This visa is a residence permit for established business people and start-up founders. A prerequisite is sponsorship by an Australian state or territory government. Unlike the Business Talent visa, a points test is required. Points are awarded for, for example, English proficiency, qualifications, and work experience.
Under certain conditions, this visa can be granted for successful business owners. If the applicant’s business meets or exceeds specified key performance indicators and they have sufficient assets, they can submit an application under the Business Innovation stream. Also, start-up founders with a promising business idea can apply for this visa under the Entrepreneur stream. This requires a binding financial commitment from a recognised venture capitalist at an early stage of the business. In direct comparison with the Business Talent visa, the criteria and limits are slightly lower.
Grant of this permanent visa is associated with certain commitments. For example, the applicant must have the serious intention of settling in Australia, be actively operating their business in Australia, and transfer their assets to Australia within two years.
Applicants will initially receive a temporary visa. If the applicable conditions and all other requirements are met during this time, application for a permanent residence permit can be filed. In some cases, a one-time extension of the provisional visa is also possible if there are comprehensible reasons.
The most important visa requirements at a glance:
- Aged under 55 (no age restrictions for entrepreneurs)
- Valid passport
- Sponsored by an Australian state or territory government
- Points-test requirement (Business Innovation stream only)
- Evidence of sufficient financial resources and business shares
- Heath check
- Character requirements fulfilled (no severe convictions)
- No outstanding debts to the Commonwealth
- No prior refusal or cancellation of an Australian visa
Visa validity and essential visa conditions:
- Temporary visa with option of renewal or subsequent application for permanent residency
- Willingness to transfer business and private assets to Australia within two years
- Active participation in the company at management level