To apply for this visa, you need to be a foreign citizen wanting to set up a new business, or develop an existing business, in Australia. If this is you, you must first supply an expression of interest through SkillSelect. The Minister of Immigration and Border Protection may then invite you to apply for the visa.
At this point, there are two application streams available:
- Significant Business History Stream, which is intended for high-calibre business owners or part-owners wanting to do business in Australia; and
- Venture Capital Entrepreneur Stream, for those who can prove they have sourced a threshold level of venture capital funding from a member of the Australian Capital Association Limited (AVCAL).
To qualify, you must show that you meet certain financial thresholds. For example, if you are in the significant business history stream, you need to meet financial benchmarks regarding personal assets, business assets and turnover. Similarly, if you are in the venture capital entrepreneur stream, you need at least $1 million AUD in venture capital funding for a promising high-value business idea.
Once you have obtained this visa, you are permitted to stay, work and study in Australia indefinitely. You will have access to Medicare and can apply for citizenship if you have remained in the country for the appropriate length of time. You can also include your partner and any dependent family member on your application, and sponsor other eligible relatives to come to Australia. However, you and your family members must meet all of the relevant health and character checks before being approved.