The new special visa is aimed to improve the economy of South Australia. This visa was launched on November 21. This pilot scheme is planned for three years till the end of November 2021. The visa will have no cap for the next three years, as confirmed by the Department of Home Affairs.
What is special about this visa? How is it different from other visas?
The Business Visa does not require any investment unlike other business and investment visas that has mandatory minimum investment requirement. The other Business Visas available in Australia require a minimum investment of at least $200,000.
The Visa Subclass 408 is a temporary visa that is approved by Federal Government and will allow the visa holders to stay in Australia for 3 years. Also, the visa holders will also be able to include their family members in their visa applications.
To apply for New Australia Business Visa, the applicants must be less than 45 years of age, and an endorsement from the South Australian State Government that allows you to establish a business in the state. The applicants are also required to submit a strong business plan to the state government.
The endorsement by the State Government gives the assurance that only genuine entrepreneurs have access to apply for subclass 408 Visa.
Steven Marshall, Premier of SA says that this new visa will help create jobs in the state. Also, new investments will be targeted, as per SBS. This visa is also one of the routes for Permanent Residence in Australia.
There is also positive light is seen as this visa category will encourage more investment in sectors that has the maximum growth potential. The sectors include defense technology and advances manufacturing. The Federal Government is also planning to enter the naval shipbuilding program in SA.
A total of $400,000 budget has been allocated to these programs by the South Australian Government.
The English requirement for this visa has also been kept very low that is IELTS 5 bands in each module of reading, writing, listening and speaking as compared to other visa categories.
The applicants who are an entrepreneurs having strong business plans may apply for Subclass 408 to set up their business in South Australia. The business proposal will be evaluated by either The State or The Federal Government. The applicants who are able to sustain their business venture in Australia will be able to apply for Australian Permanent Residency.
Australia has many immigration programs for the migrants willing to settle on permanent basis. You may fill the free assessment form to know the visa category best suitable for you.