Sunday, 04 March 2018
Media release

Supporting innovation in South Australia

The Australian Government is committed to fostering entrepreneurship and innovation and has given an undertaking to the Steven Marshall Liberal Team to pilot a new visa initiative in South Australia.

Under this initiative, new visa arrangements that allow State Governments to partner with business incubators in attracting foreign entrepreneurs to Australia will be piloted in South Australia, before a national rollout in 2019.

"I commend Steven Marshall and the SA Liberal Team on taking the initiative to secure this arrangement for South Australia," Mr Dutton said.

"South Australia has suffered from 16 long years of Labor Government".

"Steven Marshall is committed to restoring South Australia’s economy".

Under this initiative, foreign entrepreneurs and investors with an innovative idea and a supporting business plan will be able to apply for a temporary visa to take forward their venture in Australia.

Applicants will not need capital backing, unlike the current Entrepreneur Visa which requires demonstrated funding of at least $200,000.

Instead, applicant’s proposals will be vetted by State or Federal Government entities, with these entities able to partner with incubators and accelerators to identify potential applicants for nomination.

Entrepreneurs who are successful in establishing their business venture in Australia will become eligible to apply for permanent residence.

"The Turnbull Government is focussed on increasing job opportunities and standards of living for Australians and we are doing this by fostering business growth and investment in Australia," Mr Dutton said.

"Encouraging seed-stage entrepreneurs to take forward innovative ideas in Australia will assist in growing the jobs of the future".