Australia to introduce new visa to boost economy, jobs

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The Australian Government is all set to introduce a new visa for people willing to establish businesses in the country. The visa will not require any mandatory funding outlay and an applicant only must be under 45 years of age and needs to demonstrate ‘vocational English’.

With an aim to increase job opportunities, it will start a new visa to foster entrepreneurship and improve the state’s economy before its national roll out next year. The Federal Government has given an undertaking to South Australian Liberals to pilot this visa from South Australia.

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Under the new visa, foreign entrepreneurs and investors with an innovative idea and a supporting business plan will be able to apply for a temporary visa to establish their venture in Australia. The existing entrepreneur visa requires a mandatory capital backing of $200,000 which will not be required for the new visa.

Applicants’ business proposals will be examined by the State or Federal authorities before granting a temporary visa. Entrepreneurs who are successful in establishing their business venture in Australia will become eligible to apply for permanent residence.