The idea for a new permanent visa for entrepreneurs of small businesses who create jobs in Australia has been floated by Labour’s Chris Bowen who believes that temporary visa holders who prove that they can create jobs are important for the Australian economy and should be allowed to remain permanently, reports the Australian.

Chris Bowen introduced the significant investor visa which during his time as immigration minister never really got off the ground. But his idea has in the recent year gained a great deal of traction with 1095 SIV applications in the pipeline and some 343 SIVs granted.

Mr Bowen is now talking about introducing a more basic entrepreneur visa which essentially is  not based on a dollar value but rather on the number of jobs the entrepreneur can create during their stint on a temporary visa.

According to the Australian, Mr Bowen told a Queensland Media Club luncheon that someone on a temporary visa could be asked to demonstrate how they could turn $50,000 into a company employing 15 people. If their start-up plan worked, they would be given a permanent visa.

"We can do better when it comes to attracting people with the entrepreneurial spirit…If you've managed to take $50,000 and turn it into a company, which is employing 15 people in three years, I reckon you're going to make a pretty important contribution to the Australian economy going forward.

"New Zealand, the United Kingdom, Ireland and Singapore, among other nations, have all introduced specific entrepreneur visas and Labor believes in going down this road as well."

Mr Bowen also flagged the need to change existing laws to allow crowd source funding.

Globally, large numbers of people are raising money through the internet and social media but the Australian Securities and Investments Commission doesn't regulate this practice.

"In Australia crowd source funding is effectively illegal," he said.