Those who wish to grow their innovative business idea in Australia without having to show proof of capital could find themselves and their families benefitting from a new business visa.
Australia has introduced a new business visa that would allow people with innovative business ideas to move to South Australia for three years with their families without being required to provide evidence of business capital.
The Supporting Innovation in South Australia (Temporary Activity) Visa allows individuals under 45 years of age, with moderate level English (equivalent to a score of 5 in IELTS), who meet health, character and other financial requirements the opportunity to develop their business ideas in the country.
The South Australian Government is the gatekeeper of the program as its representatives must endorse business plans which undeniably prove the in-depth knowledge and expertise of the applicant behind it. Additionally, the business idea must show a competitive advantage, genuine innovation, and strong potential to create employment and export revenue.
Certain businesses will be prioritised within the scheme: defence and space, cyber security, big data, digital and blockchain, food, wine, AgTech, health and medical technology, robotics, media and film industries. While certain businesses will be excluded: cafés and restaurants, consulting firms, employment agencies, export/import businesses, franchises, foot reflexology, massage parlours, acupuncture, traditional Chinese medicine, herbal dispensing businesses, geomancy/Feng Shui business and retail.
Any other business with an innovative idea that is not included in the prioritised list but not excluded either is welcome to apply for the visa.
Once successful, innovative entrepreneurs can move to South Australia to set up their businesses accordingly During the three-year period, the new businesses must have at least fifty percent of company assets and staff based in South Australia.
Those entrepreneurs who successfully establish their business venture in Australia will become eligible to apply for permanent residence under the existing pathways. On the other hand, the region Government will monitor the business activity of visa holders and if not “sufficiently” associated with the business plan, the visa could be cancelled
The South Australia pilot of this visa commences on Wednesday, 21st November 2018 and will continue until the end of November 2021. If successful, the visa will be rolled out for other parts of Australia.