Australian Immigration authorities have come with certain amendments in their visa system for National Innovation and Science Agenda. These changes are fated to bring in the exceptionally proficient enterprising individuals who are skilled in order to convert the ideas generated into a reality for Australian commercial avenues. The authorities have booked the date – 10th September 2016 to introduce the fresh Entrepreneur visa and accordingly changes in the point system under the Skilled Migration Program will be made. This visa is delegated under Business Innovation and Investment Visa Program and will be considered as part of it in future. Applicants, mainly entrepreneurs, who wish to apply for this Entrepreneur Visa, will have to first apply in SkillSelect program by putting forward their EOI (Expression of Interest) and then wait till they are nominated further by either Territory or State government. Eligibility criteria for Entrepreneur visa are:
  • Interested applicants should either be already endeavoring or should propose to take up a business venture in Australia
  • The venture taken up by the applicant should not include any of the following: 1. Real Estate of Residential nature. 2. Buying of existing franchise 3. Labor Hire
  • The candidate should of 55 years of age and below with fluency in English language and an existing interest of minimum 30% in the venture proposed by them.
  • A proper concrete idea regarding the venture and the envisioned future should be outlined with the applicant. At least one or more funding contract amounting to $200,000 should be signed with the third party funding bodies on behalf of the applicant or the venture itself.
Third Party funding companies can only be limited to territory and State governments, Research organizations publicly funded, investors registered under VCLP or ESVCLP and commonwealth agencies. Applicants who are granted this Entrepreneur visa can opt to become permanent resident of Australia by going for Permanent Residency visa only after spending four years from the date of grant of Entrepreneur Visa. However they must meet certain conditions which are:
  • Turnover earned by the business.
  • Number of Australian employed in the venture.
  • Capability to earn financial backing.
These changes happening in the point system for visas have also brought in greater opportunities for candidates and students having research level qualification in Masters or Doctoral degree either in specific Information or Communication Technology (ICT) or Science, Technology, Engineering or Mathematic (STEM) in terms of permanent residency in Australia. The point system being followed now will be accordingly changed to include additional points for students who have garnered research level qualification in Masters or Doctoral degree from Australian Universities in specified ICT, STEM or similar fields. Related fields of educational qualification that are being accepted under Entrepreneur visa as approved by Commonwealth Register of Institutions and Courses for Overseas Students (CRICOS) in chronological order are:
  • Aerospace Engineering and Technology
  • Biological Sciences
  • Chemical Sciences
  • Computer Science
  • Civil Engineering
  • Earth Sciences
  • Electrical and Electronic Engineering and Technology
  • Engineering and Related Technologies
  • Geomatic Engineering
  • Information Systems
  • Information Technology
  • Mathematical Sciences
  • Manufacturing Engineering and Technology
  • Maritime Engineering and Technology
  • Mechanical and Industrial Engineering and Technology
  • Natural and Physical Sciences
  • Other Natural and Physical Sciences
  • Other Information Technology
  • Other Engineering and Related Technologies
  • Physics and Astronomy
  • Process and Resources Engineering
Graduate candidates who wish to verify whether they are eligible can do so by visiting the CRICOS website. If they are qualified as Masters or Doctorate degree through research level method with their education field being listed above can earn up to 5 points extra under the visa’s point system. In case of any confusion with any part of Entrepreneur visa along with other Australian immigration requirements or have any query related to your eligibility for the same, our expert consultants are available with their myriad range of experience and knowledge through www.immigrationxperts.com. We also accord the client with primary assessment to check the eligibility for the business visa.