A new category of visa to attract and retain the best and brightest entrepreneurial talent is now open to new applications.
The Minister for Immigration and Border Protection Peter Dutton said the Government was driving economic growth through innovation, including through our Business Innovation and Investment visa programme.
The new Entrepreneur Visa provides a pathway to permanent residence and allows entrepreneurs with $200,000 in funding from a specified third party to develop and commercialise their innovative ideas in Australia. Mr Dutton said.
Australian Entrepreneur visa eligibility criteria
To be eligible for the Entrepreneur visa, you must
- be under 55-years-old
- have a competent level of English
- have an agreement in place for at least $200,000 to grow your entrepreneurial venture in Australia
- hold at least 30 per cent interest in that entrepreneurial venture
- be nominated by a state or territory government.
Your $200,000 in funding can come from Commonwealth agencies, state and territory governments, publicly funded research organisations, investors registered as Venture Capital Limited Partnerships or Early Stage Venture Capital Limited Partnerships, or any combination of these.
If you are a co-founder of an entrepreneurial venture, you and your other co-founders can apply for an Entrepreneur visa for the same venture, as long as you each have a 30 per cent share when you enter into your funding agreement.