In order to attract entrepreneurs to our shores and better combat the ‘brain drain’ that sees technology workers take their skills overseas, Australia is seeking to tweak its visa system. In specific, the government aims to do this with the implementation of a new entrepreneur visa.
Under the new National Innovation and Science Agenda, Malcom Turnbull has announced new visa pathways for innovative entrepreneurs. The efforts come as result of Australia’s constant low rankings among global innovation standards.
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, individuals 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.Thus, whilst it is still some time away before the changes take place, the modifications proclaimed look to advantage aspiring migrants and international graduates who want to make Australia their home. By enticing high-calibre and innovative entrepreneurs, Australia’s innovation principles can only advance while local jobs and investment will escalate as a result.
In the interim, other ways to support innovation in a country is through tax breaks. For instance, the R&D Tax Incentive is the biggest scheme in Australia that aids businesses participating in research and development. Over $1.8 billion is granted annually and it is not competitive – in other words, if you are eligible then you are permitted to it. The classification is deliberately comprehensive as the Government wishes to support R&D across various business and industry sectors. AusGrant provides guidance on what undertakings are eligible and facilitates you to comprehend the business benefits and key features of the offset. Contact us today to find out more .
