Australia offers residency for VC investors

Investors of $5 million or more in local companies or government bonds will also benefit from the new class of visa, the Significant Investor visa, which comes into effect on July

Chinese high-net-worth individuals are thought to be prime targets for the program, as many may be attracted by the Australian lifestyle.

'The Significant Investor visa will provide a boost to our economy and help Australia to compete effectively for high net worth individuals seeking investment immigration," said the Australian Minister for Immigration and Citizenship, Chris Bowen. "This new visa will make it easier for investors by offering some concessions on visa requirements - such as not having to meet a points test and reduced residence requirements."

Known as the Business Innovation and Investment program, the scheme will also help facilitate the permanent entry of entrepreneurs who have sourced venture capital funding in the country.

The Australian authorities have noted that entrepreneurs are struggling for capital, and as a result, various incentives programs have been unrolled to support the industry over the past few years. The government spends around $8 billion every year on research with the aim to enhance productivity through new innovation. Businesses able to prove that they use research and development as an investment for future growth also qualify for a 45% refundable tax credit.

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• Topics
• Australasia
• Early-stage
• Australia
• Venture
• China