Innovation support via Entrepreneur Visas starting November 2016

A country that is not just considered to be innovative, but also high performing, certainly needs people who are talented and skilled so ideas can be continuously driven from research straight to the realities of commercialisation. This encourages growth in the economy, and promotes a healthier society.

It was found by the Australian Bureau of Statistics that there was a growth in the STEM (Science, Technology, Engineering, and Math) skills jobs by 50 per cent, which was faster than any other job growth from the period of 2006 to 2011.

The report by Startup AUS Crossroads 2015 shows that from the years 1999 to 2012, the demand for information and communications technology (ICT) workers doubled while the number of applications for courses in tertiary ICT lowered down significantly. This obviously indicates that there is a skills gap which is in need of attention before it gets out of hand.

There is no doubt that in order for our nation to keep on attracting the best and brightest entrepreneurial skills and talent, our visa system needs an overhaul to keep up with the fast-changing times.

What are the changes?

The current visa system is being enhanced through the following:

• There is now a new Entrepreneur Visa which is specifically made for entrepreneurs who have brilliant, innovative ideas, and also have financial backing.
• Improved and enhanced ways for postgraduate research graduates with ICT and STEM qualifications, will be provided so they can eventually apply for permanent residence in Australia.
• Doctorate-level and masters by research qualifications in STEM, as well as specified ICT or related fields in Australia, are going to be provided with extra points under the Points Tested Skills Migration programme so that they will have higher chances to be approved permanent residence.
• Under the National Innovation and Science Agenda (NISA) of Australia, a new Entrepreneur Visa is going to be established for entrepreneurs with innovative ideas and financial backing from a 3^rd party. This type of visa will also be provided with a pathway to being granted permanent residency

This visa is going to:

• Become a provisional visa for those who are able to get financial backing from a 3^rd party so that they can continue developing their innovative ideas in the country.
• Be shown as a new stream within these two existing visas: The Business Innovation and Investment (Permanent) Visa (Subclass 888), and the Business Innovation and Investment (Provisional) Visa (Subclass 188).

When is this visa going to be introduced?

The Entrepreneur Visa is going to be introduced in November of this year. Meanwhile, the enhanced permanent visa pathway for Science, Technology, Engineering, and Math postgraduate research graduates is expected to be implemented on December, also of this year.

Source: www.migrationalliance.com.au