There could soon be a new visa encouraging entrepreneurs to base their start-ups in Australia.
The federal government is looking at implementing a new entrepreneurs visa that would allow "individuals who have obtained capital backing from a third party" a set numbers of years to develop their ideas in Australia.
Among the questions the government is asking is whether four years would be long enough for visa holders to develop their ideas, how to judge whether a start-up has been a success, how much third-party funding should be required and whether particular sectors or knowledge areas should be specifically targeted.
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The visa is part of Prime Minister Turnbull's push for more innovation in the Australian economy and within the business sector.
Industry, Innovation and Science Minister Christopher Pyne said in a statement the visa was designed to attract "the best and brightest entrepreneurial talent and skills to Australia".
"It is critical for Australia’s prosperity and growth, that we not only tap into the best entrepreneurial minds in Australia, but we also make it easier for talent from overseas to contribute to this country’s innovative future," he said.
"We are also keen to retain those educated and talented people, who have come to Australia and developed their knowledge base during their time in this country."
There are already existing visas, the business, innovation and investment and business talent visas, that specifically target business owners.
The government is also seeking feedback on whether the entrepreneurs visa could replace the business talent visa, which is open to business owners that have either $1.5 million in business and personal assets with an annual turnover of at least $3 million or $1 million in venture capital funding.
Submissions are open until 5pm on March 18 and the visa is expected to be introduced in November.
