With the aim of enhancing the Australian economy, the Department of Home Affairs has implemented the Australian Business Visa Program. Within the Australian Business Visa Program, the Business Talent 132 Visa encourages successful business owners and investors to settle in Australia while developing a new or existing Australian business.
There are currently two streams in the Business Talent 132 Visa; the Significant Business History Stream and the Venture Capital Entrepreneur Stream. Both of these visas will allow you to stay in Australia permanently.
The Significant Business History Visa (subclass 132) is for business owners or part owners who want to operate a new or existing business in Australia. This person must have a major management role in a new or existing business within Australia.
The Venture Capital Entrepreneur stream (subclass 132) and have sourced venture capital funding to invest in Australia from a member of the Australian Venture Capital Association Limited (AVCAL).
To apply for these visas and complete the application process, you must provide all your personal information. During the application process, you may also be asked to prove your business skills, net assets, and provide your proposed business activity. Home Affairs may also conduct an interview process.
Who Needs This Visa?
Unlike the new SISA entrepreneur visa or the Business Innovation and Investment 188 visa, the subclass 132 Business Talent visa is the only business/investment visa which grants permanent residency upon approval.
The Business Talent visa will suit business owners who are highly successful by terms of business revenue (Significant Business History stream) and entrepreneurs who have secured venture capital funding (Venture Capital Entrepreneur stream) from a member of the Australian Venture Capital Association Limited (AVCAL).
What Are The General Criteria For This Visa?
Significant Business History stream
You will need to meet the following criteria:
- age younger than 55 years, unless waived by a state/territory
- have net business and personal assets of AUD 1.5 million or more
- an annual turnover of AUD 3 million or more for one or more of your main businesses for at least 2 years out of the last 4 years
- your ownership interest in the business must be at least AUD 400,000 or 10% of total issued capital if the business is a publicly listed company
- a successful business career
Venture Capital Entrepreneur stream
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
- a formal agreement must have been entered into to develop an innovative or high-value business idea
Applicants for the subclass 132 Business Talent visa are not subject to the points test.
What Is The Application Process?
- Submit an Expression of Interest (EOI) via the SkillSelect system.
- Apply for nomination by an Australian State/Territory. Do note that some States/Territories have specific requirements that are in addition to DIBP requirements.
- You will receive an Invitation to Apply (ITA) once your nomination is successful.
- With the ITA you will need to submit a visa application within 60 days and provide supporting documents as attachments via the ImmiAccount system.
Currently, the Department of Home Affairs has listed the processing times for both of the streams as “unavailable due to a low volume of applications.”
Nominations by State & Territory Governments – 2018-19 Total Activity
The number of intending migrants who received nominations from State and Territory Governments from 1 July 2018 to the end of September 2018 is shown in the following table:
|States & Territories|| |
Business Talent visa (subclass 132)
How Can Work Visa Lawyers help?
The subclass 132 Business Talent visa requires detailed and complete business and financial documents to demonstrate business or entrepreneur experience. Work Visa Lawyers will assist you to determine the necessary documents and information required to submit a strong visa application.
Work Visa Lawyers will also assist with the state/territory nomination application and can also assist with arranging the transfer of funds once the visa is granted, or arranging consultations with the Australian Private Equity and Venture Capital Association Limited (AVCAL) members for the Venture Capital Entrepreneur stream.
Our team of experience Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa or appeal.
Based in Adelaide South Australia, we provide Australian Immigration advice to people and businesses from all over the world.
Contact us today if you need to know more about the subclass 132 Business Talent visa.