Entrepreneur Visa, Subclass 188
Are you an Entrepreneur? Or perhaps you are thinking of becoming one and are wondering about the long term visa pathways that exist after studying at Academy of Entrepreneurs. Here we give you a run down on the Entrepreneur Visa and everything you need to know to access this visa pathway!
What is the Entrepreneur Visa?
The Entrepreneur visa is a 4 year visa for people who have investor funding to develop an enterprise or business in Australia. It is one of the streams within the Subclass 188 Business Innovation and Investment visa.Duration and Conditions
This is a 4 year temporary visa. Once you have established business operations in Australia, you can apply for permanent residence through the Business Innovation & Investment (Residence) Subclass 888 visa.You will need to spend at least 2 years in Australia on your Entrepreneur Visa, and be sponsored by a state or territory government to qualify for a permanent subclass 888 visa.
Do I Apply in Australia or Overseas?
You can either be in Australia or overseas when you lodge your application.
If you are in Australia, you must hold a substantive visa or a Bridging A, B or C visa.
Applications can only be lodged online via the SkillSelect system.
This visa is only available to applicants who are nominated by an Australian State or Territory government.
All applicants must meet the following criteria:
- Nomination by a state or territory government
- Competent English
- Under 55 Years of age, unless a State or Territory Government nominates you as providing an “exceptional economic benefit” to the state or territory
- Funding agreement in place for at least $200,000 to establish a venture in Australia
- Ownership interest of at least 30% in the venture
Acceptable Business Activities
The proposed venture would need to be either:
- Commercialisation of a product or service in Australia; or
- Development of an enterprise or business in Australia
Certain activities which are not considered sufficiently innovative will be excluded. This are defined by legislative instrument and include:
- Purchase of an existing business or franchise
- Real estate activities
- Labour hire activities
To apply for the Entrepreneur Visa, you will need to have an agreement for at least $200,000 in funding from one or more of the following sources:
- Commonwealth agencies
- State and territory governments
- Publicly funded research organisations
- Investors registered as Venture Capital Limited Partnerships or Early Stage Venture Capital Limited Partnerships
The funding agreement must involve the transfer of at least 10% of the funds within 12 months of commencing the activity in Australia.
Are you looking for help to assess your eligibility for this visa? Do you need investors? Get in touch with us by writing to firstname.lastname@example.org and we can connect you to our trusted migration Lawyer to help, or help you to pitch your business to our AE Valley investors to grow and scale your business 🙂
This blog entry was written by Migration Lawyer Edward Miller on 01/06/2021 date and any information here is subject to change.