State Liberal Leader Steven Marshall has secured an agreement for the Federal Government to pilot a new visa in South Australia, aimed at increasing business growth and investment in our state.
“The Federal Government and the State Liberals are committed to fostering business growth and investment through innovation,” said State Liberal Leader Steven Marshall.
“To create more jobs and attract the investment that will reinvigorate the South Australian economy, the Commonwealth has agreed to partner with South Australia to attract additional foreign investment under the Business Innovation and Investment Visa Program.
“Under this initiative, the Commonwealth will pilot a temporary start-up visa in South Australia in line with findings of the 2017 review of Business, Investment and Talent visa programs.”
To secure this visa:
- Applicants must be nominated by a South Australian Government or Australian Government entity to take forward an innovative idea with a supporting business plan;
- Nominators can partner with incubators and accelerators to identify potential applicants for nomination and foster a start-up hub in South Australia;
- There would be no funding requirement (unlike the current Entrepreneur visa which requires at least $200,000 in capital backing from applicants); and
- Applicants must be under 45 years of age and able to demonstrate a vocational level of English.
The Commonwealth has also undertaken to prioritise visa applications from those wishing to invest in South Australian enterprises operating in key sectors, including advanced manufacturing and defence technology.
“I welcome the Commonwealth’s agreement to pilot this visa in South Australia,” said Mr Marshall.
“The Program is designed to increase entrepreneurial talent and diversify business expertise and this is something South Australia must do to rebuild our economy.
“The opportunity this pilot visa provides to encourage people with innovative ideas to pursue their business development plans in South Australia aligns with our strong plan to create more jobs.
“We are confident that this arrangement can lead to participants applying for permanent residence in South Australia as they develop their business plans into successful enterprises creating new companies and jobs in our state.
“These arrangements will also encourage more investment in those sectors of our economy with the greatest capacity to grow, including advanced manufacturing and defence technology following the Federal Government’s decision to centre the naval ship building program in South Australia.”