South Australia introduced the pilot visa program for the three-year Supporting Innovation in South Australia (SISA) which will encourage budding foreign entrepreneurs.
The visa, first announced in March this year during the lead up to the South Australian state election, won’t require any capital outlay as is the case with most business and innovation visas.
The Federal Government endorsed-Subclass 408 (Temporary Activity) visa will allow visa holders to stay in Australia for three years along with their families.
Federal Minister for Immigration, Citizenship and Multicultural Affairs David Coleman said the new arrangements will allow the South Australian Government to partner with business incubators in attracting foreign entrepreneurs to Australia.
“Start-ups generate new jobs, drive innovation and bring opportunities to diversify our economy,” Minister Coleman said.
The applicants need to be under 45 years of age and have an endorsement from the South Australian state government for establishing an innovative business in the state upon submitting a written business plan.
This visa will be different from the existing entrepreneurial and Business & Innovation visas as it will not require any mandatory funding outlay. Most of the available business visas require a financial outlay of a minimum $200,000.
The English language requirement for this visa has been kept relatively low at vocational English language proficiency which is band 5 in each of the four components of the International English Language Testing System (IELTS).
Premier Steven Marshall said his Government has committed $400,000 over four years to support the new visa program.
“This is a refreshing, innovative and bold drive to attract the world’s best and brightest minds to South Australia to help create new business, industry and jobs,” Premier Marshall said.
“The entrepreneurs can be focussed on a variety of industries, however, we’ll be looking favourably at applications that relate to the state’s emerging industries such as Defence and space; cyber security and big data; agribusiness; health and medical technology; robotics; and media and film.”
