The Australian Government has announced it is open for business with the launch of the new Global Talent Scheme Visa starting on 1 July 2018. Read more about the new visa and the requirements.
What is the Global Talent Scheme Visa?
The Global Talent Scheme Visa is new initiative of the Australian Government to support the National Innovation and Science Agenda. The visa will enable Australian businesses to sponsor highly skilled and specialised workers not currently covered by the standard subclass 482 (formerly subclass 457) work visa (TSS Visa Program).
Applicants will need to demonstrate that the individual being sponsored will deliver opportunities for Australians such as the creation of new jobs for Australians and the transfer of skills and knowledge to Australian workers.
Who can access the Global Talent Scheme Visa?
During the pilot phase starting on 1 July 2018, the following businesses can access the Global Talent Scheme:
- Accredited sponsors under the TSS Visa Program who are publicly listed or have an annual turnover of at least $4 million for each of the past 2 years; and
- Start-ups in a technology or STEM (Science, Technology, Engineering and Mathematics) related field to help them contribute to Australia’s start-up ecosystem. This includes digital, biomedical and agtech fields.
What are the requirements to obtain a Global Talent Scheme Visa?
The individual must be sponsored by an employer in one of the above two categories.
Employers and start-ups must be able to demonstrate that:
- the skill-set cannot be sourced from the Australian labour force;
- it cannot sponsor the individual using any of the existing visa pathways;
- the individual has qualifications and at least 3 years work experience directly relevant to the role;
- the position meets minimum annual earnings requirements.
The minimum annual earnings requirements are:
- $145,400 for Accredited Employers; and
- $80,000 for Start-ups. For start-ups, this can include equity but the cash component must not be less than $53,900.
What are the benefits of the Global Talent Scheme Visa?
The Global Talent Scheme has a number of benefits over other visa programs. These include:
- Access to a 4 year temporary visa and transition to permanent residence after 4 years;
- Flexibility in certain visa criteria; and
- Faster processing.