so it has been declared that petitions will start to be admitted for the new Entrepreneur Visa of Australia from 10 September this year.
The visa will be obtainable as new component of the country’s Business Innovation and Investment Programme, which sits alongside the National Innovation and Science Agenda (NISA) which comprises a range of programmes to drive wealth in the nation, via innovation &science.
According to a spokesman for the Department of Immigration and Border Protection (DIBP), as component of the NISA, the DIBP is making amendments to the visa arrangement to aid Oz draw the finest and brightest entrepreneurial talent and the trained, gifted people Australia requires.
Allegedly, under the NISA, the latest visa will make possible the entry to Oz and stay of the entrepreneurs with pioneering concepts and financial support from a third party. The visa will be basically a provisional visa for those who have received funds from a third party to expand entrepreneurial ideas in the Kangaroo Land.
It has been established as a new stream inside the existing Business Innovation and Investment (Provisional) Visa (subcategory 188) and the Business Innovation and Investment (Permanent) Visa (subcategory 888).
To put it differently, the visa will enable entrepreneurs with 200,000 dollars in financial support from a specific third party to build up and commercialize their ground-breaking ideas in the country. The same also offers a corridor to the prized Permanent Residency (PR).
With a view to make the cut for the Entrepreneur Visa, it is mandatory that the candidates are less than 55 years old, are reasonably good in the English language, have a deal in place for not less than 200,000 dollars to develop and expand their entrepreneurial mission in the nation, have a minimum of 30% interest in that entrepreneurial undertaking, and have nomination from a state or territory administration.
The 200,000 dollar in subsidy may come from Commonwealth groups, state and territory administrations, and publicly supported research bodies, investors duly registered as Venture Capital Limited Partnerships or Early Stage Venture Capital Limited Partnerships, or any grouping of these.
In case a candidate happens to be a co-founder of an entrepreneurial business enterprise, it is possible for them and their other co-founders to submit an application for an Entrepreneur Visa for the identical undertaking, as long as each of them possesses a 30% share when they sign their funding accord.
Reportedly, Expressions of Interest (EoI) for the Entrepreneur Visa will become available in Skill Select from 10 September this year.
The concerned DIBP spokesperson also indicated that some improvements are being made to the points test for the popular and widely used Skilled Migration Programme.