Australia seeks to lure foreign entrepreneurs with kind tax breaks for the start up businesses in a measure to widen the economy away from the dependence on mining.
The Australian government plans to bring in an entrepreneur visa associated to the 20% tax compensate and capital benefits tax exemptions run on related lines to the scheme of the UK.
Australian Prime Minister Malcolm Turnbull clarified that the nation required an ideas boom for boosting the economy of the country. According to him, if Australia wants to see the economy keeps on growing, it requires new ideas; new firms and individuals who could make them do the job.
The latest entrepreneur visa would not have any limits on its numbers.
The Australian government would invest around 25 million pounds in the startups. Schools would also be motivated to teach kids’ computer programming and around 95 million pounds project for science funding would provide money for the university research.
Turnbull said that Australia wants to lure the best brains from overseas but also had to invest in its schools and universities for making the policy to work.