SC188 A - Business Innovation Visa
Overview
The provisional Business Innovation Visa (often referred to as SC188A) is for successful business innovators and business owners who intend to enter business in Australia and contribute to the growth of the Australian economy. Business owners up to the age of 55 years who have business management and ownership experience for at least 2 years or longer must use those business skills to obtain a substantial ownership interest in a new or existing business in Australia and actively participate in that business at a senior management level.
The main objective is to maximise the number of business migrants successfully engaging in business in Australia and to achieve better dispersal of the business migration intake to enable regional and low growth areas of Australia to attract business persons they need to promote regional economic development and growth. Persons who successfully establish a business while holding the provisional Subclass 188 Innovation Visa are provided with a clearer pathway to permanent residence by meeting specific criteria from the first two years of operation. You can lodge this visa whilst in Australia and/or outside Australia.
This visa allows you to do the following:
KEY CRITERIA – [All of the following must apply]
Audited financials by an external reputable auditor are required to support you meeting the key criteria. Clients who have operated their businesses in Hong Kong or Mainland China will need specific type of audit reports for their application.
This visa is provisional, and points tested. Meeting the key criteria above only provides you with base points. Your points may increase if your business supporting evidence can demonstrate higher turnover, asset value and years of operation.
Other contributing factors to being attributed more points include your age at the time of Invitation, your English language ability, Educational Qualifications, Innovation patents or trademarks registered, and financial venture capital funding received for your current business operations.
The main objective is to maximise the number of business migrants successfully engaging in business in Australia and to achieve better dispersal of the business migration intake to enable regional and low growth areas of Australia to attract business persons they need to promote regional economic development and growth. Persons who successfully establish a business while holding the provisional Subclass 188 Innovation Visa are provided with a clearer pathway to permanent residence by meeting specific criteria from the first two years of operation. You can lodge this visa whilst in Australia and/or outside Australia.
This visa allows you to do the following:
- carry out business and investment activity in Australia
- travel to, enter and remain in Australia for the validity of your visa grant i.e. 4 years
- bring eligible dependent members of your family unit only with you
- apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) Innovation stream
KEY CRITERIA – [All of the following must apply]
- The primary criteria that must be met as foundation requirements specific to the SC188A stream is that Business Owner applicants must have had, for 2 of the 4 fiscal years’ preceding the visa application, an ownership interest in a main business that had an annual turnover of at least AUD500 000 for each of the 2 financial years
- If the foundation criteria are not met, then this visa is not suitable. You would need to be assessed against other business visas eligibility criterion.
- In assessing primary financial assets value of both business assets and or/personal assets, all assets owned both by main applicant and partner/spouse combined can be used to meet the minimum threshold value of $800.000 AUD
- If the base financial asset foundation criteria cannot be met, then this visa is not suitable. You would need to be assessed against other business visas eligibility criterion
- In assessing ownership interest, the main business that will be used to meet criteria 1 and 2, you must have held more than 30% equity for each of the 2 main years
- If your ownership or equity interest cannot be evidenced or is less than 30% shares, then this visa is not suitable. You would need to be assessed against other business visas eligibility criterion
Audited financials by an external reputable auditor are required to support you meeting the key criteria. Clients who have operated their businesses in Hong Kong or Mainland China will need specific type of audit reports for their application.
This visa is provisional, and points tested. Meeting the key criteria above only provides you with base points. Your points may increase if your business supporting evidence can demonstrate higher turnover, asset value and years of operation.
Other contributing factors to being attributed more points include your age at the time of Invitation, your English language ability, Educational Qualifications, Innovation patents or trademarks registered, and financial venture capital funding received for your current business operations.
- You must have a genuine and realistic commitment to:
- Start or invest in an Australian Business and obtain a substantial ownership interest in
- You must commit to transferring up to $800,000 to Australia within 12 months of visa grant
- You must intend to operate your Australian business on a day to day management operational level
- The business must meet certain success factors to be eligible for the Permanent Innovation Visa
- State Government or Territory Nomination approval is required
- English exemptions are available for the main applicant if competent English requirements cannot be met
- No Skills Assessment Required and No Employment offer required
- Main applicants must meet the minimum threshold of 65 points to be considered for an Invitation for Expression of Interest
Fees
| SC188 A BUSINESS INNOVATION VISA APPLICATION PROCESSING FEES | |
| State Government Nomination Fees (TBC) | $500.00 – $850.00 |
| Immigration Application Fees Main Applicant [Business Owner] | $5,375.00 |
| Immigration Application Fees Partner or Spouse | $2,685.00 |
| Immigration Application Fees Child over 18 years under 23 years | $2,025.00 |
| Immigration Application Fees Child under 18 years under 23 years | $1,345.00 |
| ADDITIONAL ESTIMATED COSTS | |
| Business Legal & Advisory Fees [Set Up or Acquisition] | TBC |
| Mygration Professional Service Fees [excl.gst] | See more |
| Medical Exams for Migration (per person) | TBC –up to $400.00 |
| Police Clearance Certificates must be obtained from all countries resided in for longer than 12 months in the last 10 years (over 16yrs) | TBC –up to $50.00 p/p |
| Key Identity Document Translations & Certification | TBC –up to $50.00 p/doc |
WHAT WE DO FOR YOU
- You complete our contact form to discuss further through an initial in person meet or through zoom video meeting and discuss your specific needs
- We send you our initial Business Assessment form to complete and provide to us for a scheduled meeting to which we will discuss your business meeting the ownership/turnover/operational activities and financial asset valuation to ensure this meets with assessment criteria Australia regulations and needs
Additional Matters will be considered in our discussions such as:
- the type of business/es you have been operating in the last 2-7 years
- the size of the business
- your specific role in the management of the business
- the relevance of other professional, technical, or trade-qualified staff employed in the business/es
- your affiliations (if any) with professional, business/management or other relevant organisations and
- Operational processes and structure evidence for all key personnel including business owners core functions
- We will introduce you to reputable Legal and Business Advisory Firms that operate in the chosen State or Territory with experience to your industry & skills sets. They will assist in business feasibility & due diligence relating to all your business needs
- Mygration will assist to prepare and lodge State nomination & Visa applications
- We will assist with Bridging Visa applications
- Processing times vary and change continuously. Our current Subclass 188 Business Innovation Visas are taking 12 weeks to prepare from engagement and a further 6-18 months to be finalized by Department of Home Affairs Processing Centre. Factors affecting the processing times are backlogs related to Covid restrictions and/or location of businesses operating in China or Hong Kong.
Permanent Residency Pathways
SC888 A – Business Innovation (Permanent) visa
POST VISA GRANT CRITERIA
Once the SC188A visa is granted – applicants who have operated their Australian approved business may be eligible to apply for SC888A Permanent visa after 2 years of holding the SC188A and meeting other main requirements such as
Business ownership, Turnover & Asset requirement post visa grant before applying for PR
For the 2 years immediately before you apply for the permanent visa, you must have:
- had, and continue to have, an ownership interest in up to two main businesses in Australia
- had a direct and continuous management role in that business or businesses
- submitted Business Activity Statements to the Australian Taxation Office & have an ABN for each of your businesses
- 51% of the total value of a business with a turnover of less than AUD400,000 per year, or
- 30% of the total value of a business with a turnover of AUD400,000 or more per year, or
- 10% of the total value of a business that is operated by a publicly listed company
Business and Personal Asset requirement for Business
For the 12 months immediately before you apply, you or your partner (or you and your partner together) must show at least 2 of the following:
- assets of AUD200,000 net value in your main business (or 2 main businesses) in Australia
- personal and business assets in Australia of AUD600,000 net value
- equivalent of at least 2 full-time eligible employees in your main business
Residence Requirement
You must have been residing in Australia for at least 1 year in the 2 years immediately before you apply for the permanent stage of the Subclass 888 A Innovation Visa.
Information
NEW BUSINESS SET UP
Once your visa is lodged, you may begin setting up your new business. In setting up a new business, you will essentially hold 100% shares of your business. You are also able to establish a discretionary trust and assign your new company as the corporate trustee of your family trust. The corporate trustee company (Pty Ltd) would be the startup company used for operation for goods and services in line with your Business Innovation Visa requirements.
If you are outside Australia and require assistance, we can assist you by facilitating all requirements on your behalf with trusted legal and accounting professionals who are experienced in the international business startup space. Applicants who are in Australia at the time of lodgement, will receive a bridging visa A after lodging their visa applications. This bridging visa will come into effect after the visa you have arrived with expires. Once the bridging visa takes effect (and as long as it has not conditions or restrictions) you can commence your business activities.
General Startup Expenses (depending on the business type) can range from $50,000 – $70,000 for Small Enterprise. For Medium enterprise, set up costs are estimated above $200,000 AUD. The Business Innovation Visa requires that you transfer $800,000 AUD to Australia of which min $200,000AUD – $500,000AUD needs to be set aside for your new business and the balance of the funds can be attributed to acquiring residential property. The amount required to be utilized for business purposes is subject to whether you will operate your business in metropolitan or regional areas. State or Territory governments will also influence the allocation of these funds depending on the nature of business you intend to operate in Australia
Factors to consider when starting your business in Australia
MATCH AND INVEST
As setting up a new business as a foreigner in Australia can be challenging when arriving to a new country, many business owners have opted to obtain a substantial ownership interest in an existing business in Australia and actively participate in that business at a senior management level. Owning substantial interest in an existing business means that you must acquire minimum of 30% equity and can be up to 51%. Most Australian business owners seeking investment will generally provide their brokers a full financial history of their business and will have the business valued by their own professional providers. In determining the value of the business you intend to invest in, it is important to ensure that due diligence is undertaken for this business by reputable solicitors and accounting firms who will provide you with key information pertaining to the full value of the business and any associated risks. The negotiation phase involving entering a partnership with an existing Australian entity can be a smooth one or challenging. It is important to consider your preference and management style before investing into an existing business. Other alternatives to partially acquiring equity interest, is choosing to purchase an existing business outright. This would provide you with full operational and management control. We work with registered Australian business brokers to source businesses that match your skill set, industry experience and preference. Once your visa is lodged, you may then finalise your business purchase. If you are outside Australia and require assistance, we can facilitate all requirements on your behalf with trusted legal and accounting professionals who are experienced in business sales & acquisitions. Applicants who are in Australia at the time of lodgement, will receive a bridging visa A after lodging their visa applications. This bridging visa will come into effect after the visa you have arrived with expires. Once the bridging visa takes effect (and as long as it has not conditions or restrictions) you can commence your business activities. The valuation of the business you intend to invest into or purchase outright must meet the Business Innovation Visa requirement. You will need to transfer $800,000 AUD to Australia of which min $200,000AUD – $500,000AUD needs to be set aside business acquisition and the balance of the funds can be attributed to acquiring residential property. The amount required to be utilized for business purposes is subject to whether you will operate your business in metropolitan or regional areas. State or Territory governments will also influence the allocation of these funds depending on the nature of business you intend to operate in Australia Enquire about Australian Businesses seeking international Business Partnerships and Investments
Once your visa is lodged, you may begin setting up your new business. In setting up a new business, you will essentially hold 100% shares of your business. You are also able to establish a discretionary trust and assign your new company as the corporate trustee of your family trust. The corporate trustee company (Pty Ltd) would be the startup company used for operation for goods and services in line with your Business Innovation Visa requirements.
If you are outside Australia and require assistance, we can assist you by facilitating all requirements on your behalf with trusted legal and accounting professionals who are experienced in the international business startup space. Applicants who are in Australia at the time of lodgement, will receive a bridging visa A after lodging their visa applications. This bridging visa will come into effect after the visa you have arrived with expires. Once the bridging visa takes effect (and as long as it has not conditions or restrictions) you can commence your business activities.
General Startup Expenses (depending on the business type) can range from $50,000 – $70,000 for Small Enterprise. For Medium enterprise, set up costs are estimated above $200,000 AUD. The Business Innovation Visa requires that you transfer $800,000 AUD to Australia of which min $200,000AUD – $500,000AUD needs to be set aside for your new business and the balance of the funds can be attributed to acquiring residential property. The amount required to be utilized for business purposes is subject to whether you will operate your business in metropolitan or regional areas. State or Territory governments will also influence the allocation of these funds depending on the nature of business you intend to operate in Australia
Factors to consider when starting your business in Australia
- Company registrations and all Tax registrations for accounting fees
- Digital & Marketing
- Government licensing and registration (specific to industry)
- Lease for premises/facilities
- Materials and Equipment office furniture hire /purchase
- Public Liability Insurance
- Website Development
- Other IT (security/software etc.)
- Recruiting team
- Legal Fees
- WHS procedures in accordance with Australian state government legislation
MATCH AND INVEST
As setting up a new business as a foreigner in Australia can be challenging when arriving to a new country, many business owners have opted to obtain a substantial ownership interest in an existing business in Australia and actively participate in that business at a senior management level. Owning substantial interest in an existing business means that you must acquire minimum of 30% equity and can be up to 51%. Most Australian business owners seeking investment will generally provide their brokers a full financial history of their business and will have the business valued by their own professional providers. In determining the value of the business you intend to invest in, it is important to ensure that due diligence is undertaken for this business by reputable solicitors and accounting firms who will provide you with key information pertaining to the full value of the business and any associated risks. The negotiation phase involving entering a partnership with an existing Australian entity can be a smooth one or challenging. It is important to consider your preference and management style before investing into an existing business. Other alternatives to partially acquiring equity interest, is choosing to purchase an existing business outright. This would provide you with full operational and management control. We work with registered Australian business brokers to source businesses that match your skill set, industry experience and preference. Once your visa is lodged, you may then finalise your business purchase. If you are outside Australia and require assistance, we can facilitate all requirements on your behalf with trusted legal and accounting professionals who are experienced in business sales & acquisitions. Applicants who are in Australia at the time of lodgement, will receive a bridging visa A after lodging their visa applications. This bridging visa will come into effect after the visa you have arrived with expires. Once the bridging visa takes effect (and as long as it has not conditions or restrictions) you can commence your business activities. The valuation of the business you intend to invest into or purchase outright must meet the Business Innovation Visa requirement. You will need to transfer $800,000 AUD to Australia of which min $200,000AUD – $500,000AUD needs to be set aside business acquisition and the balance of the funds can be attributed to acquiring residential property. The amount required to be utilized for business purposes is subject to whether you will operate your business in metropolitan or regional areas. State or Territory governments will also influence the allocation of these funds depending on the nature of business you intend to operate in Australia Enquire about Australian Businesses seeking international Business Partnerships and Investments
SC188 E - Business Entrepreneur Visas
Overview
SC 188 E For applicants aged 20 – 55 who have a funding agreement from a third party (Venture Capital Fund Firm in Australia) to undertake a complying entrepreneur activity that is proposed to lead to either the commercialisation of a product or service in Australia or the development of a business in Australia
This visa allows you to do the following:
The requirements that are specific to the SC188E stream are the applicant must:
This visa allows you to do the following:
- carry out business and investment activity in Australia
- travel to, enter and remain in Australia for the validity of your visa grant i.e. 4 years and 3 months
- bring eligible dependent members of your family unit only with you
- apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) Entrepreneur stream if certain requirements are met
The requirements that are specific to the SC188E stream are the applicant must:
- Have innovative business start-up ideas and plans to commercialise and develop in Australia
- Intend to and enjoy undertaking Entrepreneur activities and demonstrate you have at least $180,000 – $300,000 for Business & Settlement funds for transfer to Australia
- You must have a genuine and realistic commitment to:
- Secure up to $200,000 AUD through a legal binding agreement from an Australian Venture Capital Fund for an approved Entrepreneurial Activity
- The applicant [entrepreneur] must demonstrate overall a successful record of undertaking, whether alone or by participating in a business, activities of an entrepreneurial nature and commit to maintaining the VC agreement and investment for the full 4-year period
- The business must meet the required success factors for the Applicant to meet the requirements for Permanent Entrepreneur visa
- Keep accurate accounts of Financial statements and show required Activity statements to TAX office for each year of business operation
- Obtain and maintain substantial ownership interest of 51% or min 30% if more than one investor partakes of the Co-Investment in a business in Australia
- English Equivalent to IELTS 6 In Each Band is mandatory
- State Government or Territory Nomination approval is required
- No English exemptions available for main applicant [Entrepreneur]
- No Skills Assessment Required and No Employment offer required
- No Points test requirements apply to this visa
Fees
| SC188 E VISA APPLICATION PROCESSING FEES | |
| State Government Nomination Fees (TBC) | $500.00 – $800.00 |
| Immigration Application Fees Main Applicant [Entrepreneur] | $4,045.00 |
| Immigration Application Fees Partner or Spouse | $2,025.00 |
| Immigration Application Fees Child over 18 years under 23 years | $2,025.00 |
| Immigration Application Fees Child under 18 years under 23 years | $1,010.00 |
| ADDITIONAL ESTIMATED COSTS | |
| Business Advisory Fees to secure VC funding and all legal set up | TBC |
| Mygration Professional Service Fees [excl.gst] | See more |
| Medical Exams for Migration (per person) | TBC –up to $400.00 |
| Police Clearance Certificates must be obtained from all countries resided in for longer than 12 months in the last 10 years (over 16yrs) | TBC –up to $50.00 p/p |
| Key Identity Document Translations & Certification | TBC –up to $50.00 p/doc |
WHAT WE DO FOR YOU
- You complete our contact form to discuss further through an initial in person meet or through zoom video meeting and discuss your specific needs
- We send you initial Entrepreneur Expression of Interest form to complete for scheduled meeting to which we will discuss your business ideas & concepts including skill set to align to Australia needs
- Provide us initial list of documents we have requested
- Mygration sources suitable Business & Investment Advisory Firms that operate in the chosen State or Territory with Venture Capital Affiliations operating in your specific area of expertise who will assess your business feasibility for venture capital funding
- Once you are satisfied with Initial process by all parties, Mygration will work with you to facilitate all aspects of the process including sourcing funding agreement from the VC and collation of all documents related to the complying entrepreneurial business activity
- Mygration will lodge your State Nomination & Visa applications
- Mygration will assist to prepare State nomination & Visa applications and lodge these
- Processing times vary and change continuously. Our current Subclass 188 Entrepreneur Visas are taking 12-14 weeks to prepare from engagement and 12-20 weeks to be finalized by Department of Home Affairs Processing Centre
Permanent Residency Pathways
SC888 E – Permanent Entrepreneur Visa
POST VISA GRANT CRITERIA
This is not a permanent visa. With this visa you can:
- carry out business and investment activity in Australia
- travel to, enter and remain in Australia for 4 years and 3 months
- bring eligible members of your family with you
- apply for a permanent Business Innovation and Investment (Permanent) visa (subclass 888) Entrepreneur stream if certain requirements are met
- Have a current nomination from a State or Territory government agency
- Have a successful record of entrepreneurial activities
- The (the primary applicant’s) entrepreneurial activities are assessed by looking at either 2 key success factors OR 1 key success factor PLUS 3 supporting success factors
Examples of key success factors include one of the following:
- employing 2 or more Australians, permanent residents, or other eligible persons
- generating an annual turnover of at least AUD300K (period to be defined)
- filing a provisional patent or acquiring a standard or innovation patent within Australia
- receiving ongoing funding or investment in your entrepreneur activity
- entering a partnership with a university OR selling an entrepreneurial venture for AUD2 million
- adapting your entrepreneurial activities into other business areas
- receiving a statement of success from a state or territory government nominator
- receiving sponsorship from the corporate sector
- starting at least 1 other business or contributing to at least 2 other businesses
- receiving formal awards or recognition
- raising or contributing to social capital
- residential real estate/labour hire/buying an existing enterprise or a franchise in Australia
Resident requirements
To be eligible for the Permanent Subclass 888 Entrepreneur visa, main applicants must meet the residence requirement. This can be achieved if the (the primary applicant) has resided in Australia for at least 2 years of the 4 years that they have held the provisional visa
Information
- Have 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
- residential real estate
- labour hire
- purchase of an existing enterprise or a franchise in Australia
- Receive funding from an approved entity
- 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% – 40% of the funding must be payable to the entrepreneurial entity within 12 months of the activity starting in Australia which must be reflected 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 minimum 30% interest in your entrepreneurial entity when you entered into the agreement
- Your 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 the funding provided or to be provided to the entrepreneurial entity under the agreement or agreements is unencumbered and lawfully acquired
- You and your partner must not have a history of involvement in business or investment activities that are of a nature that is not generally acceptable in Australia
SC132 A - Permanent Business Talent Visa
Overview
The provisional Business Innovation Visa (often referred to as SC132A) is for successful business innovators and business owners who intend to enter business in Australia and contribute to the growth of the Australian economy. Business owners up to the age of 55 years who have business management and ownership experience for at least 2 years or longer must use those business skills to obtain a substantial ownership interest in a new or existing business in Australia and actively participate in that business at a senior management level.
The main objective is to maximise the number of business migrants successfully engaging in business in Australia and to achieve better dispersal of the business migration intake to enable regional and low growth areas of Australia to attract business persons they need to promote regional economic development and growth. Persons who successfully establish a business while holding the provisional Subclass 132A Business Talent Visa are granted with permanent residency subject to them undertaking and meeting specific business investment/establishment criteria within 2 years of permanent residency grant. This Visa may be lodged from within Australia and/or outside Australia.
This visa allows you to do the following:
KEY CRITERIA – [All of the following must apply]
Audited financials by an external reputable auditor are required to support you meeting the key criteria. Clients who have operated their businesses in Hong Kong or Mainland China will need specific type of audit reports for their application.
This visa is permanent and not points tested.
POST VISA GRANT CONDITIONS
Business Visa Holders
The main objective is to maximise the number of business migrants successfully engaging in business in Australia and to achieve better dispersal of the business migration intake to enable regional and low growth areas of Australia to attract business persons they need to promote regional economic development and growth. Persons who successfully establish a business while holding the provisional Subclass 132A Business Talent Visa are granted with permanent residency subject to them undertaking and meeting specific business investment/establishment criteria within 2 years of permanent residency grant. This Visa may be lodged from within Australia and/or outside Australia.
This visa allows you to do the following:
- carry out business and investment activity in Australia
- travel to, enter and remain in Australia permanently
- bring eligible dependent members of your family unit only with you
- Invest in major industries including infrastructure, education, construction, property development etc. Investments can be varied
KEY CRITERIA – [All of the following must apply]
- The primary criteria that must be met as foundation requirements specific to the SC132A stream is that Business Owner applicants must have had, for 2 of the 4 fiscal years’ preceding the visa application, an ownership interest in a main business/s that had an annual turnover of minimum $3million AUD for each year
- If the foundation criteria are not met, then this visa is not suitable. You would need to be assessed against other business visas eligibility criterion.
- In assessing primary financial assets value of both business assets and or/personal assets, all assets owned both by main applicant and partner/spouse combined can be used to meet the minimum threshold value of $1.5million AUD
- If the base financial asset foundation criteria cannot be met, then this visa is not suitable. You would need to be assessed against other business visas eligibility criterion
- In assessing ownership interest, the main business that will be used to meet criteria 1 and 2, you must have held more than 30% equity for each of the 2 main years
- If your ownership or equity interest cannot be evidenced or is less than 30% shares, then this visa is not suitable. You would need to be assessed against other business visas eligibility criterion
- In assessing net business asset value, the main business that will be used to meet criteria 1, 2 and 3, the net business assets must be valued at minimum AUD value of $400,000 net for each of the 2 main years before visa application. This value must be maintained and current at the time of visa application
- If net business asset value cannot be evidenced to meet the min threshold value of $400K AUD, then this visa is not suitable. You would need to be assessed against other business visas eligibility criterion
Audited financials by an external reputable auditor are required to support you meeting the key criteria. Clients who have operated their businesses in Hong Kong or Mainland China will need specific type of audit reports for their application.
This visa is permanent and not points tested.
- You must have a genuine and realistic commitment to:
- Start or invest in an Australian Business and obtain substantial ownership interest for 2 years
- You must commit to transferring up to $1.5 Million Assets to Australia within 24 months of permanent visa grant. Each State will outline the way the investment can be divested. $1.5million is required to be transferred within 2 years into the nominating state that has approved your nomination. Of that $1.5million AUD you must invest at least $1million into an Australian business and the balance of $500,000 may be assigned to residential property.
- You must intend to operate your Australian business on a day to day management operational level for a minimum of 2 years post visa grant
- This visa is subject to monitoring and cancellation if post visa grant conditions are not met
- State Government or Territory Nomination approval is required
- English exemptions are available for main applicant if competent English requirements cannot be met
- No Skills Assessment Required and No Employment offer required
- Applicants over the age of 55 years may apply for special consideration if their business will be a significant benefit to state governments. In certain cases States may outline additional criteria to be met in addition to standard requirements to meet special consideration
POST VISA GRANT CONDITIONS
Business Visa Holders
- Must establish a new or develop an existing business and/or invest in an established viable and/or business of economic benefit to Australia
- May undertake Continuous Travel in and out of Australia for the life of Permanent resident visa to maintain residency requirements
- Must maintain and provide evidence for business operations such as:
- maintain substantial ownership of your business – min 30% PE – 100% PE
- 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
Fees
| SC132A BUSINESS TALENT VISA APPLICATION PROCESSING FEES | |
| State Government Nomination Fees (TBC) | $500.00 – $850.00 |
| Immigration Application Fees Main Applicant [Business Owner] | $7,855.00 |
| Immigration Application Fees Partner or Spouse | $3,930.00 |
| Immigration Application Fees Child over 18 years under 23 years | $3,930.00 |
| Immigration Application Fees Child under 18 years under 23 years | $1,960.00 |
| ADDITIONAL ESTIMATED COSTS | |
| Business Legal & Advisory Fees [Set Up or Acquisition] | TBC |
| Mygration Professional Service Fees [excl.gst] | See more |
| Medical Exams for Migration (per person) | TBC –up to $400.00 |
| Police Clearance Certificates must be obtained from all countries resided in for longer than 12 months in the last 10 years (over 16yrs) | TBC –up to $50.00 p/p |
| Key Identity Document Translations & Certification | TBC –up to $50.00 p/doc |
WHAT WE DO FOR YOU
- You complete our contact form to discuss further through an initial in person meet or through zoom video meeting and discuss your specific needs
- We send you our initial Business Assessment form to complete and provide to us for a scheduled meeting to which we will discuss your business meeting the ownership/turnover/operational activities/ net business asset valuation/personal asset valuation to ensure this meets with assessment criteria Australia regulations
- Additional Matters will be considered in our discussions such as:
- the type of business/es you have been operating in the last 2-7 years
- the size of the business
- your specific role in the management of the business
- the relevance of other professional, technical, or trade-qualified staff employed in the business/es
- your affiliations (if any) with professional, business/management or other relevant organisations
- Operational processes and structure evidence for all key personnel including business owners core functions
Information
NEW BUSINESS SET UP
Once your visa is lodged, you may begin setting up your new company in Australia. In setting up a new business, you will essentially hold 100% shares of your business. You are also able to establish a discretionary trust and assign your new company as the corporate trustee of your family trust. The corporate trustee company (Pty Ltd) would be the Australian Company used for operation for goods and services in line with your Business Visa requirements.
If you are outside Australia and require assistance, we can assist you by facilitating all requirements on your behalf with trusted legal and accounting professionals who are experienced in the international business startup space. Applicants who are in Australia at the time of lodgement, will receive a bridging visa A after lodging their visa applications. This bridging visa will come into effect after the visa you have arrived with expires. Once the bridging visa takes effect (and as long as it has not conditions or restrictions) you can commence your business activities.
Initial Startup Expenses (depending on the business type) can range from $50,000 – $70,000 for Small Enterprise. For Medium enterprise, set up costs are estimated above $200,000 AUD. The Business Talent Permanent Visa requires that you transfer $1,500,000 AUD to your Company in Australia of which min $1million AUD is used for commercial and business operation purposes and the balance of $500K AUD can be attributed to property purchase should you wish. The amount required to be utilized for business purposes is subject to whether you will operate your business in metropolitan or regional areas. State or Territory governments will also influence the allocation of these funds depending on the nature of business you intend to operate in Australia and any special considerations required.
Factors to consider when starting your business in Australia
MATCH AND INVEST
As setting up a new business as a foreigner in Australia can be challenging when arriving to a new country, many business owners have opted to obtain a substantial ownership interest in an existing business in Australia and actively participate in that business at a senior management level. Owning substantial interest in an existing business means that you must acquire minimum of 30% equity and can be up to 51% or higher depending on your investment appetite. Most Australian business owners seeking investment will generally provide their brokers a full financial history of their business and will have the business valued by their own professional providers. In determining the value of the business you intend to invest in, it is important to ensure that due diligence is undertaken for this business by reputable solicitors and accounting firms who will provide you with key information pertaining to the full value of the business and any associated risks. The negotiation phase involving entering a partnership with an existing Australian entity can be a smooth one or challenging. It is important to consider your preference and management style before investing into an existing business.
Other alternatives to partially acquiring equity interest, is choosing to purchase an existing business outright. This would provide you with full operational and management control if this is your preference. We work with registered Australian business brokers to source businesses that match your skill set, industry experience and interests.
Once your visa is lodged, you may then finalise your business purchase. If you are outside Australia and require assistance, we can facilitate all requirements on your behalf with trusted legal and accounting professionals who are experienced in business sales & acquisitions. Applicants who are in Australia at the time of lodgement, will receive a bridging visa A after lodging their visa applications. This bridging visa will come into effect after the visa you have arrived with expires. Once the bridging visa takes effect (and as long as it has no conditions or restrictions) you can commence your business activities. The valuation of the business you intend to invest into or purchase outright must meet the Business Visa requirement.
Ask us furtherabout Australian Businesses seeking international Business Partnerships and Investments
Once your visa is lodged, you may begin setting up your new company in Australia. In setting up a new business, you will essentially hold 100% shares of your business. You are also able to establish a discretionary trust and assign your new company as the corporate trustee of your family trust. The corporate trustee company (Pty Ltd) would be the Australian Company used for operation for goods and services in line with your Business Visa requirements.
If you are outside Australia and require assistance, we can assist you by facilitating all requirements on your behalf with trusted legal and accounting professionals who are experienced in the international business startup space. Applicants who are in Australia at the time of lodgement, will receive a bridging visa A after lodging their visa applications. This bridging visa will come into effect after the visa you have arrived with expires. Once the bridging visa takes effect (and as long as it has not conditions or restrictions) you can commence your business activities.
Initial Startup Expenses (depending on the business type) can range from $50,000 – $70,000 for Small Enterprise. For Medium enterprise, set up costs are estimated above $200,000 AUD. The Business Talent Permanent Visa requires that you transfer $1,500,000 AUD to your Company in Australia of which min $1million AUD is used for commercial and business operation purposes and the balance of $500K AUD can be attributed to property purchase should you wish. The amount required to be utilized for business purposes is subject to whether you will operate your business in metropolitan or regional areas. State or Territory governments will also influence the allocation of these funds depending on the nature of business you intend to operate in Australia and any special considerations required.
Factors to consider when starting your business in Australia
- Company registrations and all Tax registrations for accounting fees
- Digital & Marketing
- Government licensing and registration (specific to industry)
- Lease for premises/facilities
- Materials and Equipment office furniture hire /purchase
- Public Liability Insurance
- Website Development
- Other IT (security/software etc.)
- Recruiting team
- Legal Fees
- WHS procedures in accordance with Australian state government legislation
MATCH AND INVEST
As setting up a new business as a foreigner in Australia can be challenging when arriving to a new country, many business owners have opted to obtain a substantial ownership interest in an existing business in Australia and actively participate in that business at a senior management level. Owning substantial interest in an existing business means that you must acquire minimum of 30% equity and can be up to 51% or higher depending on your investment appetite. Most Australian business owners seeking investment will generally provide their brokers a full financial history of their business and will have the business valued by their own professional providers. In determining the value of the business you intend to invest in, it is important to ensure that due diligence is undertaken for this business by reputable solicitors and accounting firms who will provide you with key information pertaining to the full value of the business and any associated risks. The negotiation phase involving entering a partnership with an existing Australian entity can be a smooth one or challenging. It is important to consider your preference and management style before investing into an existing business.
Other alternatives to partially acquiring equity interest, is choosing to purchase an existing business outright. This would provide you with full operational and management control if this is your preference. We work with registered Australian business brokers to source businesses that match your skill set, industry experience and interests.
Once your visa is lodged, you may then finalise your business purchase. If you are outside Australia and require assistance, we can facilitate all requirements on your behalf with trusted legal and accounting professionals who are experienced in business sales & acquisitions. Applicants who are in Australia at the time of lodgement, will receive a bridging visa A after lodging their visa applications. This bridging visa will come into effect after the visa you have arrived with expires. Once the bridging visa takes effect (and as long as it has no conditions or restrictions) you can commence your business activities. The valuation of the business you intend to invest into or purchase outright must meet the Business Visa requirement.
Ask us furtherabout Australian Businesses seeking international Business Partnerships and Investments
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