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7 things you should know about the Business Talent (Permanent) visa

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1. What does the Business Talent (Permanent) visa allow you to do?

– The subclass 132 visa allows you to establish a new business in Australia or develop an existing business in Australia;
– Stay in Australia;
– Work and study in Australia;
– Enrol in medicare (Australia’s scheme for health-related care and expenses);
– If eligible, apply for Australian citizenship;
– Sponsor relatives for permanent residence, if eligible;
– Travel to and from Australia for a period of 5 years from the date your visa is granted.

2. There are two streams of the subclass 132 visa:

– Stream 1: Significant Business History stream
– Steam 2: Venture Capital Entrepreneur stream

3. The difference between the two streams

Significant Business History stream (stream 1)
– Do you want to do business in Australia?
– Are you a high-calibre business owner or part-owner?
– Total net assets of at least AUD400,000 as the ownership interest in one or more qualifying business for at least 2 of the 4 fiscal years immediately before you are invited to apply. If the business was a publicly listed company, you must have a shareholding of at least 10% of the total issued capita; and
– Minimum of AUD 1.5million in net business and personal assets (legally acquired) that can be transferred to Australia within 2 years after the visa has been granted; and
– A total annual business turnover of at least AUD3million in one or more of your main businesses in at least 2 of the 4 fiscal years immediately before you are invited to apply; and
– Ownership of at least 51% of a business with a turnover of at least AUD400,000 per year, 30% of a business with turnover of more than AUD400,000 per year or 10% of a publicly listed company; and
– An overall successful business career; and
– No involvement in unacceptable business activities; and
– Genuine desire to own and maintain a management role in a business in Australia; and
– Younger then 55 years of age (however this can be waived under exceptional circumstances).

Venture Capital Entrepreneur stream
– Have you sourced venture capital funding from a member of the Australian Venture Capital Association Limited? You must have formal agreement with a venture capital firm for the funding.
– At least AUD1million in venture capitalist funding must have been obtained to start a start-up, product commercialisation or business development of a promising high-value business idea in Australia.

4. If I am applying under the venture capital entrepreneur stream can I enter an agreement with any venture capitalist?

– No. The venture capital firm must be a member of the Australian Private Equity and Venture Capital Association Limited.

5. How do I apply for the subclass 132 Business Talent (Permanent) visa?

– You can can be in or outside Australia when the application is lodged and when the visa is decided.
– Firstly, you must submit an Expression of Interest (EOI) through SkillsSelect (you will be required to select which stream you wish to apply under)
– Secondly, you must be nominated by a state or territory government agency and invited to apply by the minister.
– Once you receive the invitation, you will have 60 days to apply for the visa. You can apply online.

6. What happens 5 years after your visa is granted?

– You are allowed to travel to and from Australia for a period of 5 years from the date your visa is granted.
– After the 5 year period, you will need to apply for a resident return visa or another visa in order to return to Australia.

7. Are there any other requirements?

– You and your family members must meet the health requirements
– You and your family members must meet the character requirements
– You must not have any outstanding debts to the Australian government

Photography by Lauren Kallen (We Work) 

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