Australia has introduced a new business visa that would allow people with innovative business ideas to move to South Australia and set up their businesses without first providing the evidence of upfront capital as is necessary for other business visas.
Successful applicants will be able to live in South Australia for three years with their families and are required to set up their businesses according to the approved plans under a pilot project that has started this month and will run for three years.
Applicants for Supporting Innovation in South Australia (Temporary Activity) Visa must be under 45 years of age, have a minimum vocational level English (score equivalent to 5 bands in International English Language Testing System), meet health, character and other financial requirements.
But the key is to have an innovative business plan that is endorsed by the South Australian Government.
The state government will give priority to businesses related to the defence and space, cyber security, big data, digital and blockchain, food, wine and AgTech, health and medical technology, robotics, media and film industries. However, applicants with business plans related to other industries can also apply.
Applicants are expected to have an in-depth knowledge and expertise in the business they propose to set up in South Australia.
The business concept should demonstrate a clear, competitive advantage and genuine innovation with a strong potential to create employment and export revenue.
The visa is being piloted in South Australia for three years and during this period, the new businesses set up under the program must have at least half of the assets and staff based in South Australia.
Immigration South Australia has published a list of businesses that will not be eligible for this visa. These include 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.
Those successfully establishing their business venture in Australia will become eligible to apply for permanent residence under the existing pathways.
The Government of South Australia will monitor the business activity of the visa holders and if it is not “sufficiently” associated with the business plan, the visa may be considered for cancellation.
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.