Startup and early-stage entrepreneurs who want to launch a business in Australia can apply for the Business Innovation and Investment visa (Subclass 188) Entrepreneur Stream visa.
This is a provisional visa, valid from the date it is granted and allows staying in Australia for up to 5 years. The visa is granted with multiple entries, allowing leaving and re-entering Australia as many times as needed during the validity period of the visa.
Eligibility: To be eligible, the applicant must be under 55 years of age, nominated by a State or Territory government agency in Australia, and propose to undertake a complying entrepreneur activity in Australia. Also, to be eligible one must provide a business plan and be competent in English.
Family members: The partner of the main applicant and unmarried children under the age of 23 who are dependents of the main applicant or the main applicant’s partner can be included in the application.
Older applicants: Applicants aged 55 or older, at the time of the invitation to apply for the visa, must have established that the State or Territory government agency in Australia has determined their proposed entrepreneur activity will be of exceptional economic benefit.
Complying entrepreneurial activity: The applicant must propose to undertake a complying entrepreneur activity in Australia and have a genuine intention to undertake, and continue to undertake, the business activity.
The complying entrepreneur activity must relate to an innovative idea that will lead to the commercialization of a product or service in Australia or the development of an enterprise or business in Australia.
The business in Australia can't be residential real estate or labor hire or buying an existing enterprise or a franchise.
English language competency: To prove that the applicant has competent English, they must provide one of the English language test results such as: IELTS (at least 6 for each of the 4 components), TOEFL (at least 12 for listening, 13 for reading, 21 for writing and 18 for speaking), PTE (at least 50 for each of the 4 components). OET (at least B for each of the components), or Cambridge C1 Advanced Test (at least 169 for each of the components).
The English Language test cannot have been taken more than 3 years before the date of application.
Application process: The applicant must submit an Expression of Interest (EOI) online to the Department of Home Affairs. Following the EOI, they must approach the State or Territory government agency for a nomination with the business plan for the entrepreneurial activity.
The applicant must be nominated by a State or Territory government agency before being invited to apply for this visa. Each of the State or Territory government agency in Australia have their own conditions, preferences and procedures for nominating the applicants for this visa and it will depend on the benefit expected to yield from the entrepreneurial activity.
If an Australian State or Territory government agency accepts the EOI and nominates the applicant, the Department of Home Affairs, Australia, will invite the applicant to apply for this visa. The State or Territory government agency that nominates the applicant can not withdraw their nomination after the applicant has applied for a visa.
Once invited, the applicant will have 60 days to file the visa application with the Department of Home Affairs, Australia.
The primary applicant and family members who apply for the visa must meet the health and character requirements. In order for the primary applicant to be granted the visa, family members who are not coming to Australia must also meet the character requirements and also might have to meet the health requirements.
Processing time can be 9 months. Australian visas are digital. No visa label is put in the passport. Instead, the digital visa record is linked to their passport.
Costs: Currently this visa costs $4,240 Australian Dollars for the primary applicant. For each family member over 18 years old who apply with the primary applicant, the cost is AUD $2,120 and for additional applicants under 18 years old the visa cost is AUD $1,060.
Any applicant 18 years or older who has less than functional English must pay an extra charge. This charge is the second installment and should pay it only when immigration asks applicant to. The second installment charges for family members is AUD $4,890.
The applicant and family members need to take out health insurance to cover any unforeseen medical treatment that might be needed in Australia. The applicants are personally liable for all your healthcare costs while in Australia. Insurance can help limit the financial liability.
Permanent Residency: The visa holder can apply for Permanent Residence through the Business Innovation and Investment (Permanent) visa (subclass 888) Entrepreneur stream when meeting certain requirements including 2 years residence in Australia when holding the subclass 188 entrepreneur visa, and having a successful record of entrepreneurial activities.
The factors that will be used to determine the success of the activities include: (a) the number of Australian citizens and permanent residents employed, (b) the level and nature of ongoing funding and investment in the activities, (c) the annual turnover of the business activities, (d) any endorsement of the successful entrepreneurial activities by a start-up incubator, start-up accelerator or other body that assists start-up businesses, that is recognized by the nominating State or Territory government agency.
The primary applicant's entrepreneurial activities will need to show either: (i) 2 key success factors, or (ii) 1 key success factor and 3 supporting success factors.
The key success factors include: Employing two or more Australians, permanent residents or other eligible persons; enacting an annual turnover of at least AUD $300,000; filing a provisional patent or acquiring a standard or innovation patent; receiving ongoing funding or investment in the entrepreneur activity; entering into a partnership with a university; and selling an entrepreneurial venture for AUD $2 million.
The supporting success factors include: Adapting the applicant’s entrepreneurial activities into other business areas; receiving a statement of success from a state or territory government nominator; receiving sponsorship from the corporate sector; starting at least one other business or contributing to at least two other businesses; receiving formal awards or recognition; or raising or contributing to social capital. When operating a business in Australia, the owner must comply with workplace laws.
Global talent visas for highly skilled: For those who are looking to migrate to Australia based on their distinguished talent in a field or profession rather than an entrepreneurial activity, can apply for the Global Talent Visa.
Australia’s Global Talent Visa (Subclass 858) is a permanent visa for people who have an internationally recognized record of exceptional and outstanding achievement in an eligible field. The Global Talent visa allows a person to stay permanently, work and study in Australia.
Eligibility: The applicant must have an internationally-recognized record of exceptional and outstanding achievement in one of the following areas: a profession, sport, the arts, academia or research. This means the applicant must be currently prominent in their field, have superior abilities to others in their field, acclaimed as exceptional in any country where their field is practiced, and have a record of sustained achievement unlikely to diminish in the near future. The applicant must also participate in a field that is recognized and accepted in Australia that has international standing.
The applicant’s contribution may be economic, social, cultural, or to raise Australia's academic, artistic or sports standing internationally. The applicant must contribute to the nation as a whole, must demonstrate that they would be able to find work in their field in Australia, or become independently established in their field in Australia.
The applicant can be of any age to apply for this visa. If the applicant is under 18 years old, or are 55 years or older at the time of application, they must be of exceptional benefit to the Australian community.
Nomination: The applicant must also have a nominator with a national reputation in their area of talent who is an Australian citizen or an Australian permanent resident or an Australian organization. Where appropriate, the nomination should come from the peak Australian body in the applicant’s field. Nominators cannot be added or changed after having filed the visa application.
English ability: Applicants aged 18 years and older at the time of application must provide evidence of having at least functional English. The applicant must pay a second installment of the visa application charge if they do not have at least functional English.
Health and character requirement: The applicant and any family members who apply for the visa must meet the health requirement. Family members not coming with the applicant to Australia may also need to meet the health requirement. The applicant and family members aged 16 years and over who apply for the visa with the applicant must meet the character requirement.
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