Category : VISAS

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.

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.