Subclass 132 – Venture Capital Entrepreneur stream

Are you confident in your ability to close venture capital deals and create new businesses from the ground up? Are you looking to migrate to Australia and use that talent to benefit Australians? Then this visa may be the visa for you.

All subclass 132 visas require state or territory nomination, and each state or territory has its own requirements for nomination.

Like General Skilled Migration program  visas, subclass 132 visas require submitting an Expression of Interest through SkillSelect. However, there is no points test requirement for this visa.

Subclass 132 Application Process

1.    If necessary, sit an English test

2.    Apply to an Australian state or territory for subclass 132 nomination

3.    If successfully nominated, lodge an Expression of Interest with SkillSelect

4.    Receive invitation to apply

5.    Make application within 60 days of invitation

Subclass 132 Visa Eligibility Criteria

The main criteria for eligibility for a subclass 132 visa in the significant business history stream include:

1.    You are nominated by an Australian state or territory

2.    You and your partner or spouse do not have a history of involvement in business or investment activities of a nature not generally acceptable in Australia

3.    You have a legally-enforceable funding agreement with an Australian company that is a member of a specified venture capital body to receive funds for creating, developing or expanding a business in Australia

4.    The funding agreement is for at least AU$1 000 000

5.    You have a realistic commitment towards participating in business activities in Australia and maintaining ownership and management of an Australian business

6.    Standard health and character criteria

 

Subclass 132 Cancellation – What to watch out for

Although the subclass 132 visa is a supposedly permanent visa, all too often we see these visas being cancelled after 2 years, at great distress to families who will now have to relocate.

The reason for this is that there is an obligation on the primary visa holder to make a genuine attempt to engage in business in Australia during that 2-year period. If you cannot prove that you have done this, you and your family’s visas are likely to be cancelled.

Here are some tips to avoid cancellation:

·         Do not apply for a subclass 132 visa unless you are genuinely prepared to move your business interests to Australia within two years. The Immigration Department do not accept the excuse that you had to continue taking care of your businesses outside Australia

·         You do not have to successfully start a business in Australia but you do have to have made a genuine attempt. So keep all documents and records of correspondence between you and potential business partners

·         You may continue to be involved in overseas businesses, but you are expected to spend most of your time on Australian business interests

·         The Immigration Department are not impressed by people who go out at the very last minute to try to start an Australian business, such as after they are informed that their visa might be cancelled

·         There is no mandated amount of time you have to spend in Australia, however if you are spending most of your time outside of Australia this may be taken as a sign that you are not making a genuine effort to engage in Australian business

 

Red Earth Migration Can Help

Business migration is a complicated area and it can be hard to determine which is the best visa pathway for your Australian migration journey. Our expert migration consultants handle business visas on a regular basis and understand all factors involved in choosing the Australian visa that’s right for you. Call 08 6161 9239 to schedule a consult today and take the first step to living in Australia.

 

 

Subclass 132 Applicant FAQ

Where can I apply from?

You can apply from either outside Australia or inside Australia

Where can I receive the visa?

You can receive the visa either outside Australia or inside Australia.

What family members can I include?

Children under the age of 23 and spouses or de facto partners. Children over 18 must be financially dependent on you.

Can the health requirement be waived for this visa?

This visa does not allow for waiver of the health requirement.

How long does this visa last for?

This is a permanent visa with a five-year travel facility. This means you can stay in Australia permanently but if you want to leave and return after five years you must apply for a resident return visa .

There is a monitoring period of 2 years after grant of this visa and if you have not fulfilled your business obligations after that time the visa is likely to be cancelled.