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Entrepreneur Subclass 188 Visas stream E
- Visa Criteria
All applicants must meet the following criteria:
· Nomination by a state or territory government
· Competent English: 6 each in IELTS
· Under 55 Years of age, unless a State or Territory Government nominates you as providing an “exceptional economic benefit” to the state or territory.
· Funding agreement in place for at least $200,000 to establish a venture in Australia.
· Ownership interest of at least 30% in the venture
- Acceptable Business Activities
The proposed venture would need to be either:
· Commercialisation of a product or service in Australia; or
· Development of an enterprise or business in Australia
· Certain activities which are not considered sufficiently innovative will be excluded. This are defined by legislative instrument and include:
1. Purchase of an existing business or franchise
2. Real estate activities
3. Labour hire activities
- Endorsement: must be endorsed by the nominating state or territory government agency to develop entrepreneurial concepts.Endorsement: must be endorsed by the nominating state or territory government agency to develop entrepreneurial concepts.
To apply for the Entrepreneur Visa, you will need to have an agreement for at least $200,000 in funding from one or more of the following sources:
· Commonwealth agencies
· State and territory governments
· Publicly funded research organisations
· Investors registered as Venture Capital Limited Partnerships or Early-Stage Venture Capital Limited Partnerships
· The funding agreement must involve the transfer of at least 10% of the funds within 12 months of commencing the activity in Australia.
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Eligibility for Permanent Residence
· Must have held this visa for at least 2/4 years while holding a Business Innovation and Investment (Provisional) visa (subclass 188) in the Entrepreneur stream.
· Must still be nominated.
· You will need to show either:
1. 2 key success factors, or
2. 1 key success factor and 3 supporting success factors
Key success factors include:
· employing 2 or more Australians, permanent residents, or other eligible persons
· generating an annual turnover of at least AUD300, 000
· filing a provisional patent or acquiring a standard or innovation patent
· receiving ongoing funding or investment in your entrepreneur activity
· entering a partnership with a university
· selling an entrepreneurial venture for AUD2 million
· Supporting success factors include:
· adapting your entrepreneurial activities into other business areas
· receiving a statement of success from a state or territory government nominator
· receiving sponsorship from the corporate sector
· starting at least 1 other business or contributing to at least 2 other businesses
· receiving formal awards or recognition
· raising or contributing to social capital
· Entrepreneurial activities in Australia can’t be:
1. residential real estate
2. labour hire
3. buying an existing enterprise or a franchise in Australia
· must have a realistic commitment to continuing business or investment activities in Australia.