Even though Australia abandoned the 457 visa subclass, it doesn’t mean that the country is not suffering from a skill shortage. Australia is firm on the fact that it doesn’t require immigrants but only want highly skilled immigrants. So the new high talent visa that the country is developing will be only for foreign talent that found a job offer paying them AU $180,000 per annum.
The visa will have two sets of eligibility – one for the foreign candidate and another of Australian employer. It clearly isn’t for startups because companies need to have an annual turnover of at least $4 million and must belong to fields like biomedicine and agriculture technology. However, if startups fulfill the annual turnover criterion, they can apply for the visa despite not belonging to the two mentioned fields.
Three new work permits replaced the 457 visa subclass at the beginning of 2018, which are categorized according to skills set and earnings. The newly proposed visa will work along with these three work permits, and its trial will begin in July 2018, before which all eligible companies will go through a two-month consultation period. Times are changing in Australia since the choice of foreign employees is changing from the United States and the United Kingdom to India and China. The visa provides a direct path to permanent residency, which the employee will get after living in Australia for three years.
Special program for startups
The startup scene in Australia is growing currently and has a bright future, but there’s no way they can afford the visa. So, the Australian government is planning to start another visa that is solely meant for startups to hire foreign talent. Called the startup stream visa, it will take a while for the Australian government to come but it is in the near future.