Settling in Australia to develop a new or existing business
Business Talent (Permanent) Visa (subclass 132)
If you are a successful business owner or investor who wants to settle in Australia and develop a new or existing Australian business, then the subclass 132 Business Talent Visa may be suitable for you.
This is the only business visa that grants permanent residency immediately upon approval, allowing you to stay in Australia permanently.
There are two streams in this visa:
Significant Business History Stream
This stream is for business owners who want to operate a new or existing business in Australia, in which they will have a major management role.
You will need to meet the following criteria:
- be younger than 55 years, unless waived by a State/Territory;
- have net business and personal assets of AU$1.5 million or more;
- have an annual turnover of AU$3 million or more for one or more of your main businesses, for at least 2 out of the last 4 years;
- your ownership interest in the business must be at least AU$400,000 or 10% of total issued capital if the business is a publicly listed company; and
- evidence a successful business career.
Venture Capital Entrepreneur Stream
This stream is for entrepreneurs who have secured venture capital funding to invest in Australia from a member of the Australian Venture Capital Association Limited (AVCAL).
The following criteria apply:
- you have received at least AUD 1 million in funding from an Australia venture capital fund;
- the fund must be sourced from a member of AVCAL; and
- a formal agreement must have been entered into to develop an innovative or high-value business idea
No points test
Applicants for this visa are not subject to the points test.
English language requirement
Applicants for this visa do not have to meet English language requirements, however if an applicant does not have functional English language, then an additional visa application charge is payable.
The Application Process
To apply for this visa in either stream, you will need to provide evidence of your business skills, business and personal assets and a detailed business or investment plan.
In the first instance, you must submit an Expression of Interest (EOI) to the Australian Government.
You must also apply to your chosen State or Territory for Nomination, noting that some States and Territories have additional requirements to those of the Department of Home Affairs.
If you secure Nomination, then you may receive an Invitation to Apply for the visa.
Once you receive an Invitation to Apply, you must lodge your application and supporting documents within 60 days.
You may also be required to attend an interview with the Department of Home Affairs.
An alternative to the subclass 132 visa is the subclass 188 Business Innovation and Investment Visa.
This is a provisional visa with temporary residency for up to 4 years. However it offers a pathway to permanent residency, allowing the holder to apply for the subclass 888 Business Innovation and Investment Visa which is a permanent residency visa.
We discuss the details of the subclass 188 and subclass 888 Business Innovation and Investment Visas in another news article.
Please note that this article was prepared by Zoe Brereton of Bell Legal Group for general information only. It is not legal advice and should not be relied upon as such.
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