132 VISA: BUSINESS TALENT
The subclass 132 visa is a permanent visa that allows the applicant to establish a new or existing business in Australia. It has two streams: one is for high-caliber business owners who want to do business in Australia; the other is for people who have sources venture capital funding from a member of the Australian Venture Capital Association Limited.
Who Is Eligible For The 132 Visa?
The applicant must:
- Have net business and personal assets of at least AUD $1.5million and an annual business turnover of at least AUD $3 million, or
- Have obtained at least AUD $1 million in venture capital funding to start the commercialisation and development of a high-value business idea in Australia
To be considered for this visa the applicant must first lodge an expression of interest through SkillSelect and then be nominated by a state or territory government agency and are invited to apply for this visa.
What Are The Other Requirements For The 132 Visa?
An application may be successful if:
- They are nominated by a state or territory government
- They are invited to apply
- The applicant and their family members meet health and character requirements
- The applicants meets the requirements of the steam in which they apply
There are two streams in which someone can apply:
- Option 1: Significant Business History stream
- Option 2: Venture Capital Entrepreneur stream
Option 1: Significant Business History stream
There are a series of requirements that the applicant must meet. Some of these requirements are:
- Younger than 55 years of age
- Net business and personal assets of at least AUD $1.5 million that can be transferred to Australia
- A total annual turnover of at least AUD $3 million in one or more businesses for at least 2 of the 4 fiscal years immediately before you are invited to apply
- No involvement in unacceptable business activities
Option 2: Venture Capital Entrepreneur stream:
There are a series of requirements the applicant must meet. Some of these are:
- Have received at last AUD $1 million in funding from an Australian venture capital firm
- The funding must be for the start-up, product commercialisation or business development of a promising high-value business idea
- The venture capital firm must be a member of the Australian Private Equity and Venture Capital Association Limited (AVCAL)
What Are The Benefits of a 132 Visa?
This is a permanent residence visa. It also allows for the visa applicant to include dependent children and other dependent relatives on the application, if they fulfill the requirements of being a member of the family unit.
It allows the applicant and their family members to:
- Stay in Australia indefinitely
- Work and study in Australia
- Enroll in Medicare
- Apply for Australian citizenship when they become eligible
- Sponsor eligible relatives for permanent residence