Taking effect from 10 September 2016, the Department of Immigration and Border Protection have introduced a new “Entrepreneur Visa” as part of the Business Innovation and Investment Program.
The purpose of the Entrepreneur Visa is to aid the Government’s “Supporting Innovation through Visas” initiative as part of the National Innovation and Science Agenda.
The Government is targeting high calibre entrepreneurs with approved financial backing to either:
• Commercialise a product or service in Australia
• Or Develop an enterprise or business in Australia
In order to be eligible for this visa you must have:
• At least $200,000 in funding available to you and at least 10% of the funding must be paid to the entrepreneur entity within 12 months of commencing the activity
• An approved business plan in in place
• Competent English (i.e. 6 in each component of the IELTS or its equivalent)
• Hold at least a 30% stake in the entrepreneur entity
• Sponsorship from an Australian State or Territory Government
The Entrepreneur Visa maybe appealing to a new generation of young international business professionals that were previously not eligible for the Australian Business Innovation and Investment Visa Program because they did not meet the personal assets requirements or significant business background requirements.
If you are interested in finding out more about this new Entrepreneur Visa, please feel free to contact McFarlane Migration Services on (+61) 0410 546 168 or email info@mcfarlanemigration.com.au for a confidential discussion about your eligibility.