Who needs this visa?
The 188 Entrepreneur visa is suitable for overseas entrepreneurs who are planning to establish entrepreneurial ventures in Australia.
What are the criteria involved for this visa?
From 1 July 2021, to apply for the Entrepreneur visa you need to, among others:
- be below 55 years of age, unless the requirement has been waived by the nominating state or territory
- be endorsed by an Australian State or Territory government
- have competent English ability, i.e. IELTS 6.0 across all components or equivalent
- have assets of AUD $1.25 million
- be willing to invest AUD $200,000
- ensure your intended entrepreneurial activity is a Complying Entrepreneur Activity, which is an innovative idea that will lead to commercialisation of a product or service in Australia, or the development of an enterprise or business in Australia.
What is a Complying Entrepreneur Activity?
A Complying Entrepreneur Activity does not relate to the following:
- Residential real estate
- Labour hire
- Purchase of an existing enterprise or a franchise in Australia
The Complying Entrepreneur Activity will need to meet the following requirements:
- enter into an agreement and receive funding from one of the following organisations:
- Commonwealth Government agency
- State or Territory Government
- Publicly Funded Research Organisation
- Investor registered as an Australian Venture Capital Limited Partnership or Early State Venture Capital Limited Partnership
- Specified Higher Education Provider
- at least 10 per cent of the agreed funding must be paid to the entrepreneurial entity within 12 months from the day the entity starts operations
- you hold at least 30 per cent ownership in the entrepreneurial entity when you entered into the agreement
- a business plan has been created for the Complying Entrepreneur Activity
How do I apply for the 188 Entrepreneur Visa?
- Submit an Expression of Interest (EOI) on the SkillSelect system
- Receive an endorsement from the state/territory you intend to establish your entrepreneurial entity
- An Invitation to Apply (ITA) is issued when your application is nominated
- Submit a visa application with supporting documents within 60 days of receiving the ITA
- Enter into an agreement to receive funding from eligible organisations
- Visa is granted for you to begin your entrepreneurial activity in Australia
How can Work Visa Lawyers help?
The Entrepreneur stream for the subclass 188 Business Innovation and Investment visa is relatively new and further changes to the visa had been recently announced. It is expected many will not be familiar with the requirements and procedures to apply. As an office governed by two sets of standards (the Registered Migration Agents Code of Conduct and the standards of the Law Society of South Australia), Work Visa Lawyers will handle your application with caution and ensure detailed fact checking is done before submitting your visa application.
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.