Business Talent Visa Application
The Business Talent subclass 132 visa is a Permanent Residence Visa designed to attract business people who wish to establish a new business or develop an existing business in Australia. As this visa is a Permanent Visa, it permits indefinite stay in Australia, unlimited work and study rights and an ability to apply for Australian Citizenship, when eligible.
There are various steps throughout the application of a subclass 132 visa. Providing an Applicant is eligible, the application process for the subclass 132 visa will begin with the Applicant submitting an Expression of Interest (EOI) through SkillSelect. Upon receipt of the EOI, the relevant Australian State or Territory Government will determine if they will provide a nomination to the Applicant to apply or the visa. This is known as an ‘invitation’ to apply for the visa. Upon receiving an invitation, there is a 60 day window in which an applicant can apply for the visa.
To be able to receive this visa, you must also satisfy certain requirements at time of the application of the visa, and at time of decision. For example, you are required to show that you meet all the criteria for the visa including the health and character requirements as well as the visa criteria. The health requirements may include a health examination and the character requirement will include obtaining police clearances for any country that you have lived in 1 year or more.
There are 2 streams of the Business Talent Visa, the chosen stream must be nominated at the time of lodgement of an EOI. The streams include the Significant Business History stream and the Venture Capital Entrepreneur stream. Each stream has certain criteria that needs to be met before the visa will be granted.
Significant Business History Steam (SBHS)
The SBHS is designed for established business owners or part owners who are under the age of 55 and who have a genuine desire to do run a business in Australia. To be eligible to apply for the SBHS, Applicants are required to demonstrated that they have total net assets of at least AUD400,000 as the ownership interest in one or more qualifying businesses for at least 2 of the 4 years immediately before the invitation to apply. The qualifying businesses must have net and personal assets of at least AUD1.5 million and a total annual turnover of at least AUD3 million in at least 2 of the 4 years prior to the invitation to apply.
Once granted a SBHS, visa holders are required to establish a qualifying business or participate in an existing qualifying business in Australia. Visa holders must also maintain substantial ownership as well as direct and continuous involvement in the management of the business.
Venture Capital Entrepreneur Stream (VCES)
The VCES is designed for entrepreneurs who have sourced at least AUD1 million dollars in funding from a member of the Australian Venture Capital Association Limited (AVCAL). A formal financial agreement must have been entered into with the venture capital firm and the funding must be provided for the start-up, product commercialisation or business development of a high-value business idea in Australia.
VCES visa holders are required to have a genuine and realistic commitment maintain ownership and involvement into the business.