Business Talent (Permanent) Visa Subclass 132
Subclass 132 is the only visa that allows Overseas Business Person to apply for Permanent visa for Australia. This visa allows you to establish a new or develop an existing business in Australia.
It has two streams:
1. Significant Business History stream: for high-calibre business owners or part-owners who want to do business in Australia; and
2. Venture Capital Entrepreneur stream: for people who have sourced venture capital funding from a member of the Australian Venture Capital Association Limited (AVCAL).
Eligibility – You must be nominated by a state or territory government agency; be invited to apply for the visa; have assets of AUD 1.5 million and business turnover of AUD 3 million (Significant Business History stream) or have funding of at least AUD 1 million from an Australian venture capital firm (Venture Capital Entrepreneur stream).
Basic Requirements to apply for subclass 132 visa are as follows:
Significant Business History stream
You, your partner, or you and your partner combined must have all of the following:
total net assets of at least AUD400 000 as the ownership interest in one or more qualifying businesses for least two of the four fiscal years immediately before you are invited to apply and if the qualifying business(es) was a publicly listed company, a shareholding of at least 10 per cent of the total issued capital; net business and personal assets of at least AUD1.5 million that are legally acquired and can be transferred to Australia within two years after the visa is granted; a total annual turnover of at least AUD3 million in one or more of your main businesses in at least two of the four fiscal years immediately before you are invited to apply ownership of at least:
- 51 per cent of a business with turnover of less than AUD400 000 per year
- 30 per cent of a business with turnover of more than AUD400 000 per year, or
- 10 per cent of a publicly listed company;
- an overall successful business career;
- no involvement in unacceptable business activities;
- a genuine desire to own and maintain a management role in a business in Australia.
- You must also be younger than 55 years of age, although a state or territory can waive this requirement if your proposed business will be of exceptional economic benefit to the region where it will operate.
Venture Capital Entrepreneur stream
You must have received at least AUD1 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). AVCAL has information about the venture capital category of membership in its Venture Capital entrepreneur visa factsheet. You must have entered into a formal agreement with the venture capital firm for the funding.
It would be utmost necessary that you carry out in-depth research to do business in Australia, and understand all requirements of applying for subclass 132 visa. It may cost you little money but initial consulting will certainly assist you to determine your eligibility. We welcome you to contact us anytime suitable to you and we will be more than happy to discuss with you, your requirements to apply for subclass 132 visa.
You MUST always remember that Australian Immigration Laws are Complex and Changing frequently so you must also understand the Interpretation of Terminology used in application process. Different countries have different ways of accounting and record keeping and you must meet the requirements as per Australian Immigration Laws, failing which you will end up in negative reply of your application and you may lose huge govt. fees plus fees of agent if you have engaged one.