The Commonwealth of Australia favours a policy of Investment-friendly and business promotion atmosphere and has policies which favour starting up of new Businesses in the country.
Introduction of SIV is a key Business promotion initiative by the Australian government.
SIV refers to Significant Investor Visa (Visa 188) introduced on 24th November 2012. Under SIV, a 4 year provisional visa can be issued to any foreign national who is ready to invest into the country to the tune of 5 Million Australian Dollars. The investment should be routed through Government “approved“ funds, state government bonds and proprietary operation companies. The above SIV can be subsequently applied for extension or for permanent residency visa.
To know more about starting business in Australia, please visit the link “Establishing New Business in Australia“, in our website.
A few other Business Promotion Initiatives are listed below.
As per the directive of the Government issued in February 2013, Companies doing an annual turnover in excess of AUD $20 Billion, faces a cut in their Research and Development Tax incentive, so that the funds serve as a boost to the SME Sector.
$378.6 Million Venture Australia Package announced to support Innovation-oriented businesses.
Ten “Industry Innovation Precincts“ with a sum of $236 Million in Australian Research Council Grants, to be developed in the lines of Silicon Valley at California, USA. Innovation is given key importance in business promotion initiatives of the Government.
Government provides Business Advisory Services to SMEs and a $27.7 Million Enterprise Solutions package, to ensure SMEs gain access to Public Sector markets.
Skills for Sustainable Growth Strategy by the Government, supported by Budgetary allocations, focus on equipping the Australian workforce, to scale up to better efficiency levels to cater to the business demands.
Creative Industries, a Strategy for 21st Century Australia is an initiative focussed on developing Creative based industries, which employs 4.8% of the total employment and is $31.1 Billion industry gross product in 2008-09.
Automotive Transformation Scheme (ATS) provides $2 Billion assistance from 2011 to 2017. Automotive Diversification Programme (ADP) is a $ 20 Million programme focussing on improving the manufacturing capability of Automotive companies.
Various Grants, Assistance and Support activities including Skill development is being done by the Australian Government, for different industries, and for different size of businesses.
