Victorian State Government announces new property development criteria for the Business Talent (Permanent) visa (subclass 132) Significant Business History stream.

The Business Talent (Permanent) visa (subclass 132) for the Significant Business History stream has different requirements that need to be satisfied depending on each state or territory you are seeking a nomination from.

In the context of Victoria, the Victorian government must nominate the principal applicant before they can lodge a valid visa application with the Department of Immigration and Border Protection (DIBP).

Therefore, the newly announced property development criteria implemented by the Victorian State Government will need to be satisfied if the applicants proposed business activity relates to property development if the nomination is to be accepted.

The process for nomination consists of three main steps:

  1. Submit an Expression of Interest to DIBP through SkillSelect and nomination of ‘Victoria’ as your preferred destination.
  2. Apply for Victorian Government nomination for the Business Talent visa (subclass 132) – Significant Business History stream.
  3. Once nominated by the Victorian Government, an automatic invitation will be sent by DIBP’s SkillSelect advising applicants to lodge a formal visa application with DIBP within 60 days.

What is the Business Talent (Permanent) visa subclass 132 (Significant Business History Stream)?

The Business Talent (Permanent) visa (subclass 132) Significant Business History Stream is a specialist visa designed for high net worth individuals, under the age of 55, with an outstanding commercial background and whom have the intention of settling in the nominated state or territory.

The visa enables you to work in a new or existing business in Australia, to travel in and out of Australia any number of times as long as the visa is valid, it allows for study to be pursued in Australia, family members can also be included and the visa holders will be able to live permanently in Australia.

The current criteria:

  • The current eligibility criteria is that the applicant must meet the DIBP criteria – by being nominated by a state or territory government agency, they must then be invited to apply for the visa, have assets of AUD 1.5 million and business turnover of AUD 3 million.
  • The applicant must be under the age of 55
  • The applicant must have sufficient funds to settle in Victoria
  • The applicant must have a genuine commitment to establish a residence and reside in the state of Victoria
  • The applicant must have a high degree of commercial success in one or more fields of endeavour and must demonstrate how they will use their entrepreneurial skills to develop and grow Victorian- based business
  • Business activity must provide exceptional economic benefit to Victoria
  • If proposed business activity related to property development, they must meet additional requirements
  • The applicant must demonstrate how they will undertake senior level day-to-day and overall strategic management of the business
  • Net capital investment into the Victorian-based business will be at least A$2 million
  • Business proposal must be provided specifying supporting research and framework and relevant market research

The new criteria:

The new property development criteria announced by the Victorian Government must also be satisfied in the nomination process if the applicants intended business activity relates to property development. This must be done in conjunction with the current prescribed criteria.

Therefore the applicant must:

  • Have relevant qualifications and experience (for example, architecture, engineering or construction management). Extensive relevant experience may substitute a qualification- this will be considered on a case by case basis
  • The property development activity must align with one of Victoria’s priority sector strategies, these include:
  • Construction technologies
  • Creative industries
  • Defence technologies
  • Digital technologies
  • Food and fibre
  • International education
  • Medical technologies and pharmaceuticals
  • Professional services
  • Retail, transport distribution and logistics and postal
  • Transport technologies
  • Visitor economy
  • The minimum A$2 million capital investment must not include land purchase costs
  • The business activity must not be small-scale, project- based property development.
  • You will be required to complete the ‘Property Development Assessment’ Form

 

If you are considering applying for the Business Talent (Permanent) Visa (Subclass 132) or the Business and Innovation and Investment (subclass 188) visa, please contact our specialist team for further information.

By | 2017-11-09T04:53:45+00:00 November 9th, 2017|Business and Investment Visas|0 Comments