If you want to develop a new or existing business in Australia, this visa permits you along with any of your family member who is granted with the visa to work, study and reside indefinitely in Australia. If you hold this visa, you are entitled to enroll in Medicare and can apply for Australian citizenship subject to eligibility.
The two main steams cover the visa for business talents
- Significant Business history Stream which is meant for high caliber business owners who are aspiring to start up their business in Australia.
- Venture Capital Stream for the people who arranged the venture capital funding from the Australian Investor (Should be a member of Australian Venture Capital Association Limited – AVCAL).
What are the requirements to procure Business Talent Permanent Visa (Subclass 132)
There are certain general requirements that need to comply with procuring a Business Talent Permanent Visa in Australia. These business people are nominated by the Australian State or territory government agency. Expression of Interest (EOI) needs to be submitted by these business people to receive an invitation for the visa application
You can get this business visa if:
- The health and character requirements should be fulfilled by you and your family member as prescribed.
- The business person must receive an invitation to apply for the visa.
- Any other additional requirement specified in the stream you apply.
- You must be nominated by the territory or state government.
- A police certificate is required to be provided as an evidence of your character from the each country where you lived in last 10 years for 12 months or more after the age of 16.
- All the health test results are valid for 12 months and is applicable all the members of your family who are listed in your application irrespective of their migration status.
For Significant Business history Stream
You and your partner individually or combined must comply the following:
- The total turnover must be at least AUD 3 million in at least two of the subsequent four fiscal years from the one or more of your main businesses just before you are invited.
- The personal assets and the net business combined should be of worth AUD 1.5 million which is required to be transferred to Australia within the two years from the date of visa granted.
- The worth of net assets should be atleast AUD 400, 000 in one or more qualifying business as ownership interest for at least two fiscal years out of the four previous year immediately from the date you are invited to apply for the business visa. For public listed company, the applicant must acquire a shareholding of at least 10% of the total capital issued.
- There should be a successful business career overall
- There must be a genuine intention to maintain and own a business in Australia.
- There must not be any involvement in any of the illegal business activity.
- There should be ownership of at least:
- 51% for the businesses where the turnover is < AUD 400,000 per year.
- 30% for the business where the turnover is > AUD 400,000 per year.
- 10% in case of public listed company.
Except your business can exceptionally benefit economically to the proposed region, the maximum age limit of the applicant is 55 years. The state or territory has an authority to waive this maximum age requirement.
Venture Capital Entrepreneur Stream
If you can arrange funding of a minimum of AUD 1 million from an Australian Venture Capital firm, you can obtain a visa under this stream provided:
- You have entered into a formal agreement for funding with the Australian venture capital firm.
- This Australian Venture Capital firm is a registered member of Australia Private Equity and Venture Capital Association Limited (AVCAL).
- The funding is for product commercialization, start-up or business development of any high-value business idea which has high-value and great prospects.