The Business Talent visa (subclass 132) is a permanent visa that allows business people to come to Australia to develop a new or existing business. The visa subclass is comprised of two streams, the Significant Business History Stream, and the Venture Capital Stream.
Both streams require sponsorship by an Australian state or territory, and any potential visa applicant must first submit an Expression of Interest (EOI) through SkillSelect before they are invited to formally apply for the visa. The visa can be applied for and a decision can be made whilst the applicant is inside or outside of Australia. Both streams allow the visa holder to:
- “establish, develop and manage a new or existing business in Australia
- stay in Australia indefinitely
- work and study in Australia
- enrol in Medicare, Australia’s scheme for health-related care and expenses
- apply for Australian citizenship (if you are eligible)
- sponsor eligible relatives for permanent residence
- travel to and from Australia for five years from the date the visa is granted (after that time, you will need a resident return visa or another visa to return to Australia)”
[Source: Department of Immigration and Border Protection]
The business-related requirements of each stream is slightly different, and is explained below.
Significant Business History Stream
This stream of the Business Talent visa is designed for business owners and/or part-owners who have a record of successful business ventures and would like to do business in Australia. In addition to the requirement of state or territory sponsorship and an invitation to make an application for the visa from the minister, visa applicants must have net business and personal assets of at least 1.5 million AUD and an annual business turnover of at least 3 million AUD.
Venture Capital Stream
This stream of the Business Talent visa is designed for business people who have sourced venture capital funding from a member of the Australian Venture Capital Association Limited. In addition to the requirement of state or territory sponsorship and an invitation to make an application for the visa from the minister, visa applicants must have sourced at least 1 million AUD from an approved venture capital source.
Visa Application Process
As previously stated, visa applicants must first submit an EOI through SkillSelect and be nominated by an Australian state or territory before you are invited to apply for the Business Talent visa. Once invited to apply, applicants have 60 days to make an application. To ensure the visa application is processed as quickly as possible, it is necessary to provide all supporting documentation at time of application. The personal documentation required is the same for the two streams, however the business-related requirements vary between streams. The complete list of documentation required for a Business Talent visa application can be found here. For any questions related to the Business Talent visa or any other Australian visas, please contact us so that one of our registered migration agents and immigration lawyers can assist you.