The new visa provides a pathway to permanent residency in Australia.
A new category of visa to attract and retain the best and brightest entrepreneurial talent is now open to new applications.
The Minister for Immigration and Border Protection Peter Dutton said the Government was driving economic growth through innovation, including through our Business Innovation and Investment visa programme.
"The new Entrepreneur visa provides a pathway to permanent residence and allows entrepreneurs with $200,000 in funding from a specified third party to develop and commercialise their innovative ideas in Australia," Mr Dutton said.
In addition, changes to the points test for skilled migration have been made to encourage international students who have completed Australian postgraduate research qualifications in a science, technology, engineering or mathematics field to remain in Australia.
These graduates will be granted additional points under the skilled migration programme, enhancing their pathway to permanent residence in Australia.
The Minister for Industry, Innovation and Science Greg Hunt said these new initiatives will complement the Government's wider National Innovation and Science Agenda.
"These initiatives will continue to encourage innovation in Australia by ensuring that ideas from research are converted into commercial reality, and by encouraging the best and the brightest postgraduate students with a science or technology focused qualification to remain in Australia " Mr Hunt said.
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