Perhaps one of the most intangible and valued assets a person can possess is the ability to be innovative. After all it is the 21st century and no one can ever really replace the wheel. But can we make it more resilient to pot holes, avert to becoming flat and personalised with our initials – yes. The fact is that we are lucky to almost have it all and rolling in it on the daily despite what Adele may preach musically. Today in the office we even talked about the fact that we can now purchase a ticket to go to space. Space. All it takes is one years’ worth of a doctor’s salary before tax and a Mathew McConaughey meets Interstellar desire.
The Global Talent Visa Pilot is designed to milk the untapped potential of innovators and beginning 1 July this year it will finally take flight. Businesses will be able to sponsor a niche type of employee, one that the Department specifies must be highly skilled and specialised. Like a good old episode of a new TV Series, the pilot is planned to initially run for only 12 months however it is worthwhile to mention that the Government will be consulting with industry, start up and tertiary institution leaders. Dialogue and discussion between these stakeholders means that the Pilot programme will be constantly under review and as such susceptible to change as well as maybe get the tick of approval for another seasons run.
The Visa Pilot is divided into two streams – one directed to established businesses and one directed to start ups.
Startup Stream
In this strand the visa is specific to technology-based and STEM-related startup businesses (e.g. digital, biomedical, agtech) and to be eligible the startup must:
- Demonstrate that their recruitment policy gives first preference to Australian workers;
- Labour market testing for the specific position;
- That they are a good corporate citizen; Be endorsed by a ‘startup authority’ (further consultation between now and July will determine who or what will be considered a ‘startup authority’).
Eligible STEM-related start-up businesses will be able to sponsor up to 5 highly skilled and experienced individuals for positions earning a minimum market salary rate per annum (with no less than an AU$53,900 cash component) per year.
Established Business Stream
In this strand, established business streams will need to demonstrate the following to be eligible:
- Demonstrate an annual turnover of $4million dollars OR be publicly listed;
- Demonstrate that their recruitment policy gives first preference to Australian workers;
- Labour market testing for specific positions;
- Must be a good corporate citizen;
Eligible established businesses will be able to sponsor up to 20 highly skilled and experienced individuals for positions earning a minimum of AU$180,000 per year.
The visa subclass utilized will be the Temporary Skills Shortage Subclass 482 and permanent residency will be an option after three (3) years employment on that visa.
What does this mean for us?
The Government is hopeful that the Global Talent Visa programme will facilitate the increase of ‘top talent’ into the Australian landscape, which is definitely a sport between countries, and in doing so vastly improve business growth and wealth for the nation.
As this Global Talent Visa programme takes it course we will be sure to keep you updated as information comes to hand.