New Entrepreneur visa

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.