With the new Gold Rush of tech companies and startups entering the Australian market across a wide range of industries, from Fintech to Agribusiness and Medical Devices, demand for skills not readily available in the Australian workforce is in high demand. Crucial to the success of some Australian startups is the ability to hire overseas employees to implement new technologies, support the local team, and in some cases, to assist in developing whole new industries in Australia.
We are often approached by startups querying at what stage their company can tap into international talent by sponsoring overseas employees in the business.
Here are the key criteria to determine whether a new business is sufficiently established to be a sponsor:
- The business must be registered and be able to provide an Australian Business Number (ABN) if the business is registering as an Australian sponsor;
- If the business is operating as a company, it must provide an Australian Company Number (ACN);
- There is no minimum amount of time that the business needs to be operating, but it must have the ‘flavour’ of being a legitimate business – for example, it can’t have been established for the purpose of sponsoring overseas employees;
- The business must show that it will be able to cover the costs of the salaries of the overseas (and local) employees; and
- It is useful if there are work contracts already in place.
With over 5,000 startups operating in Australia, the startup ecosystem in Australia is continually growing. The Government is also recognising the valuable contribution to the economy that startups achieve, through its “National Innovation and Science Agenda” which seeks to support innovation through various funding initiatives and tax incentives. The Agenda specifically supports startups through measures such as access to crowd sourced equity funding and attracting more venture capital into high potential startups as well as “ïncubators” which give startups access to mentoring, funding, and access to business networks.
It is our passion and our pleasure to be able to help Australian startups obtain the workforce that the business requires to thrive.
For more information on applying for business sponsorship and Australian visas, please feel free to contact the author by email at rebecca@hartmanlawyers.com.au or by telephone on +61 3 9021 0986 or +61 (0)423 701 747.
Disclaimer:
The information on this website is intended only to provide a summary and general overview on relevant matters. It is not intended to be comprehensive nor does it constitute legal advice. You are advised to seek legal or other professional advice before acting or relying on any of the content contained in this website.