Peter Dutton, the Minister of Home Affairs has come up with a new visa suggestion which will encourage entrepreneurship and innovation. It is termed as entrepreneurship visa. According to Migration agent, it will be first put to trial in South Australia and applied to the whole nation afterward. In this article, we aim to explain the requirements of the newly launched visa. Visa consultant will help you in obtaining this kind of visa.
The current visa
The current entrepreneur visa is placed under the Business Innovation and Investor Programme, listed as the subclass 188 visa). It asks for the following requirements-
- Endorsement of the applicant’s innovation by approved entities.
- Obtaining of funding worth $200,000 from an approved entity.
The following requirements must also be met –
- Age lower than 55 years (unless a waiver has been given by the nominating state)
- Getting a nomination from the state where the applicant intends to live and carry out his activities.
- Prove that the applicant has competent English levels (Which means IELTS of 6.0 or above)
- Give assurance that the intended entrepreneurial activity is a complying entrepreneur activity)
What is Complying Entrepreneur Activity?
It is a unique strategy for the commercialization of a product or service in Australia. It may lead to the development of an enterprise in Australia. It has some requirements, as follows
- It must not be related to real estate, purchase of an existing enterprise or labor hire.
Additionally, the applicant will need to meet the following requirements:
- Obtain funding of at least $200,000 from a Commonwealth government agency, publicly funded research organization or a state or territory government.
- The investors must be registered as an Australian Venture Capital Limited Partnership (AVCLP) or Early State Venture Capital Limited Partnership (ESVCLP), managed by the Department of Industry, Innovation, and Science or specified high education providers.
- Minimum 10 % of the agreed funding amount must be paid to the enterprise within 12 months of the start of the operation.
- Hold a 30 % ownership in the enterprise when they settle the agreement.
- Furnish a business plan for the complying entrepreneur activity.
- Submit a detailed business plan for the complying entrepreneur activity.
Transition to the 888 Permanent Visa Under the Entrepreneur Stream
The applicant must provide evidence of his success in the former entrepreneurial activities. By ‘success ‘here we mean both the ‘key success factors’ and ‘supporting success factors’. The applicants will be required to demonstrate that they have completed two key success factors or a combination of one key success factor and three supporting success factors. The key success factors include-
- Granting employment to two or more Australian citizens, permanent residents or other eligible people.
- Generation of an annual turnover of minimum $300,000;
- Filing a provisional patent in the entrepreneur activity.
Some more requirements must be met.
The Conclusion
The new entrepreneur visa offers a great opportunity for entrepreneurs who have self-sourced funding, provided their venture is supported by the state and federal government.
