If you are interested in establishing a business in Australia, there may soon be a new Business Visa option available to you.
The Federal Government has proposed a new Business Visa to enable overseas entrepreneurs and investors with an innovative idea and supporting business plan to apply for a temporary visa and establish their venture in Australia. The Government expects to pilot the new visa option in South Australia.
How will it differ from the existing Business and Innovation Visa?
The current Business and Innovation Visa requires a mandatory amount of $200,000 in capital, however this will not be required for the proposed Business Visa option.
Instead, a temporary visa will be granted based on an examination of the applicants’ business proposals by the State or Federal Government authorities.
“Introducing more flexible business visa options will be welcome news for start-ups. By making it easier for businesses to establish themselves here, I think more tech start-ups will be attracted to Australia as a destination to grow their business,” says Sheila Woods, Managing Director of Interstaff.
It is expected that the new visa will require applicants to be under the age of 45 and have a vocational level of English.
Will the proposed business visa option offer a pathway to permanent residence?
Under the proposed visa option, if the applicant’s business venture is successfully established in Australia, the applicant will become eligible to apply for permanent residence.
Interstaff will keep you updated on any Australian visa changes that may impact you. To stay updated, register for our newsletter by emailing [email protected] or to speak to a migration agent, contact (08) 9221 3388.