Australian Prime Minister Malcom Turnbull is investing $1 billion to foster greater innovation across Australia. The move is designed to boost the economy in sectors that have infinite potential, and to reduce Australia’s reliance on finite sectors such as mining. The plan, which is to be introduced this year, is targeting the expertise and ideas of students and entrepreneurs with increased opportunities for skilled graduates to attain permanent residency and the introduction of a new Entrepreneur Visa.
Permanent Residency Entrepreneur Visa
The Entrepreneur Visa which is set to be introduced in December 2016, will allow those with innovative ideas to obtain an initial temporary residency visa for Australia. In order to be eligible for this visa, applicants will need to start a successful business, have backing from a third party and prove that their idea is viable. If the business idea is successful, the visa holder may then be eligible to apply for a permanent residency visa.
In addition, students in the ICT and STEM fields – Science, Technology, Engineering and Maths, will have an easier path to permanent residency as they will earn increased points in the Points Test for Skilled Migration. For STEM students, this easier access to permanent residency applies to masters and PhD students who are conducting their studies in Australia.
These are undoubtedly only the beginning of many reforms to the immigration system, with Australia determined to reinvent itself on the global stage. Ride the wave while it’s high – contact us for an assessment of your eligibility for an Australian visa today!