New Australian Business visa to boost SA business- no investment required
A special visa aimed at boosting the economy of South Australia is being made available on 21st November 2018 and will continue until the end of November 2021.
The Federal Government endorsed-Subclass 408 (Temporary Activity) visa will allow visa holders to stay in Australia for three years along with their families, with following requirements:
- Applicants must be nominated by a South Australian Government or Australian Government entity to take forward an innovative idea and strategy as to what they plan to do to further that;
- Nominators can partner with incubators and accelerators to identify potential applicants for nomination and foster a start-up hub in South Australia;
- There would be no funding requirement (unlike the current Entrepreneur visa which requires a financial outlay of a minimum $200,000 plus the $3670 filing fee, and acceptance waiting times of nine months or more.); and
- Applicants must be under 45 years of age and able to demonstrate a vocational level of English.
Steven Marshall, the state Premier said the new visa would help create more jobs and attract investment in the state. “These arrangements will also encourage more investment in those sectors of our economy with the greatest capacity to grow, including advanced manufacturing and defence technology following the Federal Government’s decision to centre the naval shipbuilding program in South Australia.”
South Australian Budget has allocated a sum of $400,000 in the state budget to run the program. The Department of Home Affairs has also confirmed that there’s no cap on the number of visas that can be granted while the scheme is on.