Australian ‘Entrepreneur’ Visa to be Introduced as of 10 September 2016
Recently the Australian Government has announced the introduction to a new “Entrepreneur Visa” this Visa hopes to appeal to talented,innovative people to establish their entrepreneurial business ventures in Australia.
This latest Entrepreneur visa is accessible from the 10th of September 2016 and will be involved in the Business Innovation and Investment Programme subclass 188 visa.
In order to be eligible to apply for an Entrepreneur visa applicants will require $200,000 in funding from a nominated third party to develop and commercialise their innovative ideas in Australia.
Firstly applicants are nominated by an Australian State Territory Government and be invited through the SkillSelect Expression of Interest System for the visa.
The duration of the Entrepreneur Visa lasts a total of 4 years.If the given visa holder is successful at forming an entrepreneurial business in Australia there will be a path available for the resident to have a permanent resident visa in Australia on a subclass 888 visa.
The main requirements to apply will be as follows:
- Under 55 years old, unless an “exceptional economic benefit” is able to be demonstrated
- Competent English Language Ability ( 6 in each band of IELTS or its equivalent)
- Agreement in place for at least $200,000 to grow a venture in Australia
- A 30% interest in your selected business venture
- Be sponsored by a state or territory government
What businesses are considered?
The proposed business venture would require either:
- Commercialisation of a product or service in Australia; or
- Development of an enterprise or business in Australia
Movements that are lacking innovation will not be included. These are defined by the legislative instrument and may possibly include:
- Purchase of an existing business or franchise
- Real estate activities
- Labour hire activities
In order to be eligible to apply, you have to have an arrangement for at least $200,000 in funding from one or more of the following sources:
- 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 agreement involves the transfer of at least 10% of the funds within 12 months of commencing the business venture in Australia.
If you have any questions or require any clarification on the new Entrepreneur visa, or have an interest in doing business in Australia please call us on 1300 083 843 or via email at [email protected]