New visa for VC-backed entrepreneurs introduced

25 May 2012

Minister Bowen announced reforms today to the Business Skills program - now named the Business Innovation and Investment program. These reforms start from 1 July 2012. They include the introduction of a new Business Talent visa to facilitate the entry of migrant entrepreneurs with a high-potential business idea. Migrant entrepreneurs must have sourced at least AUD1 million in venture capital funding through an AVCAL member. The funding should be provided for early phase start-up, product commercialisation, or business development and expansion.

See:
Reforms to the Business Skills Program ( 69KB PDF file)
Frequently Asked Questions Reforms to the Business Skills Program ( 73KB PDF file)
Diagram of Changes for the Business Skills Program (115KB PDF file)
Innovation Points Test ( 68KB PDF file)
Significant Investor ( 61KB PDF file)