The Australian Government announced the National Innovation and Science Agenda (NISA) on 7 December 2015. NISA includes a range of initiatives to drive prosperity by putting innovation and science at the centre of the Government’s economic narrative. Investment will be made in the key enablers of innovation, including science, research, education and infrastructure.
Under the NISA, a new Entrepreneur visa will be established for entrepreneurs with innovative ideas and financial backing from a third party.
Under the NISA, a new Entrepreneur visa will be established for entrepreneurs with innovative ideas and financial backing from a third party. This visa will:
- be a provisional visa for individuals who have obtained capital backing from a third party (details of appropriate third parties will be informed through consultation) to develop entrepreneurial ideas in Australia
- be established as a new stream within the existing Business Innovation and Investment (Provisional) visa (subclass 188) and the Business Innovation and Investment (Permanent) visa (subclass 888)
- be introduced in November 2016.
Eligibility criteria will be determined based on consultation with key federal, state and territory government and industry stakeholders. Consideration will be given to the desirable level of financial backing and how to target entrepreneurs with innovative ideas in specific sectors.
The Australian Department of Immigration and Border Protection is currently seeking feedback on the proposed policy settings for the new Entrepreneur visa. Detailed information, including the specific consultation questions, is available at Supporting innovation through visas: The Entrepreneur visa.
Submissions can be emailed to ICAP@border.gov.au by no later than 5 pm
Note: They not intend to publish all submissions but might share the content with other parties such as state and territory governments or other Commonwealth agencies. Advise in your submission if you do not want your submission made available beyond the department.
Source: Australia Dept of Immigration & Border Protection