South Australia was the choice for the pilot state in the Supporting Innovation in South Australia visa for three-year validity. The aim here is to provide support to promising overseas entrepreneurs, who have a business idea concerning emerging industries. These include cyber security, space, defense, big data, agricultural business, robotics and medical technology.
The new Entrepreneur visa
The new visa aims to attract talented foreign seed-stage entrepreneurs for developing their concepts in South Australia. The result will be value addition to the local innovation system, creation of several jobs, and growth of business start-ups in the state. The applicants do not require considerable capital for investment, but need adequate funds for settling with their families in the country.
The temporary visa has a period of three years. At present there is no pathway to seek permanent residency, visa holders meeting the eligibility criteria for the Australia permanent visa in their residency period can apply.
The major criteria are:
• Having an innovative idea and the plan to support business;
• Moreover, an age below 45 years at the time of application;
• Minimum Vocational English;
• Meeting all health, financial and character requirements;
• Having sufficient funds for supporting self and dependent family members also, who are included in the application
• Endorsement from the South Australian Department for Trade, Tourism and Investment for bringing the innovative idea forward to South Australia
• For this purpose the candidate must have a business proposal in these industries: Cyber Security, Defense and Space; Big Data, Digital and Block chain; Agriculture Technology; Food, Wines and Health Technology, Medical Technology; Robotics; Film and Media. There is an option for considering other industries also but there is an exclusion of Hospitality, Retail and Franchisee.