The UK, Singapore, New Zealand, Ireland and a number of other countries have all created specific visa policies to attract a growing pool of early-stage entrepreneurs. Labor will introduce two new visa categories that will help attract the best global entrepreneurial talent to help build Australia’s growing startup ecosystem.
Startup Entrepreneurial Visa
- The Startup Entrepreneurial Visa will be provided annually to 2,000 global entrepreneurs looking to establish themselves in Australia;
- This visa will be provided to applicants with proven access to capital [in the order of around $200,000] that they will invest in a startup venture in Australia (though less if funding has been provided by a venture capital firm registered with the Australian Private Equity and Venture Capital Association Limited or by startup accelerators and incubators);
- This visa category will run for a maximum of 3 years, though visas may be extended for another year or converted to permanent residence after 2 years if all eligibility requirements are met.
Graduate Startup Entrepreneurial Visa
- This new visa will be provided annually to 2,000 university graduates who have a credible and genuine startup business idea.
- Graduates will be allowed to stay in Australia for 1 year to establish a startup business after graduation. Graduates can apply to extend this visa for a second year provided they have a new endorsement letter from their higher education institution confirming they have made satisfactory progress in developing their business.
- There will be no upfront funding requirement for this visa, though graduates will require endorsement from a participating higher education institution.
Further information is available here.