Prime Minister Malcolm Turnbull announced Australia’s visas in December as part of more than 20 measures in an ambitious A$1.1 billion plan to boost innovation and spark an “ideas boom”. Its incentives include reductions in the capital gains tax for startups, generous income tax rebates for retail investors, and changes to bankruptcy laws to encourage more risk-taking by entrepreneurs. Subsequently, the new Supporting Innovation through Visas measures was introduced to attract the best talent to Australia. Entrepreneur visa criteria The Entrepreneur visa will be part of the Business Innovation and Investment visa programme. Entrepreneurs and start-ups interested in applying for the Entrepreneur visa will need to submit an Expression of Interest (EOI) in SkillSelect and be nominated by a State or Territory government. Key eligibility criteria include: Applicants must be undertaking, or proposing to undertake, an entrepreneurial venture in Australia. The entrepreneurial venture must not be related to residential real estate or labour hire or involve purchasing an existing business or franchise.
Age Requirements: Applicants must be under 55 years of age.
English Requirements: Applicants must have a competent level of English, and have at least 30% interest in their entrepreneurial venture.
Funding agreements should be in place for minimum $200,000 between the entrepreneur or venture and a third party funding body or bodies.
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.
Applications should be accompanied with a business plan outlining plans for the venture in Australia.
Permanent Residency | Pathway There are pathways for an Entrepreneur visa holder to obtain Australian permanent residency after four years if they can meet a measure of success. Some criteria includes factors such as business turnover, employment of Australians and ability to obtain significant financial backing. Entrepreneur | Visa In This Category Entrepreneur Stream | Subclass 188 Business Innovation & Investment Visa | Subclass 888 Visa Crew are qualified and registered Australian Migration Agents. As with all our clients we consult with the latest migration law and assess the most suitable visa for your individual circumstances. We are specialists, we understand your needs and priorities. To learn more about the Australian Entrepreneur Visa or for an up to date appraisal, please contact us directly or complete our online form.