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New Australian Entrepreneur visa is now open for applications

visa application form and passport, apply and permission for foreigner country Source: Getty Images

This new visa has been established for entrepreneurs with innovative ideas and financial backing from a third party.

A new Australian Entrepreneur visa is now open for applications.

This new visa has been established for entrepreneurs with innovative ideas and financial backing from a third party and was launched on 10 September 2016..

This new visa allows entrepreneurs with $200,000 in funding from specified third party to develop and commercialise their innovative ideas in Australia.

This visa also provides a pathway to permanent residency in Australia.

To be eligible to apply for Business Innovation and Investment (Provisional) visa (subclass 188), Entrepreneur Stream, you must:

  • be under 55 years of age, although a state or territory can waive this requirement if your proposed  complying entrepreneur activity will be of exceptional economic benefit to the nominating state or territory
  • have competent English and be able to provide evidence of this at the time you are invited to apply for the visa
  • be undertaking or proposing to undertake a complying entrepreneur activity in Australia and have a genuine intention to continue this activity
  • nominated by a state or territory government

A Complying Entrepreneur Activity is an activity that relates to an innovative idea that will lead to the commercialisation of a product or service in Australia, or the development of an enterprise or business in Australia.

Source DIBP