New visa for start-up entrepreneurs

In a recent joint media release, the Australian Government has announced a new initiative that will see the South Australian Government partnering with business incubators to attract foreign entrepreneurs to Australia.

As part of the Supporting Innovation in South Australia (SISA) initiative, anyone who has an innovative, entrepreneurial idea or concept will be encouraged to move to South Australia to develop their business. This is particularly aimed at promising overseas seed-stage entrepreneurs, or those working on an innovative start-up (ideally with a Minimum Viable Product and some demonstrable traction/market fit), who want to develop their idea or concept and grow a business in South Australia.

By attracting the ‘best and brightest’ minds in the entrepreneurial world to establish their start-ups in South Australia, the Government aims to increase job opportunities, diversify the economy and provide incentives for innovation.

South Australia is the pilot state for the three-year SISA initiative, which will allow visa holders to stay in Australia for three years along with their families.

Through participating in SISA, successful applicants will be nurtured in South Australia’s local “innovation ecosystem” to build upon their ideas, and will be connected with key events and activities to contribute to local collaboration and the sharing of concepts, experiences, skills and talent.

Whilst other requirements apply, the application process will include obtaining endorsement from South Australian innovation ecosystem providers or the Office of the Chief Entrepreneur. Applications will be particularly well received if they relate to the State’s emerging industries such as defence and space, cyber security and big data, agribusiness, health and medical technology, robotics, and media and film.

Unlike other visas in this area, the SISA initiative does not have a minimum funding requirement but rather will depend on the quality of the applicant’s start-up and idea.

If you have an innovative business idea and you meet the requirements of the visa program, then this may be the opportunity you need to start a new life in Australia.

“The content of this publication is for reference purposes only. It is current at the date of publication. This content does not constitute legal advice and should not be relied upon as such. Legal advice about your specific circumstances should always be obtained before taking any action based on this publication.”
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