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There is a new visa available for entrepreneurs who want to develop or commercialise their ideas in Australia.
If you have funding of $200,000 from a specified party, you can apply for a business visa which gives you a pathway to permanent residency in Australia.
The government is also rewarding people who have completed a Doctorate or Masters by research – gained from Australian universities in science, technology, engineering and mathematics (STEM) or specified information and communication technology (ICT) fields.
The Subclass 188 Business Innovation and Investment visa now has an Entrepreneur stream. So if you are under 55 years of age (this can be waived by a sponsoring State to Territory), have competent English and have an innovative idea that will lead to the commercialisation of a product or service in Australia, or the development of an enterprise or business you could be on your way to a permanent visa.
However, the activities involving residential real estate, labour hire or purchasing an existing enterprise or a franchise in Australia will not be considered.
WHAT IS A COMPLYING ENTREPRENEUR ACTIVITY?
An activity is a complying entrepreneur activity if all of the following requirements are met:
- You have one or more legally enforceable agreements to receive funding with a total of at least AUD200 000 from one of the following entities:
1) Commonwealth Government agency 2) State or Territory Government 3) Publicly Funded Research Organisation 4) Investor registered as an Australian Venture Capital Limited 5)Partnership or Early State Venture Capital Limited Partnership 6) Specified Higher Education Provider
- Under the agreement at least 10 per cent of the funding must be payable to the entrepreneurial entity within 12 months of the day the activity starts to be undertaken in Australia;
- You held at least 30 per cent interest in your entrepreneurial entity when you entered into the agreement.
- You have a business plan for the entrepreneurial entity noting how your innovative idea will lead to the commercialisation of a product or service in Australia, or the development of an enterprise or business in Australia
If you have any questions about the new entrepreneur visa or would like to begin your business or entrepreneur visa, please contact our team of Registered Migration Agents and Immigration Lawyers today.