Additionally, technology and STEM-based start-ups can sponsor "experienced" worldwide individuals with "specialised technology skills", as long as they are acknowledged by a start-up authority.
But critics blasted the government's record at "botching" visa changes saying the new scheme has been rushed through.
"We find when Australian policymakers talk about "trusted companies", they're talking about established businesses with a track record of profitability and stability", McCauley says.
The visa, for which there will be no set list of occupations, will require migrants to have at least three years relevant experience.
Public companies or businesses with an annual turnover of more than $4 million to sponsor highly skilled workers from overseas in positions earning above $180,000.
"The Government recognises there is fierce competition globally for high-tech skills and talent, and that attracting these people helps to transfer skills to Australian workers and grow Australian-based businesses", Minister for Citizenship and Multicultural Affairs Alan Tudge and Minister for Jobs and Innovation Michaelia Cash said in a joint statement released this morning.
The government said it would consult prior to the start of the pilot, and an industry advisory group would provide "ongoing guidance" during the pilot. It's encouraging to see the Government has really listened on this.
Willox added that the new visa deserves bipartisan support.
"An issue we face is in finding people with a lot of experience in the areas of blockchain, telematics and sensors, but if we are given the option to hire this talent from overseas, it would be hugely beneficial to our knowledge growth and overall business prosperity".
"This is part of the ongoing reforms to our skilled visa programs to ensure that Australians have priority for Australian jobs, but acknowledge that there are times when the skills are not available in the country".
The startup stream's minimum salary threshold is also yet to be determined, but would include equity and a cash component of at least $53,900. Startups can have up to five workers under the scheme each year.
"The government's decision about the 457 visa and the uncertainty that came around that announcement hurt us directly as a company", he said. Start-ups will need to be recognised by a start-up authority and demonstrate that they prioritise the employment of Australians.
The trial visa format is a change of pace for the federal government, whose changes to the 457 visa program saw it reduce the number of eligible occupations, reduce access to residency pathways, and introduce stricter English language tests.
Wes Sonnenreich, co-founder and chief executive of experiential learning software company Intersective, tells StartupSmart his business is now eligible for the visa trial within the startup stream, but is predicting it will move to the established visa stream over the next two years.
The federal Opposition announced a similar scheme for tech companies in the wake of the scrapping of the 457 visa early a year ago.
Meanwhile the chief executive of the Business Council of Australia, Jennifer Westacott, believes this opportunity "will help Australian businesses compete globally and it will give Australian workers the opportunity to collaborate with highly skilled migrants and share, develop and learn these specialised skills".
"Both parties are realising that this kind of visa is a net job creator for Australians".
The Government will consult on the details of the Global Talent Scheme ahead of the pilot commencing in July.
The federal government has today unveiled a new trial visa scheme aimed at fixing Australia's tech talent shortage, which is being hailed as a "game changer" for local, fast-growing startups.
"The startup stream is well within the reach of many companies, and I hope the government will leverage the existing early-stage innovation company definition for a startup so there's only one hoop for funded startups to go through", he said.