Australian Innovation Investment
Australia abounds with initiatives to grow and develop its innovation and technological expansion agenda, including funding programs and changes to the visa system with the introduction of the Australian Entrepreneur visa.
As part of the National Innovation & Science Agenda, strategies by the Australian Federal Government to fund and build innovation and startups in Australia include the following:
- $23 million invested for the “Incubator Support” initiative which provides funding to support new and existing Incubators (including developing new incubators in regions or sectors with high potential for success in international trade) as well as an Expert-In-Residence program to provide access to research, managerial and technical talent .
- $30 million invested to create opportunities for businesses in the rapidly growing cyber security sector, including establishing a new industry-led Cyber Security Growth Centre in Australia.
- $36 million invested in a Global Innovation Strategy to improve Australia’s international science, research and innovation collaboration through Landing Pads which provide market-ready startups with a short-term (90 day) operational base where they can access entrepreneurial talent, mentors, investors and a wider connected network of innovation hubs located in Berlin, San Francisco, Shanghai, Singapore and Tel Aviv.
- $500 million invested to establish the Biomedical Translation- $250 million of Commonwealth funding that has been matched by private sector investors to invest in commercialising promising biomedical discoveries.
As explained through the Australian Government website: www.innovation.gov.au.
Australian Entrepreneur Visa
The Australian Government introduced changes to the visa system last year to assist in attracting and retaining entrepreneurial talent ‘to drive ideas from research to commercial reality’ in Australia. The Entrepreneur visa continues to be an attractive means for overseas directors of Australian startups to remain in Australia and grow their business.
The Entrepreneur visa is a four year visa with a pathway to permanent residency through the Business Innovation & Investment (Residence) subclass 888 visa.
The Entrepreneur visa is a two-stage process which requires:
- Nomination by an Australian State or Territory Government; and
- Lodging a visa application with the Department of Immigration and Border Protection (DIBP).
- The visa applicant must be under the age of 55 years unless providing an “exceptional economic benefit” to the State or Territory;
- Have a funding agreement in place for a minimum of $200,000 to establish a venture in Australia;
- Have an ownership interest of at least 30%; and
- Have at least competent English.
The proposed business venture would need to include either the development of an enterprise or business in Australia or involve the commercialisation of a product or service in Australia.
For overseas entrepreneurs building their business in Australia, please do not hesitate to contact us at email@example.com for a confidential discussion regarding your eligibility for the Entrepreneur visa.
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.