The Subclass 132 is a permanent visa designed for exceptionally successful business people or venture capital, entrepreneurs, who want to start or develop a business in Australia.
How do I apply?
There are two streams for this visa: The Significant Business History Stream and the Venture Capital Entrepreneur stream.
You must be invited by an Australian State or Territory to apply for either visa stream. To be considered for an invitation, you must first submit an Expression of Interest (EOI). Your EOI is not a visa application; it is a request to be sponsored for a visa. Once nominated by a State or Territory government, the Australian government may offer an invitation to apply at any time within two years of your EOI submission. Once invited, you must apply for the visa within 60 calendar days.
You can complete this process in or outside of Australia. The registered migration advisers at eduaid Immigration Services can help you determine your eligibility, prepare your EOI and apply for your visa.
Am I eligible to submit an EOI?
To submit an EOI, you must meet health and character requirements, and you must not have outstanding debts to the Australian government. Also:
Significant Business History Stream applicants must be able to demonstrate they are legitimate, successful business people who genuinely want to own and manage a business in Australia. In most cases, you must be under 55 years of age. However, some sponsors may allow older applicants, depending on the perceived financial benefits.
The monetary thresholds of this stream are high and authoritative, but you can include both you and your partner’s combined assets, and turnover to meet them. At the time you are invited to apply, you will need to show that you own and lawfully acquired at least:
- At least 30% ownership of a business or 10 percent of a publicly listed company
- Minimum AUD 3 million turnovers, in no less than two of the last four fiscal years
- Minimum total personal and business assets of AUD1.5 million
Venture Capital Entrepreneur Stream requirements are quite different. If you have acquired a minimum of AUD1 million funding from an Australian Private Equity and Venture Capital Association Limited member for a new business venture, you may be eligible. This funding must be part of an official agreement with the venture capital firm for the development, commercialization, or implementation of a lucrative business project such as a start-up or innovative product.
Are there any conditions once I hold the visa?
If you gain the Significant Business History Stream visa, you will naturally have to substantially own one or more appropriate businesses, by either starting a new business or buying an ownership stake in an existing company. You must retain this ongoing ownership while personally managing the business in a manner that benefits Australia’s economy.
Venture Capital Entrepreneur stream visa holders must maintain an ongoing ownership relationship with their business venture, as well as fulfilling their obligations under the official venture capital agreement they signed.
What are the features and benefits of this visa?
- It is a permanent visa to live, work and study in Australia indefinitely.
- You are entitled to access Medicare, Australia’s subsidized universal health care scheme.
- You can travel freely to and from Australia.
- The opportunity to apply for Australian citizenship.
For your family:
- Your immediate family members, including your partner and your or your partner’s child or stepchild, will enjoy precisely the same benefits and rights as you do.
- Your children are entitled to free primary and secondary education.
- You can apply to sponsor the migration of eligible relatives to join you in Australia.