South Australian Introduces New Business Visa To Lure Investors To State

24 Nov 2012

A NEW business migration visa will be offered from today for investors willing to contribute $5 million to the state's economy.

The Significant Investor Visa has been introduced as a new stream within the Business Innovation and Investment visa and will be offered through Immigration SA.

Migrants successful in obtaining the four-year Significant Investor Visa will need to invest at least $3 million over two years into State-based companies.

They then have a choice to invest the remaining $2 million over four years in any combination of eligible managed funds, South Australian Government Financing Authority (SAFA) bonds or additional private company investment.

Visa holders must live in Australia for at least 40 days every year, or 160 days cumulatively, over their four-year visa term.

The visa can be extended by two year periods and is not subject to a points test, upper age requirement or English language threshold requirement.

Minister Tom Koutsantonis said the visa would help "simplify the pathway for the most experienced business people and high-profile investors to relocate here".

"This is a crucial time for our economy and it is imperative we are equipped to attract international capital and skills in a competitive global market."

The visa would help migrants take advantage of the opportunities in the resources and energy sectors, advanced manufacturing, clean technologies, tourism and knowledge-intensive industries, he said.

Source: http://www.adelaidenow.com.au/business/sa-business-journal/south-australian-introduces-new-business-visa-to-lure-investors-to-state/story-e6fredel-1226522905651