The Business Innovation and Investment program facilitates entry to Australia of entrepreneurs who have sourced venture capital funding in Australia.
The program introduces an innovation points test for applicants seeking provisional visas, whilst providing means to promote innovative business undertakings and help business people attain permanent residence.
Business Talent, Subclass 132 (Permanent)
The permanent Business Talent visa is based on State or Territory nomination, and submission of an Expression of Interest in SkillSelect may lead to an invitation to apply.
Applicants must be less than 55 years old, unless the nominating State or Territory waives the age requirement.
The subclass has two streams:
- Significant Business History stream
- Venture Capital Entrepreneur stream
The Significant Business History stream seeks to attract owners or part owners of a business, who have good operational history and a commitment to assume a major management role in a new or existing business in Australia.
Requirements under this stream include personal and business assets of $1,500,000 (AUD), with net assets of $400,000 in a qualifying business, and an annual business turnover of $3,000,000.
The Venture Capital Entrepreneur stream is for migrant entrepreneurs with business ideas of high potential, and funding of at least $1,000,000 from an Australian venture capital firm. The funding should be made available for setting up operations, product commercialisation, business development or expansion.
Business Innovation and Investment, Subclass 188 (Provisional)
The provisional Business Innovation and Investment visa requires State or Territory nomination, and consists of the following two streams:
- Business Innovation stream
- Investor stream
The Business Innovation stream is for people who will own and manage a new or existing business in Australia. Applicants must have $800,000 in net business and personal assets, and an annual business turnover of $500,000. Other requirements include good business practice records, and intention to maintain a management role in a business in Australia.
The Investor stream enables eligible applicants to make a designated investment in a State or Territory in Australia, and maintain business and investment activities in Australia after the original investment has matured.
Investor stream applicants need a minimum net value of $2,250,000, good management skills, and a successful record with respect to eligible investment or qualifying business activities.
To be invited to apply, applicants must be less than 55 years of age unless the nominating State or Territory supports a waiver of the age requirement. Applicants have to submit an Expression of Interest in SkillSelect and meet the Innovation Points test.
Business Innovation and Investment, Subclass 888 (Permanent)
The permanent Business Innovation and Investment visa is a State or Territory nominated visa without a points test.
To qualify for a Subclass 888 visa, applicants must first be granted a provisional Business Innovation and Investment visa, meet the objectives of the provisional visa, and satisfy the particular business metrics, or investment criteria, of the stream they apply for.
The visa consists of two streams:
- Business Innovation stream
- Investor stream
The Business Innovation stream allows permanent migration for eligible applicants who own and manage a business in Australia.
People who are in the Business Innovation stream need to show a business turnover of at least $300,000 in the year immediately preceding their application.
The Investor stream facilitates permanent residence for people who make a designated investment in an Australian State or Territory, and continue their business or investment activity in Australia after the original investment matures.
Applicants in the Investor stream must hold a designated investment with and Australian State or Territory for at least four years, and show an intention to maintain their business and investment activities in Australia.
