A new Visa initiative has been taken by the South Australian Government. It is a new Entrepreneur Visa, aimed at encouraging Overseas Entrepreneurs to migrate to the country. Premier Steven Marshall said it would eventually bring more jobs and companies to South Australia.
As quoted by Immigration South Australia, it is a 3-year innovation to be trialed in South Australia. The announcement was made during the state’s recent Budget meeting.
Mr. Marshall added that it’s an innovative and bold drive. It is meant to attract talented minds to the country. The state is looking for fresh talents who can set up new business, jobs and industry. The state government is to invest $400,000 over the next 4 years in this Entrepreneur Visa program. The national rollout will take place in 2019.
Overseas Entrepreneurs will have to submit their business proposal. Thereafter, the Office of the Chief Entrepreneur would endorse them. The proposals in fields like cyber security, big data, health and robotics would be preferred by the Government. David Pisoni, Industry and Skills Minister said this initiative should attract 30 entrepreneurs in 2019. The number should increase to 100 next year. The program would not focus much on the finances of the applicants, he added.
Mr. Pisoni added that this Entrepreneur Visa, unlike previous ones, would not require a capital outlay. However, the idea of the proposal should be unique. It will determine the success of the application. The Government announced earlier this year that they would bring an initiative to welcome new startups to the country. This, in turn, would bring technology workers to Australia.
There are some conditions imposed on the new Entrepreneur Visa.
- Businesses must give preference to Australian workers
- Market testing for a position is a must
- No breaches of Immigration policies will be tolerated
- Applicants should not have a familial relationship with company shareholders
- Applicants should have 3 years of experience in the field
- Applicants must be prepared to pass on skills to Australian workers
Immigrants will get a 4-year Entrepreneur Visa that would eventually lead them to Permanent Residence. The Government announced that businesses with payroll below $1.5 million would pay no tax from 2019. Business with payroll from $1.5 million to $1.7 million would pay fewer taxes. That would help at least 400 businesses. The Government has invested $4.8 million for 650 startup spaces in South Australia.
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