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Entrepreneur Visa Update
The upcoming Entrepreneur Visa -
Pilot announced for South Australia (but ‘flight time’ yet unknown) as South Australia Business Innovation visas remain on hold.
Updating my blog of March 12th http://www.sellanesclark.com/blog/entrepreneur-visa, only the most cynical among readers would consider that the Home Affairs Minister’s choice of South Australia as the state to trial the proposed, totally new, Entrepreneur visa might in any way have been linked to the then upcoming state election, but there’s no denying that the concept received wide publicity in the lead-up to March 17th, election day.
The Liberals won convincingly, but what’s happened to the proposed trial?
Thinking charitably, it is one thing to announce a concept, another thing entirely to draft the complexities of its purpose, guidelines and structure. Even though the announcement may have been timed for political reasons (which actually would be both logical and understandable) the ultimate product may well incorporate a number of modifications, deemed necessary during its evolution.
What do we know to date?
The proposal is designed to attract overseas entrepreneurs, investors and innovators, with supporting business plans, to apply for a temporary visas to build their ventures within Australia.
Aspirants will not require funding (previous versions required a minimum of $200,000) but applications will be thoroughly vetted by state or federal government entities, or by local incubators and accelerators on the government’s behalf.Potentially eligible aspirants will then be nominated by government.
In the Minister’s words, we know that the visa’s purpose will be to “foster business growth, increasing job opportunities, investment and the standard of living for all Australians.”
What do we know of the requirements for applicants?
Little detail has been revealed to date, but we are aware that;
- All applicants must be under 45 years of age
- They must have vocational level English (IELTS Level 5 or above)
- There will be no requirement for capital outlay (unlike current Entrepreneur and obviously Investor Visas)
What questions still need to be answered?
At this stage in the progress of a new opportunity, so many questions remain unanswered, which is why our team at Sellanes Clark are constantly monitoring developments. Immigration is a very complex field of interconnected regulatory issues:
- Will this visa require specific skills?
- With what permanent residency visa category will this temporary visa be linked?
- Should the entrepreneur require more time to complete the project, will the visa provide options for onshore extensions? If so, how many?
- What happens, should a visa-holder exceed the 45 year age limit prior to completion or upon completion of initial project? Will any age exemptions apply?
- Having “no capital outlays” how will the visa category be funded and if it proves popular, will it be capped?
When will the South Australian pilot commence?
This takes us back to our first question and certainly it would be a pressing question in the state itself.
With the recent “temporary closure” of application acceptances for South Australia’s 188/132 Business Innovation and Investment visa category (Refer my blog February 6th 2018 http://www.sellanesclark.com/blog/188-132-applications – applications closed until at least early April, due to the number of places being exceeded) the proposed Entrepreneur visa would be warmly welcomed in the state.
The Minister for Home Affairs, Mr Peter Dutton, did nominate a timeline, indicating that the pilot would commence in South Australia “during 2018” then be extended nationally “in 2019”.
Now is the time to gather information, to prepare appropriate business plans and to formulate individual strategies.
Support from the front line
In the complex jungle of immigration, it really does pay dividends to obtain professional assistance; skilled practitioners who are specialised in the field, comprehensively trained to recognise the traps and the trends. It can save so much time and avoid so much unnecessary expense.
For more information on this or on any relating issues, contact the migration experts – Sellanes Clark and Associates – specialising in all immigration matters.