The entrepreneur visa scheme has barely attracted any applicants in almost three years.
Applicants say the funding requirements are infeasible for most entrepreneurs.
The scheme could be replaced with different rules currently on trial in South Australia.
The federal government's entrepreneurship visa has attracted almost no company founders from overseas in almost three years, despite high hopes it would help attract the world's brightest minds to start businesses here.
A freedom of information request by The Australian Financial Review to the Department of Home Affairs, showed the visa class has been such a failure the number of entrepreneurs settling in Australia fell underneath a threshold of just five people required to record arrivals from different countries.
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Yolanda Redrup is the editor of the AFR Rich List. She previously reported on technology, healthcare and Street Talk. Connect with Yolanda on Twitter. Email Yolanda at yolanda.redrup@afr.com
