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NSW Department of Industry – Skilled and Business Migration has announced its nomination criteria for Entrepreneur Visas.
To be eligible for NSW nomination for the Business Innovation and Investment (Provisional) visa (subclass 188) – Entrepreneur stream, applicants must:
- meet DIBP eligibility criteria
- submit a business plan for complying entrepreneurial activity
- demonstrate sufficient funds to settle in NSW.
This visa would be for people who want to come to Australia on a temporary basis to:
- undertake short-term, highly specialised, non-ongoing work
- in limited circumstances, participate in an activity or work relating to Australia’s interests.
The subclass will predominantly be granted for 3 months stay, but 6 months validity will still be available on request and with presentation of a suitable business case.
It has been announced that a new Temporary Activity Visa framework will come onto effect on 19 November 2016.
In summary, there would be four visa subclasses:
- Temporary Work (Short Stay Specialist) (subclass 400) visa;
- Temporary Work (International Relations) (subclass 403) visa;
- Training (subclass 407) visa; and
- Temporary Activity (subclass 408) visa.
These four visas would come into effect following the:
- repeal of five visas – Temporary Work (Long Stay Activity) (subclass 401); Training and Research (subclass 402); Special Program (subclass 416); Temporary Work (Entertainment) (subclass 420) and Superyacht Crew (subclass 488);
- restructuring of two existing visas – Temporary Work (Short Stay Activity) (subclass 400) and Temporary Work (International Relations) (subclass 403); and
- creation of two new visas – Temporary Activity (subclass 408) and Training (subclass 407).
Migration Act 1958 – Granting of Parent and Other Family Visas in 2016/2017 Financial Year Determination. This Instrument specifies the maximum number of visa that may be granted in the 16/17 financial year for the following visa classes:
- Parent (Migrant) (Class AX) and Aged Parent (Residence) (Class BP) visas at 1550; and
- Other Family (Migrant) (Class BO) and Other Family (Residence) (Class BU) visas at 520.
New Zealand citizens, who are not otherwise included in the Migration Programme, are also included in both of the specified maximum numbers of visas that may be granted as stated in paragraphs two and three of the instrument. This Instrument revokes Instruments IMMI 13/071 (F2013L01168) and and IMMI 15/111 (F2015L01846).
This Instrument commences the day after registration on the Federal Register of Instruments.
New Entrepreneur visa
From 10 September 2016, a new Entrepreneur visa will be available as a new part of ourBusiness Innovation and Investment Programme. The Entrepreneur visa will allow entrepreneurs with $200,000 in funding from a specified third party to develop and commercialise their innovative ideas in Australia. It also provides a pathway to permanent residency.
To be eligible for the Entrepreneur visa, you must:
- be under 55-years-old
- have a competent level of English
- have an agreement in place for at least $200,000 to grow your entrepreneurial venture in Australia
- hold at least 30 per cent interest in that entrepreneurial venture
- be nominated by a state or territory government.
Your $200,000 in funding can come from Commonwealth agencies, state and territory governments, publicly funded research organisations, investors registered as Venture Capital Limited Partnerships or Early Stage Venture Capital Limited Partnerships, or any combination of these.
If you are a co-founder of an entrepreneurial venture, you and your other co-founders can apply for an Entrepreneur visa for the same venture, as long as you each have a 30 per cent share when you enter into your funding agreement.
5 additional points for completion of a PhD or Masters by Research in Australia will be available from 10 September.
This will require 2 years of study in Australia, and would be initially limited to people studying:
- Information and Communication Technology
The following fields of education qualifications are proposed to be accepted under this new measure and are defined by the Commonwealth Register of Institutions and Courses for Overseas Students (CRICOS):
- Biological Sciences
- Chemical Sciences
- Earth Sciences
- Mathematical Sciences
- Natural and Physical Sciences
- Other Natural and Physical Sciences
- Physics and Astronomy
- Computer Science
- Information Systems
- Information Technology
- Other Information Technology
- Aerospace Engineering and Technology
- Civil Engineering
- Electrical and Electronic Engineering and Technology
This Instrument commences on 10 September 2016.