Under the National Innovation and Science Agenda, the Australian government has made changes to the visa framework to attract and retain the best and brightest entrepreneurial talent and the skilled migrants.
With the aim of driving ideas from research to commercial reality, the Turnbull government introduced a new Business Innovation and Investment visa in September this year as a new stream of Business and Investment visa.
Different streams of the visa
- Business Innovation stream: for people with business skills who want to establish, develop and manage a new or existing business in Australia. Applicants must be nominated by a state or territory government.
- Investor stream: for people who want to make a designated investment of at least AUD1.5million in an Australian state or territory and maintain business and investment activity in Australia. Applicants must be nominated by a state or territory government.
- Significant Investor stream: for people who are willing to invest at least AUD5million into complying significant investments in Australia and want to maintain business and investment activity in Australia. Applicants can be nominated by a state or territory government or Austrade on behalf of the Australian government.
- Premium Investor stream: for people who are willing to invest at least AUD15million into complying premium investments in Australia and want to maintain business and investment activity in Australia. Applicants must be nominated by Austrade on behalf of the Australian government.
- Entrepreneur stream: for people who have a funding agreement from a third party for at least AUD200 000 to undertake a complying entrepreneur activity that is proposed to lead to either the commercialisation of a product or service in Australia or the development of a business in Australia. Applicants must be nominated by a state or territory government.
Under this subclass, the visa-holder can bring family members to Australia. It also provides a further pathway to seek permanent residency by applying for a Business Innovation and Investment (Permanent) visa (subclass 888).
In order to apply for the Entrepreneur visa (provisional subclass 188), an applicant has to lodge an Expression of Interest via SkillSelect.
The EOI must specify the visa stream you intend to apply under and the state or territory you wish to seek nomination from. You may also seek nomination from the Australian government in some streams.
The nominating state/territory governments or Austrade on behalf of Australian government may
You will have 60 days to apply online for the visa after an invitation has been issued.
Your application will need extensive supporting documentation, including identity, relationships, children, health and English language ability. Check the full document checklist at www.border.gov.au.
An applicant must be under the age of 55 years for Business Innovation and Entrepreneur streams. However, the nominating state governments may waive off this condition. An applicant is also required to meet the health and character requirements.
For more information go to www.border.gov.au
