Australian Department of Immigration and Border Protection – Business Innovation and Investment Program

Business Talent (Permanent) (Subclass 132)

Business Innovation and Investment (Provisional) (Subclass 188)

Business Innovation and Investment (Permanent) (Subclass 888)

Business Talent (Permanent) (Subclass 132)

The Business Talent Visa is a State or Territory Nominated Permanent Visa with two Streams:

• Significant Business History Stream

• Venture Capital Entrepreneur Stream

Applicants must submit an expression of interest in SkillSelect. The Significant Business History Stream is intended for high-calibre Business Owners or Part Owners of a Business who have a genuine and realistic commitment to manage a new or existing Business in Australia.The Venture Capital Entrepreneur Stream is intended to facilitate the entry of Migrant Entrepreneurs with a high-potential Business idea. Migrant Entrepreneurs must have sourced at least AUD $1million in Venture Capital Funding through a Member of the Australian Venture Capital Association Limited.Australian Venture Capital Association Limited is the leading Industry Association that represents and promotes the long-term interests of the Private Equity and Venture Capital Industries in Australia. The Funding should be provided for early phase start-up, product commercialisation, or development and expansion.

Significant Investor Visa

The Significant Investor Visa has been introduced as a new Stream within the Business Innovation and Investment (Provisional) (Subclass 188) Visa and the Business Innovation and Investment (Permanent) (Subclass 888) Visa.

 Visa applicants must:

• submit an Expression of Interest in SkillSelect

•be Nominated by a State or Territory Government

• make investments of at least five million Australian dollars into Complying Investments.Visa Applicants do not need to satisfy the Innovation Points Test and there are no upper age limits. The Visa Stream features a Residence Requirement of 160 days spent in Australia over four years while holding the Business Innovation and Investment (Provisional) (Subclass 188) Visa.Visa holders can extend their Visa term if they would like to given that they satisfy the extension requirements. They will be allowed to extend their provisional visa by an additional two years, with a maximum of two extensions permitted.

 Complying Investments for the Significant Investor Visa include:

• Commonwealth, State or Territory government bonds

• Australian Securities and Investment Commission (ASIC) regulated managed funds with a mandatefor investing in Australia; and

• direct investment into Australian Proprietary Companies.

Business Innovation and Investment (Provisional) (Subclass 188)

The Provisional Business Innovation and Investment Visa is a State or Territory Nominated Provisional Visa with no minimum English requirement.

It comprises two Streams:

• Business Innovation Stream

• Investor Stream

Applicants for this Visa must:

• be less than 55 years old, or the Nominating State or Territory must provide their support to waive the age requirement

• meet minimum Business or Investment requirements

•submit an Expression of Interest in SkillSelect

•meet the Innovation Points Test The Innovation Points Test for a Provisional Visa is a key reform of this Program. The Points Test gives points for various elements of human capital and business innovation, coupled with objective measures of business performance. It aims to select innovative entrepreneurs who will transfer their skills to Australia and diversify our existing pool of business expertise.

Business Innovation and Investment (Permanent) (Subclass 888)

The Permanent Business Innovation and Investment visa is a State or Territory Nominated Visa that isnot points tested.

It comprises two streams:

• Business Innovation Stream

• Investor Stream

Applicants for this Visa must:

• hold a Provisional Business Innovation and Investment Visa

• have met the objectives of the Provisional Visa

• meet the specific business metrics or investment requirements of the Stream for which they are applying

 For further information email Wayne.Harrison@AusMg.com.au

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