What is Global Talent Scheme?

Global talent scheme Australia

What is Global Talent Scheme?

[vc_row][vc_column width=”2/3″][vc_column_text]Global talent scheme Australia

Summary:

Minister for Citizenship and Multicultural Affairs, Alan Tudge, introduced Global Talent Scheme.

It is a new Visa scheme to attract highly skilled global talent and deliver innovation to Australia, targeted mostly toward tech industry

It will commence in July 2018 on a trial basis of 12 months.

With the end of subclass 457 Visa (that halved the number of Visa grants from 130,000 to 70,000) and tech community’s concern is that Temporary Skilled Shortage TSS Visa won’t cover the ever-widening gap of tech jobs that need to be fulfilled in Australia.

The so-called Global Talent Scheme is set to be the solution for what the tech industry doesn’t find in TSS Visa.

What is Global Talent Scheme?

Simply put, it’s a Visa scheme that enables companies to import skills the government doesn’t know they need as Business Insider puts it. Remember, just five years ago, there was no such job as Growth Hacker, Instagram Manager (yes, such thing exists!) or User Experience Analyst. Yet, those positions seem to be omnipresent in every start-up or established business all over the globe. No one can foretell what the next five years will bring in terms of job titles, job descriptions or demands.

In the ministerial press release, this initiative was driven by the acknowledgment that the Government recognises there is fierce competition globally for high-tech skills and talent, and that attracting these people helps to transfer skills to Australian workers and grow Australian-based businesses.

Or, as Minister Tudge said:

“This is part of the ongoing reforms to our skilled Visa programs to ensure that Australians have priority for Australian jobs, but acknowledge that there are times when the skills are not available in the country.”

Visa Streams

Global Talent Scheme consists of two streams, namely the established business streams and the start-up streams.

As the name suggests, the established business stream is aimed at publicly listed companies or those with two consecutive annual turnovers north of $ 4 Million. The nominated position must also have minimum annual earnings of $180,000.

The start-up stream, meanwhile, is aimed at newly-established companies with STEM-related fields (science, technology, engineering, and math) background, including but not limited to agricultural tech, medical tech and so on and so forth.

The minimum annual earning of the nominated position can’t be less than the Temporary Skilled Migration Income Threshold which currently stands at $53,900. This can include equity (which is a common offering in start-up payment package) but it has to incorporate cash components as well.

Both streams require the sponsoring businesses to conduct Labour Market Testing on available positions.

What Are The Highlights of This Visa Scheme?

According to the Fact Sheet, successful applicants will have access to a 4-years stream (mid-term) TSS Visa and certain age cap concession. But not just that! The pathway to permanent residency will also be available for them after 3 years. The latter of course is the most welcome features for Australian Visa applicants.

Who’s Suitable to Apply for Global Talent Scheme Visa?

Global Talent Scheme will be attractive both to individuals in, and businesses in need of, middle-to-high level (possibly C-level execs) position related to the tech industry.  It will also be relevant to people whose job titles didn’t exist 5-10 years ago.

As emphasized by the co-initiator, Minister for Jobs and Innovation Michaelia Cash, those individuals–skilled and experienced as they are–are likely to become job multipliers, who, by transferring their skills, knowledge, and expertise, will benefit Australians in the long run.

“We want to ensure that Australian businesses can access the best talent in the world because this will underpin business growth, skills transfer, and job creation.”

When Will It Start? What’s the Timeline?

This pilot Visa scheme is projected to commence in July 2018. The trial will last for 12 months until June 2019. The Government will use the time remaining to refine its implementation. For example, the entity of “start-up authorities”–which can be anything from influential incubators/accelerators to the collective group of similar start-ups –whose endorsement is needed by companies nominating a position in the start-up stream, are yet to be decided. The Government will do it primarily by consulting with stakeholders and industry leaders.

How can I apply for Global Talent Scheme?

Please get in touch with us using this link and put Global Talent Scheme as the subject.

Sources:

http://minister.homeaffairs.gov.au/alantudge/Pages/new-visa-scheme-skilled-global-talent.aspx

http://minister.homeaffairs.gov.au/alantudge/Documents/factsheet-global-talent-scheme-pilot.pdf[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_widget_sidebar sidebar_id=”sidebar_3″][/vc_column][/vc_row]

Graduate Occupation List

Welcome news for international students – Graduate stream of the State Nominated Migration program expanded to include VET graduates The Graduate stream of the State

Read More »