What is Supporting Innovation in South Australia (SISA)?
South Australia, together with the Federal Government, launch the pilot for Supporting Innovation in South Australia (SISA) today (22/11/18).
As the name suggests, it’s a new visa program aiming to attract promising overseas entrepreneurs to come to South Australia. Applicants can apply for the program under the 408 Temporary Activity Visa, under Australian Government Endorsed Event stream.
The visa is valid for up to three years and is scheduled to end in 2021.
An Entrepreneurial Boost
“Start-ups generate new jobs, drive innovation and bring opportunities to diversify our economy,”
Said Minister Coleman in the launch Press Release.
The Supporting Innovation in South Australia (SISA) pilot is about driving entrepreneurialism and innovation in South Australia. It enhances South Australia’s entrepreneurial values and innovation agendas as well as complements the Commonwealth Government’s National Innovation and Science agenda.
That is without a doubt a mouth-watering chance for overseas seed-stage entrepreneurs and startup founders to incubate their idea, test their concept and scale their business.
What SISA Has to Offer to Overseas Entrepreneurs and Startup Founders?
As an environment, SISA will provide the granted applicants with the following values:
New entrepreneurs will be connected with key events and activities within the local eco-system to help them develop and progress their business
The Office of the Chief Entrepreneur will serve as a key point of contact to engage with key entrepreneurship services across the industry and tertiary education sectors
Overseas entrepreneurs with their own overseas networks will assist local entrepreneurs to access these networks to further their start-ups or businesses overseas
Investors can readily identify opportunities to back emerging and growing businesses which will create jobs for young, talented South Australians who will then remain in the State and become successful
The South Australian Government, business and community will work together to support overseas and local entrepreneurs to create start-ups; build successful businesses and go global with their established businesses, while maintaining their head office in South Australia, which will continue to create jobs for South Australians and improve the South Australian economy
Overseas and local entrepreneurs will share their experience, skills and talent; exchange ideas; learn from each other; collaborate and develop further the South Australian innovation eco-system, which subsequently will have a positive impact on the Australian innovation eco-system
Successful overseas and local entrepreneurs will mentor and guide future entrepreneurs.
If you’re interested to apply for this program, make sure that you’re eligible to apply for the aforementioned 408 Visa. You also need to satisfy the requirements set by South Australia.
The criteria for this visa includes:
- Have an innovative idea with a supporting business plan;
- Be under 45 years of age at time of application;
- Demonstrate at least a minimum of Vocational level English;
- Meet all health, character and financial requirements detailed by the Department of Home Affairs;
- Be endorsed by a South Australian Government entity (Department for Trade, Tourism and Investment) to take forward an innovative idea in South Australia;
- Have sufficient funds* to support yourself and any eligible dependant family members included in your application.
The Fine Prints
There will be some short of prioritized industries for this program, namely:
- Defence and Space
- Cyber Security, Big Data, Digital and Blockchain
- Food, Wine and AgTech
- Health and Medical Technology
- Media and Film
- If granted, the primary purpose of the Temporary Activity (subclass 408), is to work on SISA related activities (such as your own startup). This could potentially be paid work, either as part of your startup’s structure itself, or as part of work in South Australia’s startup/innovation ecosystem (e.g. talks, mentoring, etc.).
- There will be no limit on the amount of paid employment you can undertake, if the work is SISA-related work.
- You can only engage in up to 20 hours a week in a non-SISA related works.
- Your dependents will have have unlimited work and study rights. If they choose to study, they will have to pay international student fees.
If you’re interested, get in touch with our team, we’ll be happy to help.
Taken from various sources