Australia’s government is seeking entrepreneurs to settle in Australia especially as the economy is being rebuilt as the global economy and the Australian economy come out of the COVID-19 pandemic.

The Business Innovation and Investment (Provisional) visa (subclass 188) Entrepreneur stream provides a visa which allows you to stay for up to 4 years and 3 months to carry out entrepreneurial activity in Australia and then apply for a permanent visa.

You must undertake, or propose to undertake, a complying entrepreneur activity in Australia and have a funding agreement of at least $AUD200,000 to carry out entrepreneurial activity in Australia.

To apply for an Entrepreneur visa, you must:

• Submit an expression of interest and receive a nomination form a State or Territory government agency
• Be under 55 years of age
• Have a complying entrepreneur activity
• Receive funding from an approved entity
• Have competent English
• Meet health and character requirements.

What is a complying entrepreneur activity?

A complying entrepreneur activity must relate to an innovative idea that will lead to:

• the commercialisation of a product or service in Australia, or
• the development of an enterprise or business in Australia.

This activity must not relate to any of the following categories:

• residential real estate
• labour hire
• purchase of an existing enterprise or a franchise in Australia.

Who do I have to receive funding from?

You must have one or more legally enforceable agreements to receive funding with a total of at least AUD200,000. The funding must be from one of the following entities:

• Commonwealth Government agency
• State or Territory government agency
• Publicly funded research or innovation organisation
• Higher education provider specified as a Table A or Table B provider under Part 2-1 of the Higher Education Support Act 2003
• Investor registered as an Australian Venture Capital Limited Partnership or Early Stage Venture Capital Limited Partnership.

At least 10% of the funding must be payable to the entrepreneurial entity within 12 months of the activity starting in Australia. This must be in the agreement.

The entity that will conduct the activity (the entrepreneurial entity) must be either an individual (yourself), a company or a partnership.

You must have held at least 30% interest in your entrepreneurial entity when you entered into the agreement.

You must also have a business plan for the entrepreneurial entity. This business plan should note how your innovative idea will lead to:

• the commercialisation of a product or service in Australia, or
• the development of an enterprise or business in Australia.

All of the funding provided or to be provided to the entrepreneurial entity under the agreement or agreements is unencumbered and lawfully acquired.

How can we help with entrepreneur visas?

At FC Lawyers we have assisted many business migrants including entrepreneurs from across the globe with their visas to Australia.

Contact our expert team today to discuss your options with entrepreneur visas.