We haven’t waited for the election to pursue our plan to make Adelaide our nation’s start-up capital to create more jobs and grow our population.
We have secured the agreement of the Federal Government to trial a new visa initiative in South Australia.
Foreign entrepreneurs and investors with an innovative idea and a supporting business plan will be able to apply for a temporary visa to take forward their venture in South Australia.
Visa applicants will not need capital backing, unlike the Entrepreneur Visa which required demonstrated funding of at least $200,000.
Instead, applicants will be vetted by State or Federal Government entities, with these entities able to partner with incubators and accelerators to identify potential applicants for nomination.
Entrepreneurs who are successful in establishing their business venture in South Australia will become eligible to apply for permanent residency.
Encouraging seed-stage entrepreneurs to take forward innovative ideas in South Australia will assist in growing the jobs of the future.
The new visa trial we have secured builds on our plan for an Innovation, Incubator, Start-up and Growth Hub on the site of the old Royal Adelaide Hospital.
It’s vital we take the initiative to foster entrepreneurship and innovation.
Since Labor came to office in 2002, South Australia has had a net interstate migration loss of over 53,000 people and a population growth rate that’s well below the national average.