The New Entrepreneurship Visa is being introduced from 10 September 2016 as part of the government’s Business Innovation and Investment Program. It will be a provisional visa with a pathway to permanent residency under the Business Innovation and Investment visas. (subclass 188).
Who is it for?
The new visa is is for entrepreneurs with $200,000 in funding from specified third parties to develop and commercialise their innovative ideas in Australia
What are the Australian Entrepreneurship Visa Requirements?
You must be
- Under 55 years old, unless ‘exceptional exonomic benefit’ is demonstrated
- Competent English Language Ability (i.e. 6 in each band of IELTS or equivalent)
- Agreement in place for at least $200,000 in funding to grow venture in Australia
- Hold at least 30% interest in Venture
- Be nominated by a state or territory government
What kind of venture can I undertake?
Acceptable business ventures include
- Commercialisation of a product or service in Australia; or
- Development of an enterprise or business in Australia
However there are certain activities may not pass the innovative test. This may include
- Purchase of an existing business or franchise
- Real estate activities
- Labour Hire Activities
What are the acceptable third-party sources for funding?
To qualify for the Entrepreneur Visa, you will need to have an agreement for funding of $200,000 from one or more of the following sources
- Commonwealth Agencies
- State and Territory Governments
- Publicly funded research organisations
- Investors registered as Venture Capital Limited partnership or Early Stage Venture Capital Limited Partnerships
What are the changes to the point test?
Do you have an Australian postgraduate research qualifications in science, technology, engineering, mathematics and information and communication technology fields?
If so, you will be eligible for five additional points under the skilled migration program to enhance your pathway to permanent residency in Australia
Why is it great?
The commitment to innovation and entrepreneurship is great news if you have a idea you want to get off the ground in Australia. There is no requirement to show minimum amount of personal net asset or significant business background which makes the new Entrepreneurship visa slightly more flexible than the other subclass 188 visas.
Do you need to check your eligibility for business migration? Contact us for a consultation to start your migration pathway to Australia today.
The content of this article is intended to provide a general guide to the subject matter. Specialist migration advice should be sought about your specific circumstances. Please contact Verity Law for further advice.