Australia’s Business Talent Visa – Subclass 132
This is a permanent residency visa for business people who are nominated by a State or Territory government. Before application, a prospective applicant must lodge an Expression of Interest (“EoI”) with SkillSelect. You cannot apply before you receive such an invitation. Once you have received an invitation, you may be inside or outside of Australia at the time of application. As with all visas you will need to meet public interest criteria, including health and character requirements. You must have no outstanding debts to the Australian government.
There are 2 streams under the Subclass 132 visa. They are:
1. Significant Business History stream
Under this stream, you, or your partner, or both of you together must be able to meet all of the following criteria:
1. You have total net assets of at least AUD$400,000 as an ownership interest in one or more qualifying businesses for at least 2 of the last 4 financial years before you are invited to apply. If one of these businesses was a publicly listed company you need to have a shareholding of at least 10% of the total issued share capital.
2. You have net business and personal assets of at least AUD$1.5 million, that is both legally acquired and can be transferred to Australian within 2 years after the visa has been granted.
3. You have total annual turnover of at least AUD$3 million in one or more of your main businesses, during at least 2 of the last 4 financial years immediately before you are invited to apply.
4. Your ownership interest of a business is:
- At least 51% of a business with a turnover less than AUD $400,000 per year;
- At least 30% of a business with a turnover more than AUD $400,000 per year;
- Or 10% of a publicly listed company
5. You must have had an overall successful business career.
6. You have no involvement in unacceptable business activities.
7. You have a genuine desire to own and maintain a management role in a business in Australia.
You must be younger than 55 years of age, but note that a State or Territory may waive this requirement if your proposed business is of “exceptional economic benefit” to the region where it will operate.
2. Venture Capital Entrepreneur stream
Under this stream you must have received at least AUD $1million in funding from an Australian venture capital firm. That funding must for a start-up, product commercialisation or business development of a promising high-value idea. The venture capital firm providing the funding must be a member of the Australia Private Equity and Venture Capital Association Limited (AVCAL). You have entered into formal agreement with a venture capital firm for the funding.
Individual State or Territory Government Requirements
It is important to note that individual States and Government may have their own criteria in addition to those of the Department of Immigration and Border Protection (DIBP) for selecting applicants who they may consider for an invitation.
By way of example, the Queensland Government requires, in addition to the DIBP criteria, that applicants under the Significant Business History stream must make an investment of at least AUD$2.5 million in the proposed business, if they are intending to establish a business in either Brisbane or the Gold Coast and demonstrate that the business will create at least 5 new employment positions. Alternatively, they must make an investment of at least AUD$1.5 million in the proposed business intending to establish business in other regions of Queensland and show that the business will create at least 3 new employment positions.
Where the proposed business is involved in property development, extensive further criteria are required.
We can assist at all stages of a visa application under this subclass, including assistance with lodging your EoI and you visa application.