New Entrepreneur Visa
The Department of Immigration and Border Protection has introduced a new Entrepreneur Visa stream to attract talented, innovative people to establish entrepreneurial activities in Australia.
The new Entrepreneur visa is a part of Innovation and Investment subclass 188 visa and is available from 10 September 2016. Applicant will require AUD 200,000 in funding from a nominated organisation to develop & commercialize innovative ideas in Australia.
This Visa will be valid for 4 years provided the visa holder successfully establishes an entrepreneurial activity in Australia and there will also be a permanent residency pathway available via subclass 888 visa.
Applicant needs to be first nominated by a State or Territory Government and must be invited through the Skill Select via Expression of Interest.
- Under 55 years of age, unless exceptional economic benefit is proved
- Competent English (6 Band in each of IELTS or equivalent)
- Acceptable Business Activities
- Agreement in existence for a minimum of $200,000 to develop a business venture in Australia
- Own at least 30% interest in that venture
- Sponsored by a state or territory government
The proposed venture must be either:
Commercialization of a product or service in Australia or Development of an enterprise or business in Australia
Certain activities which are not considered sufficiently innovative will be excluded. This will be defined by legislative instrument and might include:
- Purchase of an existing business or franchise
- Real estate activities
- Labour hire activities Etc.
To apply under the Entrepreneur stream, applicant must have an agreement for at least AUD200,000 in funding from one or more of the following organisations:
- Commonwealth agencies
- State and territory governments
- Publicly funded research organisations
- Investors registered as Venture Capital Limited Partnerships or Early Stage Venture Capital Limited Partnerships
The funding arrangement must involve the transfer of at least 10% of the funds within the first 12 months of commencing the activity in Australia.
The new Entrepreneur Visa will be a great option for applicants wants to start innovative ventures in Australia. Unlike the other 188 visa streams, there are no requirements to show a minimum amount of personal assets or substantial business background.
If you like us to check your eligibility for business migration, please book an appointment by calling us or via our website.