The Australian Government has announced details of the Entrepreneur Visa. The details will come into effect on 10 September 2016.
What is the Entrepreneur Visa?
The visa will be a four year temporary visa and the holder can be considered for grant of a permanent Australian Visa after four years of continuing business activity.
The Department of Immigration advises the key criteria will be:
- Applicants must be undertaking, or proposing to undertake, an entrepreneurial venture in Australia.
- The entrepreneurial venture must not be related to residential real estate or labour hire or involve purchasing an existing business or franchise.
- Applicants must also be under 55 years of age, have a competent level of English, and have at least 30 per cent interest in their entrepreneurial venture.
- There must be one or more funding agreements in place for at least $200,000 between the entrepreneur or venture and a third party funding body or bodies. Sources of third party funding are limited to state and territory governments, Commonwealth agencies, Publicly Funded Research Organisations, and investors registered as a Venture Capital Limited Partnerships (VCLP) or Early Stage Venture Capital Limited Partnerships (ESVCLP). Agreements outlining funds from a combination of these sources are also acceptable.
- Applicants must have a business plan outlining their plans for their venture in Australia.
The regulations commence on 10 September 2016 and will introduce the visa into the Migration Regulations. Contact us today if you are interested in learning more about this visa.