Australia offers a new visa option that is designed to encourage bright, new minds to come to the country to create and innovate. If you’re entrepreneurially minded, this could be a wonderful opportunity to see the country and expand your horizons. This new visa could help you pave the way for development of a new product or technology.
What is the Entrepreneur Visa?
The Entrepreneur visa was created to give people a way to come to Australia to develop and commercialise concepts for products and services. This falls under Subclass 188 Business Innovation and Investment. Applicants must meet the following requirements for consideration:
- Must be under 55 years old
- Must speak & understand English
- Must have a unique idea that will produce a product or service in Australia
To entice the best possible applicants, the government added a 5 point bonus in the skilled visa category to anyone who has a Doctorate or Masters by research from an Australian university in STEM (Science, Technology, Engineering, and Mathematics) or ICT (Information and Communication Technology).
Complying Entrepreneur Activity
So what do you have to do to be considered a serious entrepreneur in the eyes of the Australian government? There are a few criteria that have to be met in order to be eligible for this type of visa. First, you must have received financial backing that totals at least $200,000 AUD from a commonwealth, state, or territory government entity, publicly funded research organisation, registered investors, or a specified higher education provider.
At least 10% of your funding must be payable to the entrepreneur within one year of the day activity begins in Australia. You must hold at least 30% interest in the endeavour when the agreement starts. And finally, you must have a business plan in place that will lead to development and commercialisation in Australia.
Build Your Business in Australia
There are many benefits to this type of visa for those who qualify. Australia presents a large market that can lead to enormous profits and growth for a new business. The key is proving that you have a viable idea with financial backing and that you are serious about starting a business in the country.
If you are interested in learning more about the benefits of an Australian Entrepreneur visa, contact our registered migration agents. You can also visit our website to complete a free visa eligibility assessment.