Client Alert – 8 September 2016
Australia introduces Entrepreneur Visa
The Department of Immigration and Border Protection has announced the commencement of the new Entrepreneur Visa this week, launching on 10 September 2016.
This is an exciting development for Australia’s start-up community as it will mean entrepreneurs finally have an exclusive way to obtain an Australian Visa.
The visa will be a four year temporary visa. After four years, visa holders can be considered for grant of a permanent Australian Visa after living in Australia for at least two years during the four year period.
According to information published by the Department, the key proposed eligibility criteria are:
- 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.
Amendments to the Migration Regulations 1994 (Cth) to introduce the new visa take effect on 10 September 2016.
Want to know more? Contact us today to discuss your eligibility.