Australia launched entrepreneur visa scheme in Sep 2016 under under the visa subclass 188, business innovation and investment program stream.
This visa requires funding agreement of at least AUD 200,000 to carry out entrepreneurial activity in Australia. This visa is issued for maximum 51 months to entrepreneurs and their family members. There is also AUD 4000 fee to issue this visa.
New details released by Department of Home Affairs, shows disappointing results with this visa stream with only, too few visas approved every year. Australia is not becoming a destination for entrepreneurs and startups for tech and innovation.
For 2018/19, less than 25 applications received under entrepreneur stream.
Less than 5 visas approved/granted for the year 2017/18 according to the figures. This figure jumped to less than 20 visas for the years 2018-19, the data shows
As at 12 June 2019, there have been 16 primary applications and 11 secondary applications lodged for the Temporary Activity (subclass 408) visa endorsed by the South Australian government under the Supporting Innovation in South Australia initiative. The Number of entrepreneur visa applicants there have been for the new entrepreneur visa being trialled in South Australia, which does not have the $200,000 funding stipulation.
