The Australian Business Skills Program is designed to foster and increase entrepreneurial talent and diversity in business expertise in Australia. Migrants are eligible for this visa type if they have a demonstrated history of success in innovation and business, and are able to make a significant contribution to the national innovation system, and to the Australian economy.
The Business Innovation & Investment Visa normally has two stages which lead to permanent residency for business people who want to own and manage a business, or make an investment in Australia. Partner and dependent children and other dependent relatives can be included in this visa type.
This visa class is divided into five streams including:
- Business Innovation Stream: this visa type is for an applicant who has business skills and wants to establish, develop, and manage a new or existing business in Australia
- Investor Stream: applicants who want to make a designated investment of at least AUD 2.5 million in an Australian state or territory and maintain business and investment activity in Australia (state/territory nomination required).
- Significant Investor Stream: applicants who are willing to invest at least AUD 5 million into complying significant investments in Australia and want to maintain business and investment activity in Australia (state/territory or Austrade nomination required).
- Premium Investor Stream is a newly introduced stream that is suitable for those who are able to make an investment of AUD 15 million into complying premium investments in Australia and have a genuine and realistic commitment to continue your business and investment activity in Australia (Austrade nomination required)
- Entrepreneur stream: 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 commercialization of a product or service in Australia or the development of a business in Australia. Applicants must be nominated by a state or territory government.
There are four stages included in the entire process of getting a Business Innovation and Investment Visa:
- Submit an Expression of Interest (EOI) through Skill Select: this application is point-test based;
- Successfully nominated by an Australian State or Territory government;
- Invitation for Visa Application;
- Visa Application: the applicant has 60 days to lodge his/her visa application once received the invitation.
The points test does not apply to applications for the Significant Investor Stream, the Premium Investor Stream or the Business Innovation Extension Stream or the Significant Investor Extension Stream.
The test gives points for various elements of human capital and business innovation and includes objective measures of business performance. Points are awarded for:
- Age;
- English language ability
- Qualifications
- Experience in business or investment
- Net personal and business assets
- Business turnover
- Innovation
When successfully applied for and granted a Business Innovation and Investment Visa, the visa holder can:
- Establish a new or develop an existing business and/or invest in Australia, make a designated investment with an Australian state or territory government, make and maintain complying investments in Australia or participate in a complying entrepreneurial activity in Australia;
- Travel in and out of Australia for the life of your visa
- Bring family members with you to Australia
- Seek permanent residence.
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