Business Skills Migration

Australia's Business Innovation and Investment program encourages successful business people to settle in Australia and use their proven skills to develop business activity in Australia. 

 

The Business Innovation and Investment program is designed to increase entrepreneurial talent and diversify business expertise in Australia. It is positioned to target migrants that have a demonstrated history of success in innovation and business and are able to make a significant contribution to the national innovation system and to the Australian economy. 

 

The objectives of the Business Innovation and Investment program are to contribute to the growth of the Australian economy by:

·        generating employment

·        increasing the export of Australian goods and services

·        increasing the production of goods and services in Australia

·        introducing new or improved technology

·        increasing competition and commercial activity

·        developing links with international markets

·        increasing the dispersal of business migrants across Australia through state and territory government sponsorship

 

Business Innovation and Investment program

The Business Innovation and Investment program is a state/territory nominated program which is made up of three subclasses:

·        Business Innovation and Investment (Provisional) (subclass 188) visa

·        Business Innovation and Investment (Permanent) (subclass 888) visa

·        Business Talent (Permanent) (subclass 132) visa 

 

Most Business Innovation and Investment migrants enter Australia on a provisional visa for four years and after satisfactory evidence of a specified level of business or investment activity, may apply for permanent residence. 

 

Alternatively business migrants may apply for a Business Talent visa to get direct permanent residence if they have high level business skills or have obtained funding from an Australian venture capital firm.

 

Australia is actively encouraging business migrants to set up businesses in regional, rural or low growth areas of Australia.

 

The Business Innovation and Investment program is a state/territory nominated program. Nomination enables states and territories to attract the kinds of business people they are seeking to help in the economic development of their regions.

Business Innovation and Investment (Provisional) - Subclass 188 visa

The provisional Business Innovation and Investment visa is for successful business innovators and investors who intend to invest or enter into business in Australia and contribute to the growth of the Australian economy. 

 

The provisional Business Innovation and Investment visa has three primary streams:

Business innovation stream

This is for people with a successful business career and a genuine and realistic commitment to be involved as an owner in a new or existing business in Australia.

Investor stream

This is for people with a successful record of qualifying business or eligible investment activity who will make a designated investment in a state or territory of Australia and have a realistic commitment to continue to maintain business or investment activity in Australia after the designated investment has matured.

Significant investor stream

This is for people who are willing to invest at least $5 million into complying investments in Australia and want to maintain business and investment activity in Australia after the original investment has matured

 

The Business Innovation and Investment visa program incorporates access to flexibility provisions to assist business people to achieve permanent residence and encourage innovative business. Provisional visa holders who were granted their visa by meeting the requirements for the business innovation stream may be eligible to apply for a two year extension to their provisional visa provided they are nominated by a state or territory government for the extension. 

Similarly, Significant Investor visa holders can renew their visa twice, to provide a maximum of eight years on their provisional visa.

Business Innovation and Investment (Permanent) - Subclass 888 visa

The permanent Business Innovation and Investment visa is designed to attract business people to assist in the economic development of Australia. The visa allows applicants to stay in Australia on a permanent basis for the purpose of owning a new or existing business. To be eligible for this visa they must be the primary holder of a provisional Business Innovation and Investment visa (subclass 188) visa. 

 

The Permanent Business Innovation and Investment visa has three streams:

Business innovation stream

This is for people who own and manage a business in Australia and have met certain business threshold requirements.

Investor stream

This is for people who have a designated investment in an Australian state or territory and want to maintain business and/or investment activity in Australia after the original investment has matured.

Significant investor stream
This is for people have invested at least $5 million into complying investments in Australia and want to maintain business and/or investment activity in Australia after the original investment has matured.

 

Business Talent (Permanent) - Subclass 132 visa

Under the Business Innovation and Investment visa program the Business Talent visa is made up of two streams: 

Significant business history stream

This is aimed towards high calibre business people who are owners or part owners of an overseas business and have a genuine and realistic commitment to participate in the management of a new or existing business in Australia.

Venture capital entrepreneur stream

This is to facilitate the entry of migrant entrepreneurs with a high potential business idea who have sourced venture capital funding in Australia. Migrant entrepreneurs will be required to have sourced at least $1 million in venture capital funding through a member of the Australian Venture Capital Association Limited (AVCAL), for early phase start-up, product commercialisation or business development and expansion.

 

Nomination from an Australian state or territory government is required for these two streams. 

As well as the requirements that Provisional visa holders must meet to secure permanent residence, there are specific monitoring provisions and obligations that Business Talent visa holders must meet. 

Business Talent visa holders must provide the department with a contact address within six months of their initial arrival. 

Their progress is monitored after arrival and they will be sent a letter requesting details of their business activity 24 months after their initial arrival in Australia. 

Where a Business Talent visa holder has not made a genuine effort to obtain a substantial ownership interest in an eligible business within three years of arrival, they may be liable for visa cancellation. 

Business Innovation and Investment (Provisional) visa holders are required to obtain an ownership interest in a business in Australia or maintain their investment in Australia for up to four years. If this requirement is not met, they may not be eligible to apply for a Business Innovation and Investment (Permanent) visa and may have to leave Australia.