Australia, in a bid to boost the economy of the southern part of the country, has introduced a new business visa that will have a validity of 3 years.
This visa was announced for the first time in March this year before the elections in South Australia. Unlike other business and innovation visas, this new visa will not require any capital or investment before an applicant can obtain it.
This new visa, the subclass 408 / Temporary visa permits its holders to stay with their families in Australia for the entire length of its 3-year validity.
All applicants are required to be not more than 45 years of age. They must also be endorsed and recognized by the state government of South Australia as people who established an innovative business in the state. To get this endorsement, they must present a written business plan to the government.
Who qualifies for this new visa?
The legislative instrument guiding the new visa explains that with the endorsement coming from the South Australia government only genuine applicants who have innovative business ideas will get the visa.
The then state Premier, Steven Marshall, said the new business visa would create more job opportunities and get more investments in the state.
Mr. Marshall went further to add that successful applicants of the visa might out of the need to stay longer to nurture their businesses, apply for the Australian permanent residence permit.
Again, with the new visa, more investors will be encouraged to invest in sectors in the Australian economy that have the capacity to grow. Some of these sectors include advanced manufacturing and defense technology.
The nature of the visa will not be the same as the visas under the entrepreneurial, business and innovative categories as these visas require a minimum investment of $200,000. So this new investment visa will not require an upfront investment.
The English language proficiency required for this visa is band 5 in each of the individual four parts of the International English Language Testing System, IELTS for short.
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