NEW ENTREPRENEUR VISA LAUNCHED

In May of this year Putt Legal reported that entrepreneurs could soon be able to apply for a new type of visa.  As of 10 September 2016 this visa has been open for application.

The ‘Entrepreneur visa’ is one of five streams in the Business Innovation and Investment visa programme targeting bright ideas and entrepreneurial skills that will lead to the success of a product or service in Australia and the development of a booming business.

This visa allows the holder to bring family with them, travel in and out of Australia, and potentially be eligible for a permanent visa. Australia will benefit from the innovation and new jobs that are generated from start-up businesses.

There are a few requirements for the entrepreneur before applying, including:

·         Under 55 years of age;

·         Competent level of English;

·         $200 000 AUD funding from an approved third party;[1] and

·         30% interest in the venture.

To begin the process of applying for this visa, entrepreneurs need to submit an Expression of Interest (EOI) through SkillSelect and await nomination by a state or territory government before being able to proceed.

So entrepreneurs – create an innovative business plan and express your interest!

Visit https://www.border.gov.au/Busi/Empl/skillselect to submit an EOI through SkillSelect or see http://www.border.gov.au/Trav/Visa-1/188- for more information as to the Business Innovation and Investment visa programme.

 

[1] Approved third parties for $200 000 funding include Commonwealth agencies, state and territory governments, publicly funded research organisations, investors registered as Venture Capital Limited Partnerships or Early Stage Venture Capital Limited Partnerships, or any combination of these.