This visa is part of Australian Business innovation and investment program aimed at boosting the business scenario in various parts of the country thereby generating economic benefits for the domestic economy.
• This visa is available on invitation only.
• The proceedings for this visa are initiated by creating a profile through Expression of Interest –EOI on Skill Select platform under business innovator or Investor categories. You can indicate the states you want to choose or leave the option open to be picked up by any province as per their requirements.
This visa is available under 2 categories
1. Business Innovation is for the migrants willing to establish and manage their business actively by way of establishing a new concern or investing into an ongoing enterprise.
2. Investor category is meant to facilitate migrants aspiring to put their funds into qualified and specified investment venues in an Australian region and wish to sustain investment after completion of original investment goals.
With this visa you would be able to
• Include your family in the visa application
• Travel in and out of Aussie shores for 5 years
• File for permanent residence under subsection 888.
There are certain necessary prerequisites, which you must fulfill before being invited to file for visa.
• Create an EOI
• Be sponsored by a province
• You need a certain level of experience defined as satisfying for both the categories
• In business category you must have a strong track record duly evidenced
• In investor category you need to evidence you direct involvement in investment management in qualified venues in at least of one of previous 5 fiscal terms before being invited for filing for visa.
• Be under 55 years of age
• Have a successful business and/or investment track record
• Be able to score a minimum of 65 marks in point based assessment
• Have a minimum required personal and business net worth (that can be your and your partner’s)
• In business innovation category your total financial credentials must include Gross asset value of AUD 800000, which can be remitted to Australia within 2 years of grants of visa. You must also have registered a turnover of AUD 500000 in preceding 2 years (of previous 4 fiscal terms) of applying for this visa.
• In investor category your financial credentials include a gross asset value of AUD 2.5million. You must also make investment into qualified investment venue before grant of visa.
• Able to evidence to your intention of continuing venture in your category after completion
of initial goals.
Moreover it will be obligatory for you to
• Actively participate in venture or investment initiated by you.
• Apply for an extension of visa for 2 years in case your specifications are yet not fulfilled.
• Update authorities of change in your personal details such as change of address and addition to family for e.g. new arrivals.