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The Australian Government announced the introduction of a new visa for those wishing to start their own business in Australia.
The visa does not require supporting financial capital and applicants will need to demonstrate "professional English".
The Federal Government has announced the introduction of a new visa next year. The goal is to boost entrepreneurship, improve the state economy and increase employment opportunities.
The new visa will be tested in South Australia and should roll over to other States and Territories in 2019.
No mandatory initial funding
"The Turnbull government is focused on increasing employment opportunities and living standards for Australians and we are doing this by promoting business growth and investment in Australia," says Immigration Minister, Peter Dutton.
Foreign entrepreneurs and investors with an innovative idea and a coherent business plan will be able to apply for a Temporary Visa to start their own business in Australia.
The Entrepreneur Visa in effect today requires a mandatory supporting financial capital of $200,000. This will not be a requirement for the new visa.
Commercial proposals from the applicants will be reviewed by State or Federal Government authorities for the grant of a Temporary Visa. Successful entrepreneurs in Australia will be eligible for Permanent Residence.
"Encouraging start-up entrepreneurs to advance innovative ideas in Australia will help develop the jobs of tomorrow," says Dutton.
On revealing more details about the visa proposal, South Australian Liberal leader Steven Marshall says all candidates must be under the age of 45 and have a "professional" level of English, a minimum score of 5.0 in each four components of IELTS.
"We are confident that this arrangement can lead participants to seek Permanent Residence in South Australia by leading successful businesses and creating new jobs in our state," says Mr Stevens.
"These arrangements will also encourage more investment in the most economically viable sectors of our economy, including advanced manufacturing and defense technologies, following the federal government's decision to focus the shipbuilding program in South Australia."
If however, the Liberal Party of South Australia does not win the next election the future of The Entrepreneur Visa will remain uncertain.Source: sbs.com.au
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