THE INNOVATION VISA
Attention, Entrepeneurs and Academics:
The Australian Government recently announced a range of initiatives to support Innovation.
Improvements to the visa system will better target and attract the expertise and ideas of foreign skilled workers, innovators and entrepreneurs to boost Australia’s innovative capacity.
The Government’s existing overseas network will be leveraged to more actively promote Australia as a world-class destination to start an innovative business and to more actively seek out and encourage talented individuals to come to Australia.
Implementation
The Business Innovation and Investment Visa (Subclass 188)
This new class of Immigration Entry was created for foreigners with innovative ideas and financial backing.
Investment will be encouraged in the key enablers of Innovation: science, research, education and infrastructure. The Business Innovation and Investment Visa is part of the Business Innovation and Investment Programme.
The visa includes four streams:
Business Innovation stream: for people with business skills who want to establish, develop and manage a new or existing business in Australia. Applicants must be nominated by a state or territory government.
Investor stream: for people who want to make a designated investment of at least AUD 1.5 million in an Australian state or territory and maintain business and investment activity in Australia. Applicants must be nominated by a state or territory government.
Significant Investor stream: for people who are willing to invest at least AUD 5 million into complying significant investments in Australia and want to maintain business and investment activity in Australia. Applicants can be nominated by a state or territory government or Austrade on behalf of the Australian government.
Premium Investor stream: for people who are willing to invest at least AUD 15 million into complying premium investments in Australia and want to maintain business and investment activity in Australia. Applicants must be nominated by Austrade on behalf of the Australian government.
Benefits of the Business Innovation and Investment Visa:
With this visa you can travel in and out of Australia from every state and territory any number of times as long as the visa is valid. After you have fulfilled the requirements of your provisional visa, you can apply for the Business Innovation and Investment (Permanent) visa subclass 888.
Business Innovation and Investment (Permanent) Visa (subclass 888)
This visa allows you and your secondary applicants included in your visa application to live and work anywhere in Australia indefinitely. This visa does not have a points test.
This visa allows you and your secondary applicants to travel to and from Australia for 5 years from the date it is issued. If you want to travel abroad and re-enter Australia after the visa expires, you must get a Resident Return Visa.
Eligibility – you:
are the primary holder of a current Business Innovation and Investment (Provisional) Visa (subclass 188);
have met all the requirements of the stream under which you first applied for the current visa*;
have not been involved in any unacceptable business or investment activities;
have a satisfactory record of complying with Australian laws;
have been nominated by a state or territory;
have a genuine commitment to continue maintaining your business or investment activity in Australia;
and your secondary applicants pass health examinations; and
and your secondary applicants pass police checks for each country you and your secondary applicants have lived in for 12 months or more over the last 10 years since turning 16 years of age.
* Stream requirements –:
Business Innovation stream:
you have been in Australia and have held the current visa for at least 1 year in the 2 years immediately before you submit your visa application;
you have had and continue to have a direct and continuous management role in your main business or 2 main businesses in Australia for at least 2 years immediately before you submit your visa application;
you have had a turnover of at least AUD300,000, in that main business or those 2 main businesses, in the year immediately before you submit your visa application;
you own at least 1 of the following percentages of that main business or those 2 main businesses:
51% of a business with an annual turnover of less than AUD400,000;
30% of a business with an annual turnover of more than AUD400 000; or
10% of a publicly-listed company;
you have obtained Australian Business Numbers (ABNs) for each of the relevant businesses;
you have submitted all relevant Business Activity Statements to the Australian Taxation Office;
you have not acquired the ownership in that main business or those 2 main businesses from a person who was an applicant for, or a holder of, a Business Innovation and Investment (Permanent) Visa (subclass 888) or a permanent Business Skills Visa (subclass 890, 891, 892 or 893), unless you and that person had a joint interest in that main business or those 2 main businesses for at least 1 year before you submit your visa application; and
you or your partner, or you and your partner combined must meet 2 of the following:
the net value of your assets in that main business or those 2 main businesses in Australia is at least AUD200,000 throughout the year immediately before you submit your visa application;
the net value of your personal and business assets in Australia has been at least AUD600,000 throughout the year immediately before you submit your visa application; and
that main business or those 2 main businesses must have employed, throughout the year immediately before you submit your visa application, at least the equivalent of 2 full-time employees who are Australian citizens or permanent residents, or New Zealand passport holders, and who are not your family members.
Investor stream:
you have been in Australia and held the current visa for at least 2 of the 4 years immediately before you submit your visa application; and
you or your partner, or you and your partner combined must:
have held the designated investment with an Australian state or territory for at least 4 years;
have a satisfactory record of complying with Australian laws, including those relating to taxation, superannuation, workplace relations and other laws relevant to your business;
not have been involved in unacceptable business or investment activities; and
have a strong commitment to continue your business and investment activity in Australia.
Significant Investor stream:
you have lived in the state or territory that nominated you for at least 40 days per year in the last 4 years or your spouse has lived in the state or territory that nominated you for at least 180 days per year in the last 4 years; and
you or your partner, or you and your partner combined must:
have held the complying investments continuously for the life of the current visa;
have a satisfactory record of complying with Australian laws, including those relating to taxation, superannuation, workplace relations and other laws relevant to your business;
not have been involved in unacceptable business or investment activities; and
have a strong commitment to continue your business and investment activity in Australia.
The Academic Visa
The Academic Visa is a pathway to permanent residency through the points tested skilled migration programme.
It is created to attract the best and brightest entrepreneurial talent and skills that are essential to a high performing, innovative nation. STEM and ICT skills, in particular, have become crucial across a range of sectors.
The visa is provided to postgraduate research graduates with science, technology, engineering and mathematics (STEM) and information and communications technology (ICT) qualifications. Australian doctorate-level and masters by research qualifications in STEM and specified ICT or related fields will be awarded extra points under the points tested skilled migration programme to strengthen their pathway to permanent residence.
Who is eligible?
Depending on whether you apply for the Business Innovation Visa or the Academic Visa, you will need to satisfy certain requirements.Eligibility criteria will be determined based on consultation with key federal, state and territory government and industry stakeholders.
Consideration will be given to applicants with desirable level of financial backing, innovative ideas in specific sectors, or academic qualifications.