The Significant Business History Stream and the Venture Capital Entrepreneur Stream are otherwise known as the Business Talent Visa. The Business Talent visa is a permanent visa and enables holders to establish a new business or develop an existing business in Australia.
As well as allowing applicants to bring eligible family members to Australia with them, the visa holders can travel to and from Australia for up to five years, from the date the visa is granted. After that period, a Resident Return visa will be required to re-enter Australia as a permanent resident.
To be granted permanent residency, holders of these visas must ensure they meet all requirements and achieve what they set out to do when the visa was initially granted.
What is The Significant Business History Stream (Sc132A)?
The Significant Business History Stream allows experienced business holders to operate a new or existing business in Australia.
Eligibility
In order to be eligible for the Significant Business History Stream you must:
- Have a successful business career
- Have a genuine desire to own (and maintain a management role in) a business in Australia
- Have a net value or at least AUD1.5 million that has been lawfully acquired and is available for transfer within two years of the visa being granted
- Have an annual business turnover of at least AUD3 million for at least 2 of the 4 fiscal years immediately prior to the time of invitation to apply for the visa
- Have had an ownership interest in one or more qualifying businesses in which your net value was at least AUD400,000 for at least 2 of the 4 fiscal years prior to being invited to apply. If the qualifying business is a publicly listed company, your shareholding must be at least 10 percent
- Have total net assets of AUD400,000 or more from the ownership interest in one or more qualifying businesses, gained over at least 2 of the 4 fiscal years immediately before you were invited to apply for this visa
- Be nominated. Prior to applying you need to send an expression of interest (EOI) through Skill Select. If an Australian state or territory government likes your EOI, they will nominate you for this visa.
You must also meet the following criteria:
- Be under 55 years of age
- Have functional English
- Meet health requirements
- Meet character requirements
- Sign the Australian values statement
- Have paid back any debts to the Australian government or have made formal arrangements to pay it back
- Not had a visa cancelled or a prior application refused
What Obligations Apply to the Significant Investor Stream?
The visa holder and any family members that are part of the application must comply with all visa conditions and Australian laws. While holding this visa, you must establish a business in Australia or participate in an existing qualifying business in Australia.
Your business must do at least one of these things:
- Develop business links with international markets
- Employ people in Australia
- Export Australian goods
- Produce goods or services that would otherwise be imported
- Introduce new or improved technology
- Add to commercial activity and competitiveness within the Australian economy
In operating your business, you must:
- Maintain substantial ownership
- Maintain direct and continuous involvement in the day-to-day management of the business
- Make decisions that affect the overall direction and performance of the business in a way that benefits the Australian economy
Once you begin operating a business in Australia, you will be asked to fill out the ‘1010 Survey of Business Skills’ visa holders form. During your first 3 years in Australia, your business activities will be monitored to ensure you are meeting these requirements.
What is the Venture Capital Entrepreneur Stream (Sc132B)?
The Venture Capital Entrepreneur visa is for people who have sourced venture capital funding from a member of the Australian Venture Capital Association Limited (AVCAL). This visa allows holders to operate a new or existing business in Australia.
Eligibility
In order to be eligible for the Venture Capital Entrepreneur Stream, you must:
- Have funding of at least AUD1 million from an Australian venture capital firm
- Be nominated by an Australian state or territory government before you can apply
- Have a genuine and realistic commitment to engage in your business
- Maintain an ownership interest in your business or investment
- Have received at least AUD1 million in funding for a high-value business idea (funding must be for business development, product commercialisation or start-up costs)
- Have a formal agreement with an Australian venture capital firm for funding
- Follow the terms of your venture capital agreement after you enter Australia
You must also meet the following criteria:
- Meet health requirements
- Have functional English
- Meet character requirements
- Sign the Australian values statement
- Have paid back any debts to the Australian government or have made formal arrangements to pay it back
- Not had a visa cancelled or a prior application refused
What Obligations Apply to the Venture Capital Entrepreneur Stream?
The visa holder must fulfil all the required business obligations. The visa holder and any family members must also obey all Australian laws.
How Much Do Significant Business History and Venture Capital Entrepreneur Visas Cost?
Each of these visas’ costs AUD7,290 for the main applicant.
Charges also apply for each family member who applies for the visa with you.
Any applicant over the age of 18 with less that functional English will be required to pay an additional charge. This charge will only apply if the visa is granted.
The following charges apply:
- Main applicant: AUD9,795
- Family members: AUD4,890
Costs may also be incurred for health checks, police certificates and biometrics.
If you would like to learn more about the Business History Stream or the Venture Capital Entrepreneur Stream, speak to one of the Visa Solutions team today. It is a complex subject, so it is important to speak with someone in the know.
