Innovators and entrepreneurs will be encouraged to bring their ideas to Australia with visa reforms to attract talented and highly educated people. This is to be introduced by the current Coalition Government in the second half of 2016. Changes will be made to the current system to retain high achieving foreign students in Australia.
The Minister for Immigration and Border Protection Mr Peter Dutton said ideas, skills and talent were essential to a high performing economy.
Mr Dutton also stated that Australia has a strong interest in retaining highly educated individuals to contribute to a thriving knowledge economy. Coupled with that, the new Entrepreneur Visa would attract individuals with unique skillsets, ideas and the entrepreneurial talent to Australia to continue to buff and grow Australian industry.
The new Visa will ensure that Australia’s overseas networks will be leveraged to actively encourage entrepreneurial and innovative talent to come to Australia. Not only attracting new talent but also endeavour to retain highly educated, talented people whose knowledge base has been developed in Australia. The program will also pave a path to Permanent Residency for foreign students who are recent graduates from Australian institutions with specialised doctorate-level and Masters-by-research qualifications. The changes will assist graduates in STEM subjects such as: science, technology, engineering and mathematics or specified ICT and related fields.
“Innovation is an important building block for our nation’s growth and through these reforms we will ensure Australia can benefit from the expertise of the global marketplace. These changes remove impediments in the visa system to facilitate entry and retention of highly talented people.” Mr Dutton stated when outlining the new Visa.
According to the strategy announced, changes to the Australia migration programme will include the following:
1.Postgraduate by research graduates will receive additional points for General Skilled Migration visa applications
Many postgraduates find themselves short of points when applying for General Skilled Migration (GSM) visa as they lack work experience. With the newly announced changes, postgraduate by research graduates in science, technology, engineering and mathematics (STEM) will receive extra points which will provide more options for permanent residency in Australia after their studies.
2. New Entrepreneur Visa will provide overseas entrepreneurs with a pathway for Australian permanent residency
This new visa category will allow overseas entrepreneurs with innovative ideas to apply for a provisional visa with a pathway to permanent residency upon fulfilling criteria such as business growth and creation of jobs. To qualify for the Entrepreneur visa you will have to:
- Gain financial backing from a third party, which will likely be assessed by the newly created Innovation and Science Australia (ISA)
- Possess an innovative and high-growth potential idea that can be implemented in Australia
The new Entrepreneur Visa is planned to be introduced in November 2016. ISA Group will bring you more updates as it becomes available.
The alterations by the Coalition Government announced look to advantage ambitious migrants and transnational graduates who aspire to make Australia home. By appealing to high-calibre and pioneering entrepreneurs, Australia’s innovation standards can only advance while home-grown jobs and investment will surge. As such some potential migrants may find themselves faced with a wide array of different visa options and may not realise the most effective passageway to Australian permanent residency.
Arrange an appointment with the ISA Group and we will be able to clarify and facilitate your visa options. Pursuing specialised, accurate and professional advice before your visa application will save you costs in fees and time, and guarantee a suitable application is made and lodged.