The Australian Government has announced that a new Global Talent Scheme will be piloted from 1 July 2018 to attract highly skilled global talent and deliver innovation to Australia.
The Global Talent Scheme will be a separate visa initiative to the new Temporary Skill Shortage (TSS) visa program (which came into effect from 18 March 2018) and which will specifically target highly skilled global talent.
The scheme will feature two distinct streams:
‘Established business’ stream requirements include:
‘Startup’ stream requirements include:
Importantly, both streams of the Global Talent Scheme provide the highly skilled foreign individuals with a 4-year temporary visa and affords them a pathway to Australian permanent residence after 3 years of employment in Australia.
The Global Talent Scheme will provide businesses with an important pathway to transfer highly skilled talent to Australia albeit via an initiative that will be introduced on an initial 12-month trial basis from July 2018 to June 2019.
While it is envisaged that further refinements will be made to the scheme subject to industry stakeholder consultation, the pilot will nevertheless go some way towards alleviating concerns over the limitations of the TSS visa program in attracting highly skilled global talent.
This would be particularly significant for Australian public listed companies sponsoring highly qualified and experienced senior executives with annual earnings of AUD 180,000 or for Australian start-up technology companies seeking access to specialised technology personnel.