A new Entrepreneur Visa will come into effect in November 2016.
This is a visa for entrepreneurs with innovative ideas with third party financial backing.
It will form a new stream under Subclass 188 (Business Innovation Provisional and Investment Visas) and Permanent Residency under the Subclass 888 Business Innovation and Investment (Permanent) Visa.
To be eligible, you will need:
- be nominated by an Australian State or a Territory
- to have a funding agreement of a least AUD 200,000 between the entrepreneur and one or more third parties
- to have at least 30 per cent interest in the entrepreneurial venture
- to have a business plan
- to be under 55 years of age
- have a competent level of English
Your business venture must not be related to residential real estate, labour hire or purchasing an existing business or franchise.
According to the Department of Immigration, "sources of third party funding are limited to state and territory governments, Commonwealth agencies, Publicly Funded Research Organisations, and investors registered as a Venture Capital Limited Partnerships (VCLP) or Early Stage Venture Capital Limited Partnerships (ESVCLP). Agreements outlining funds from a combination of these sources are also acceptable"
Provided your business is successful, the entrepreneur is eligible to apply for Permanent Residency after 4 years via the Business Innovation and Investment visa (subclass 888)
Please contact us for further information, as you might also be eligible for other visa categories.
We offer free short preliminary phone assessments to advise you on eligibility and discuss your best options.