Entrepreneurial Visa, Points Test Updates – Australia

As you might be aware, the DIBP of Australia has made few changes to the nation’s ‘Innovation and Science’ scheme. This was mainly carried out to support the country’s government in several ways. But, what does this do for you? To clarify about this, our company One Visa has conducted some background works to study about these changes and come up with a few pointers here.Continue reading to know about these changes here…

Understanding the Updates:

Entrepreneur Visa:

During this major update, a novel ‘Entrepreneur Visa’ was launched for the outside entrepreneurs coming here with great innovative thoughts. You can clear this visa process if you have $200,000 as funding from a 3rdparty who wishes to enhance your idea in the nation.As such, this would need to be in compliance with the skill set that can be found on the country’s DIBP web page. Also, this would need a government from a state/territory.This was classified under the ‘Business Innovation and Investment Visa’.

Eligibility Requirements:

To be eligible for this under the subclass ‘188’, the individual who applies must not be above 55 years. However, the state/territory which nominates your proposal could relax this if your proposal is of exceptional value to that state/territory. Another requirement for this is your skills in ‘English’. You need to possess a high competency in this language.Also, you must prove this during your visa process.

As I mentioned earlier, the major requirement for this is your proposal on entrepreneurial activity and you must prove that you have a genuine interest to carry this forward in the country.

Funding Organizations:

You should have noted me saying that your activity must be funded by a third party organization.You must be wondering what types of organizations can fund your activity. The funding organization can be a commonwealth agency, the state/territory government, public sector research organizations, investors who have been registered as venture capital firms, and venture capital limited startups. You can get from two or more of these also.

Points Test:

As the title suggests, updates are also been made to the points test in case of the skilled migrations. In this update, 5 extra points have been added to the people who are graduating from Australian universities with either master or doctoral degrees. As such, the education must be of research based. Again, you can view the complete details about this on the DIBP web page.

Subjects of Interest:

As I mentioned above, you could gain extra points if you have completed your research degrees in the country. The areas and subjects of interest are STEM and ICT. Broadly speaking, these would cover all the science and technology programs and your engineering and mathematics degrees. Also, these would include your information technology programs.

Final Thoughts:

Overall, we can understand that these updates have been made to the policies with a view of attracting the innovative minds from across the globe thereby affecting a positive growth in terms economy in Australia.