132 – Australia Business Talent visa (Permanent)

This visa entitles the applicant to commence business activities in Australia, such as starting or developing a business.

When granted, the Business Talent visa permits the visa holder and any additional visa holders (such as family members) to live in Australia on a permanent basis.

The applicant, and any additional visa holders may:

• reside in Australia indefinitely
• carry out unrestricted work in Australia
• study in any Australian educational institution
• apply for citizenship (when you are eligible)
• sponsor eligible family members to join you in Australia
• travel to and from Australia for five years after the visa is granted

Applicants are required to lodge an Expression of Interest (EOI) before applying for the Business Talent visa. If you are invited by a state or territory government you can then proceed to lodging an application.

When lodging your EOI, the following must be specified:

• which stream you will be applying under
• where you intend to do business (states and/or territories)

After submitting your EOI, state and territory governments will assess your application in order to determine the viability of your proposed business activities in Australia.

Note: the various state and territories follow different procedures. In some cases the nominating state or territory will contact you, in others you may be required to contact the nominating state or territory authority.

Important: if you are invited to apply for a visa you are required to do so within 60 days. Failure to apply following your second invitation will result in your EOI being removed from the SkillSelect system.

When you lodge your EOI, you are not required to provide any evidence of your claims. When you apply for a visa, you will however be required to provide substantive evidence of your business background and future business plans in Australia.

Once your EOI is lodged, you cannot go back and change the information provided. You are therefore advised to provide accurate information as you will be required to substantiate the information provided.

It may also be useful to gather as much information as possible whilst waiting for an invitation in order to speed up the overall process, and avoid your invitation being revoked.

A no further stay condition on your current Australian visa means that you cannot apply for this visa. You can check your visa conditions by logging into the VEVO Visa Entitlement Check, or by referring to your visa grant letter.

Please refer to the section dedicated to Australian visa fees and charges.

Before applying for a Business Talent visa, candidates must:

• have completed an EOI and have received an invitation
• be nominated by a state or territory government
• pass the health and character requirements (including direct family members who are not applying)
• meet the requirements for the stream you intend to apply under

Applicants are required to undergo a health examination, further information can be found at: http://www.immi.gov.au/allforms/health-requirements/meeting-health-req.htm

Please refer to the section dedicated to Australian visa fees and charges.

You must meet the character requirements to apply for the Business Talent visa. This involves producing police clearance certificates in each of the countries where you have lived for longer than 12 months in the last 10 years.

You and/or your partner must be able to prove the following:

• net assets of at least $400K AUD as ownership interest in one or more qualifying businesses for a minimum of two years in the four years immediately before you are invited to apply. If the business is publically listed, you must hold share in excess of 10% of the total issued capital
• at least $1.5m AUD in personal and business assets that can transferred to Australia within a two year period after the visa is granted
• a minimum annual turnover of $3m AUD in two of the four years immediately prior to being invited to apply
• ownership of at least:
  • 51% share in a business with annual revenues no higher than $400K AUD
  • 30% share in a business with annual revenues in excess of $400K AUD, or
  • 10% share of a publicly listed company
• a proven career in one or more successful businesses
• no track record of conducting unacceptable business activities
• genuine intensions of remaining in a management role in an Australian business for the duration of your stay

The current rules for the Business Talent visa (subclass 132) state that applicants must be under the 55 year age threshold. However, if the business is expected to bring significant economic benefit to the region, the department may waive this requirement.

Under the Significant Investor stream, applicants are required to have raised a minimum of $1m AUD capital funding, from a venture capital firm in Australia.

The secured funds must be raised via a member of the Australian Private Equity and Venture Capital Association Limited (AVCAL).

The funds raised must be intended for the start-up business, for business development or for product commercialisation of a promising business idea.

You will also be required to have entered a formal agreement with the venture capital firm providing the funding.

With a Business Talent visa you are entitled to:

• reside in Australia indefinitely
• apply for Medicare for health related support and care
• carry out unrestricted work in Australia
• study in any Australian educational institution
• apply for citizenship (when you are eligible)
• sponsor eligible family members to join you in Australia
• travel to and from Australia for five years after the visa is granted

The Business Talent visa (subclass 132) is a permanent residence visa. If you are granted this visa you are allowed to live in Australia indefinitely.

In addition to complying with your visa conditions and fulfilling your business obligations in Australia, you and any additional visa holders are required to comply with all Australian laws.

Within six months of entering Australia you must provide the Department of Immigration with your residential details. When your address changes (national or international), you are required to update your details by completing a Form 929 (Change of address and/or passport), which can be found on the Department’s website.

Applicants who are granted a visa whilst being located outside Australia, will be given a specified date by which they must enter Australia.

In some cases you will be given a condition that restricts family members from marrying or entering a de facto relationship before they enter Australia.

Significant Business History stream

Once you are in Australia, you are required to:

• establish a business that meets the criteria of a qualifying business
• take part in managing, developing or starting a qualifying business in Australia

In the business, you are required to:

• maintain substantial ownership
• be involved in the daily operation and/or management of the business
• make significant contribution to the business, including decision making that impacts the financial performance and overall direction of the business

Additionally, you will be required to complete the Form 1010 (Survey of Business Skills visa holders) after becoming involved in the business industry in Australia.

Venture Capital Entrepreneur stream

Under the Venture Capital stream, it is compulsory that you:

• fulfil the requirements
• commit to your venture capital agreement after entering Australia
• provide ongoing input and commitment whilst maintaining an ownership interest in the business