New Entrepreneur visa

September 17, 2016

From 10 September 2016 the government has introduced a new stream under the subclass 188 and subclass 888 visas called the Entrepreneur stream.  This is for people who have a funding agreement from a third party for at least AUD200 000 to undertake a complying entrepreneur activity that is proposed to lead to either the commercialisation of a product or service in Australia or the development of a business in Australia.  The following activities are excluded:

  • Establishing, purchasing, investing or acquiring an interest in a labour hire entity or residential real estate, or

  • Purchasing, investing or acquiring an interest in an existing entity (including a franchise).

 

Funding must be from a specified agency, namely:

  • all agencies of the Commonwealth, a State or a Territory;

  • bodies that undertake publicly funded research or innovation initiatives and are established under a law of the Commonwealth, a State or a Territory;

  • investors registered or conditionally registered as venture capital limited partnerships or early stage venture capital limited partnerships under Part 2 of the Venture Capital Act 2002 as in force from time to time; or

  • higher education providers listed from time to time under Part 2-1 of the Higher Education Support Act 2003 as Table A and B providers unless the body ceases to be a higher education provider because of  subsection 16-5(3) of the Higher Education Support Act 2003 as in force from time to time.

 

Applicants must be nominated by a state or territory government.

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