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Business Innovation and Investment 10 1407 (Design date 07/13)

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  • Business Innovation and Investment

    10

    1407 (Design date 07/13)

  • About this booklet

    This booklet is designed to assist you in understanding the steps for applying for a Business Innovation and Investment visa and a Business Talent visa.

    This booklet is one of a series of booklets about migration to Australia. The booklets are:

    1 Partner Migration

    2 Child Migration

    3 Parent Migration

    4 Other Family Migration

    5 Employer Sponsored Migration (Permanent)

    6 Points Based Skilled Migration (subclasses 189, 190 and 489) visa

    7 Business Skills Entry

    9 Temporary Work (Skilled) (subclass 457) visa

    10 Business Innovation and Investment

    11 SkillSelect

    For general information about migration to Australia visit the Department of Immigration and Citizenship website www.immi.gov.au

    Australia wants to attract successful business innovators and investors to invest or enter into business in Australia and contribute to the growth of Australias economy.

    This booklet is for prospective applicants who wish to engage in this type of business activity in Australia. There are 2 pathways for business skills entry:

    Business Innovation and Investment (Provisional) which leads to Business Innovation and Investment (Permanent); and

    A direct entry Business Talent (Migrant) visa for permanent residence for applicants who have a high calibre business history or have sourced venture capital funding.

  • Using a migration agent

    If you do not feel confident in lodging a visa application, or if your case is complex, you may wish to use a registered migration agent.

    In Australia, migration agents must be registered with the Office of the Migration Agents Registration Authority (Office of the MARA) in order to provide immigration assistance services.

    Under Australian law, anyone who uses knowledge of migration procedures to offer immigration assistance to a person wishing to obtain a visa to enter or remain in Australia must be registered or exempt from registration.

    All registered migration agents are bound by the Migration Agents Code of Conduct, which requires agents to act professionally in their clients lawful best interests. A list of registered migration agents is available from the Office of the MARA website www.mara.gov.au

    You can contact the Office of the MARA at:

    Website: www.mara.gov.au

    E-mail: [email protected]

    Mail: PO Box Q1551 QVB NSW 1230 AUSTRALIA

    In person: Level 10 111 Elizabeth Street SYDNEY NSW AUSTRALIA

    Office hours are 9am 5pm Australian Eastern Standard Time (AEST)

    Telephone: 1300 226 272 or +61 2 9078 3552

    Fax: +61 2 9078 3591

    The Office of the MARA investigates complaints against registered migration agents and may take disciplinary action against them. If you have a concern about a registered migration agent, you should contact the Office of the MARA. The Code of Conduct and complaint form are available from the Office of the MARA website.

  • This page is intentionally blank

  • 1Business Innovation and Investment

    Contents

    Terms you need to know 3

    Part 1 General information 9

    Business Innovation and Investment Program overview 9

    State or territory government nomination 9

    Business Services 9

    Does my business proposal meet Australias requirements? 10

    Obligations 10

    Monitoring 12

    Costs and Charges 12

    Dependants 13

    Purchasing property 14

    Part 2 Before you can apply 15

    Expression of Interest (EOI) and your Invitation to Apply 15

    Part 3 Provisional Business Innovation and Investment 16

    Business Innovation and Investment (subclass 188) visa 16

    Business Innovation and Investment (extension) visa 18

    Making a designated investment for the Investor stream 19

    Making a complying investment for the Significant Investor stream 20

    Part 4 Innovation points test 21

    Innovation points test 21

    Part 5 Permanent Business Innovation and Investment 25

    Business Innovation and Investment (subclass 888) visa 25

    Business Talent (subclass 132) visa 28

    Part 6 Preparing your application and supporting documents 30

    Personal documents 30

    Business documents 30

    Financial documents 31

    Points test evidence 31

  • 2 Business Innovation and Investment

    Part 7 English language ability 32

    Functional English language ability 32

    Part 8 Health and character 33

    Health requirements 33

    Character requirements 34

    Part 9 About visa applications 36

    You must have a visa to travel to and stay in Australia 36

    Where to get information 36

    Family members 36

    Limitations on applications 36

    Communicating with the department 37

    Withdrawal of applications 38

    You must correctly identify yourself 38

    Let the department know if you change your address or circumstances 38

    Extra information about your application 39

    Interviews 39

    lnvitation to comment 39

    Visa decisions 39

    You must abide by all conditions on your visa 40

    Bridging visas 40

    Part 10 State and territory contact details 41

  • 3Business Innovation and Investment

    Terms you need to know

    Applicant The applicant is the person (or persons) applying for a visa to remain temporarily or permanently in Australia.

    ASIC Australian Securities and Investments Commission

    ATO Australian Taxation Office

    AUD AUD means the Australian Dollar equivalent value on the basis of the buying rate:

    inthelocalcurrencyforAustraliandollarsonthelastdayofthefiscalyearinwhich the business reported; and

    publishedbyabankholdinganAustralianBankingLicense;and

    publishedonanapprovedcurrencyconversionwebsite.

    Authorised recipient An authorised recipient is someone you appoint to receive written communications about your application with the department. The department will communicate with the most recently appointed authorised recipient as you may only appoint one at any time for a particular application.

    AVCAL Australian Private Equity and Venture Capital Association

    Business turnover Turnover is the revenue generated by an entity as a result of its ordinary business activities.

    Child Child (when used in relation to another person) means:

    anatural(biological)child;or

    anadoptedchildwithinthemeaningoftheMigration Act 1958; or

    achildbornundersurrogacyarrangements,whereparentagehasbeentransferred by court order under a prescribed state or territory law.

    Complying investment Complying investments for the Significant Investor visa stream include:

    Commonwealth,StateorTerritorygovernmentbonds;

    AustralianSecuritiesandInvestmentCommission(ASIC)regulatedmanaged funds with a mandate for investing in Australia; and

    directinvestmentintoAustralianproprietarycompaniesnotlistedonanAustralian Stock Exchange.

    De facto partner A person is the de facto partner of another person (whether of the same sex or different sex) if the person is in a de facto relationship with the other person.

    A person is in a de facto relationship with another person if:

    theyarenotinamarriedrelationship(forthepurposesoftheMigration Act1958) with each other;

    theyarenotrelatedbyfamily;

    they have a mutual commitment to a shared life to the exclusion of all others;

    therelationshipbetweenthemisgenuineandcontinuing;

    theylivetogetheranddonotliveseparatelyandapartonapermanentbasis; and

    therelationshiphascontinuedfortheperiodof12monthsimmediatelypreceding the date of application.

    Department Department of Immigration and Citizenship

  • 4 Business Innovation and Investment

    Dependent child The child or stepchild, of a person (other than a child who has a partner or is engaged to be married), being a child who is one of the following:

    hasnotturned18;or

    hasturned18andisdependentonthatperson;or

    isincapacitatedforworkduetothetotalorpartiallossofthechildsbodilyor mental functions.

    Designated investment Designated investment means investment in a security issued by an Australian state or territory government authority which is specified by the Minister in Gazette Notice for the purposes of the investor stream of the Business Innovation and Investment visa.

    Direct investment into For direct investment into Australian proprietary companies to be classed as a Australian proprietary complying investment for the Significant Investor stream, the following criteria companies must be met:

    thecompanymustgenuinelyoperateaqualifyingbusinessinAustralia;

    theapplicantmustobtainanownershipinterestinthecompany;and

    thecompanymustberegisteredwithASIC.

    Eligible investment Eligible investment in relation to a person means:

    anownershipinterestinabusiness;or

    aloantoabusiness;or

    cashondeposit;or

    realestate;or

    goldorsilverbullion

    that is owned by the person for the purposes of producing a return by way of income or capital gain and is not held for personal use.

    Exempt agents The following people do not have to be a registered migration agent in order to provide immigration assistance, but they must not charge a fee for their service:

    aclosefamilymember(spouse,defacto,partner,child,parent,brotherorsister);

    asponsorornominatorforthisvisaapplication;

    amemberofparliamentortheirstaff;

    anofficialwhosedutiesincludeprovidingimmigrationassistance(eg.aLegal Aid provider);

    amemberofadiplomaticmission,consularpostorinternationalorganisation.

    Export trade The sale of goods across the national borders of one country to another and does not include the export of services.

    Expression of Interest (EOI) An expression of interest (EOI) is an indication that you would like to be considered for a skilled visa. It is not a visa application.

    Fiscal year Fiscal year in relation to business or investment means:

    ifthereisanaccountingperiodof12monthsapplicabletothebusinessorinvestment by law that period; or

    inanyothercaseaperiodof12monthsacceptedasapplyingtothatbusiness for taxation purposes by the authorities in the country in which the business operates and reports.

  • 5Business Innovation and Investment

    Gazelle business A gazelle business is a newly established business experiencing rapid growth during a short period of time.

    Government grants A government grant is monetary assistance that was provided by a government or a government agency, whether local or national, of the applicants home country, upon specified conditions.

    Invitation Invitations are sent after your EOI has been submitted and a state or territory government agrees to nominate you. You will then have 60 days to make a valid visa application online, before the invitation expires.

    Innovation points test A scale that awards points for various applicant attributes for the Business Innovation and Investment program.

    Innovation Innovation occurs when businesses adopt innovative products and services from external sources through to more complex creative work undertaken on a systematic basis.

    IELTS International English Language Testing System. This is the testing system accepted by the department to assess your English language ability for migration purposes.

    Joint Venture Agreements A commercial undertaking entered into by one or more parties usually in the short term for the purposes of a particular activity.

    Migration agent A migration agent is someone who can:

    adviseyouonthevisawhichmaybestsuityou;

    tellyouthedocumentsthatyouneedtosubmitwithyourapplication;

    helpyoufillintheapplicationandsubmitit;and

    communicatewiththedepartmentonyourbehalf.

    If you appoint a migration agent, the department will assume that the migration agent will be your authorised recipient, unless you indicate otherwise.

    Your migration agent will be the person who the department will discuss your application with and from whom it will seek further information when required.

    Migrating family members Family members included in your application who will be travelling with you to Australia.

  • 6 Business Innovation and Investment

    Main business A business is a main business in relation to the applicant if:

    theapplicanthas,orhashad,anownershipinterestinthebusiness;and

    theapplicantmaintains,orhasmaintained,directandcontinuousmanagement of the business from day to day and in making decisions affecting the overall direction and performance of the business; and

    thevalueoftheapplicantsownershipinterest,orthetotalvalueoftheownership interests of the applicant and the applicants spouse or de facto partner in the business is or was at least:

    51% if the annual turnover of the business was less that AUD400,000;

    30% if the annual turnover of the business was more than AUD400,000;

    10% if the business is a publicly listed company; and

    the business is a qualifying business.

    If an applicant has, or has had, an ownership interest in more than one qualifying business, the applicant must not nominate more than 2 of those qualifying businesses as a main business.

    Managed funds For managed funds to be classed as a complying investment for the Significant Investor stream, the managed fund must be regulated by ASIC. Managed fund means an investment to which all of the following apply:

    the investment is a managed investment scheme (within the meaning of the Corporations Act 2001) in which members acquire interests in the scheme;

    theinterestsarenotabletobetradedonafinancialmarket(withinthemeaning of section 767A of the Corporations Act 2001);

    no representation has been made to any member of the managed investment scheme that the interests will be able to be traded on a financial market;

    theissueoftheinterestiscoveredbyanAustralianfinancialserviceslicenseissued under section 913B of the Corporations Act 2001.

    The mandate for the managed fund must be in Australian assets only and limited to the following:

    infrastructureprojectsinAustralia;

    cashheldbyAustraliandeposittakinginstitutions;

    bondsissuedbytheCommonwealthGovernmentoraStateorTerritorygovernment;

    bonds,equity,hybridsorothercorporatedebtinAustraliancompaniesandtrusts listed on the Australian Stock Exchange;

    bondsortermdepositsissuedbyAustralianfinancialinstitutions;

    realestateinAustralia;

    AustralianAgribusiness;and

    otherASICregulatedmanagedfundsthatinvestintheabovelistofinvestments.

    The fund must be open to the general public and applicants must provide form 1413 Declaration in relation to managed funds signed by fund managers adhering to the departments investment requirements.

  • 7Business Innovation and Investment

    Married relationship Persons are in a married relationship if:

    theyaremarriedtoeachotherunderamarriagethatisvalidforthepurposes of the Migration Act 1958;

    theyhaveamutualcommitmenttoasharedlifeashusbandandwifetotheexclusion of all others;

    therelationshipbetweenthemisgenuineandcontinuing;and

    theylivetogetherordonotliveseparatelyandapartonapermanentbasis.

    Net assets The net assets of a business is the amount attributable to the owners or shareholders of the business after deducting financial claims upon the business by third parties from total assets.

    Net assets = total assets minus liabilities.

    Non-migrating Family members are required to declare in your application if they are notfamily members travelling with you to Australia as a part of your visa application.

    Online lodgement Making your visa application through the online services provided by the department.

    OET The Occupational English Test (OET) is a language test for health practitioners.

    Ownership interest Ownership interest in relation to a business means an interest in the business as:

    ashareholderinacompanythatcarriesonthebusiness;or

    apartnerinapartnershipthatcarriesonthebusiness;or

    thesoleproprietorofthebusiness,includingsuchaninterestheldindirectlythrough one or more interposed companies, partnerships or trusts.

    Provisional visa A provisional visa under the Business Skills Category means a temporary 4year visa.

    Qualifying business An enterprise operated for the purpose of making profit through the provision of goods and/or services to the public and is not operated primarily or substantially for the purpose of speculative or passive investment.

    SkillSelect SkillSelect is an online system that enables skilled workers interested in migrating to Australia to record their details to be considered for a skilled visa through an EOI.

    Nomination A state or territory government agrees to endorse your visa application.

    Registered design A registered design is concerned with the appearance of products if they are new and distinctive. Registration prevents unauthorised parties from applying the design (or a design which is substantially similar in overall impression to the registered design) to other products.

    Registered patent A registered patent is a set of exclusive rights granted by a state government to an inventor or their assignee in relation to an invention, which may be a product or a process, for a certain limited period, in exchange for public disclosure of the invention.

  • 8 Business Innovation and Investment

    Registered trademarks A registered trademark gives the owner the exclusive right to use, license or sellatrademarkwithinthejurisdictioninwhichitisregisteredforthegoodsand services for which it is registered. A trademark can be a letter, number, word, phrase, sound, smell, shape, logo, picture, aspect of packaging or any combination of these, used to distinguish goods and services of one business from those of another.

    State government Each of the 6 states, New South Wales, Queensland, South Australia, Tasmania, Victoria and Western Australia has its own constitution and is permitted to pass laws related to any matter that is not controlled by the Commonwealth.

    State or territory An investment in a security issued by an Australian state or territory government bonds government.

    Territory government Territory governments have been granted a limited right of self-government by the Australian Government. In the territories, a range of governmental matters are handled by a locally-elected parliament. Australias mainland territories are the Australian Capital Territory and the Northern Territory.

    Trade certificate Certifies experience and skills in a trade related field. This is usually at Australian Certificate II level or above.

    Treasury corporation Delivers financial outcomes for the benefit of the corporations, state or territory government and related entities.

    Transitional arrangements Arrangements for existing provisional business skills holders to apply for the new permanent Business Innovation and Investment visa and be assessed at the existing permanent thresholds.

    Venture capital Venture capital is financial capital provided to early stage, high potential, high risk start up companies.

  • 9Business Innovation and Investment

    Part 1 General information

    Australia welcomes successful business owners and investors

    The aim of the business innovation and investment category is to enable successful business innovators and investors to invest or enter into business in Australia and contribute to the growth of Australias economy.

    Business Innovation and Investment Program overviewThemajorityofentrantswillenterAustraliaonaprovisionalvisafor4years.Thereare3mainstreamsunder this category:

    The Business Innovation Stream For people with a successful business career and a genuine and realistic commitment to be involved as an owner in a new or existing business in Australia.

    The Investor Stream For people with a successful record of qualifying business or eligible investment activity who will make a designated investment in a state or territory of Australia and have a realistic commitment to continue to maintain business or investment activity in Australia after the designated investment has matured.

    The Significant Investor Stream For migrant investors who make an investment of at least AUD5,000,000 into complying investments in Australia.

    After demonstrating a certain level of business or investment activity the entrant may then be eligible to apply for the permanent Business Innovation and Investment (subclass 888) visa.

    Provisional visa holders in the Business Innovation and the Significant Investor streams may be eligible to apply for an extension to their provisional visa.

    Affluent business migrants who can show a high level of business attributes can gain direct permanent residence with the Business Talent (subclass 132) visa. There are 2 streams for entry under this category:

    The Significant Business History Stream For affluent business people who are owners or part owners of a business and have a genuine and realistic commitment to participate in the management of a new or existing business in Australia.

    The Venture Capital Entrepreneur Stream For migrant entrepreneurs who have sourced venture capital funding in Australia.

    State or territory government nominationState or territory government nomination is required for all business and investor visa applicants. Applicants are required to lodge an Expression of Interest (EOI) with SkillSelect to gain this nomination.

    Business ServicesState and territory governments also provide a wide range of post arrival business related services to assist entrants in setting up their new business in Australia. Further information about these services is available from the departments website at www.immi.gov.au/skills/skillselect/index/visas/subclass-188/ and www.immi.gov.au/skills/skillselect/index/visas/subclass-132/

  • 10 Business Innovation and Investment

    Does my business proposal meet Australias requirements?You need to ensure that Australias legislation does not restrict you from operating your proposed business. You should check that you satisfy any licensing, registration or residency requirements that may be applicable to your business.

    Information on gaining an assessment of overseas qualifications, skills or experience and licensing/registration requirements is available from the departments website www.immi.gov.au/asri/

    Information on investing in Australia is available from the Foreign Investment Review Board website www.firb.gov.au

    ObligationsAll applicants for a Business Innovation and Investment (subclass 188) and Business Talent (subclass132) visas are required to sign a declaration that they agree to meet certain obligations after arrival in Australia. In this declaration, each applicant who is 18 years of age or over must agree to:

    notify the department of their residential address within 6 months of initial entry to Australia using form 922 Notification of address or change of address for Business Skills visa holders; and

    continue to notify the department of any subsequent changes of residential address within 28 days of a change of address (this includes any residential address outside Australia), using form 922 Notification of address or change of address for Business Skills visa holders.

    Failure to meet the obligations while holding a Business Innovation and Investment (subclass 188) visa may impact adversely upon any later applications for a Business Innovation and Investment (subclass888) visa.

    Business Innovation and Investment (subclass 188) applicants Business Innovation and Investment (subclass 188) applicants must:

    secure and maintain nomination from a state or territory government; and

    agree to invest or enter into a business in Australia and contribute to the growth of Australias economy.

    Business Innovation stream

    If you are in this stream, after entering Australia you must provide valuable input to the Australian economy. You must:

    obtain and maintain substantial ownership in a business in Australia; and

    participate, at a senior level, in the day-to-day management of that business.

    In the business, you must also do at least one of the following:

    develop business links with international markets;

    create or maintain employment in Australia;

    export Australian goods;

    produce goods or services that would otherwise be imported;

    introduce new or improved technology;

    add to commercial activity and competitiveness within sectors of the Australian economy.

    The department may ask you to complete a monitoring survey about your business activities in Australia.

  • 11Business Innovation and Investment

    Investor stream

    If you are in this stream, after entering Australia you must maintain your designated investment for at least 4 years. Failure to do so may result in visa cancellation.

    Significant Investor stream

    If you are in this stream, after entering Australia you must continuously maintain your complying investment(s) for at least 4 years. Failure to do so may result in visa cancellation.

    Business Innovation and Investment (subclass 888) applicantsBusiness Innovation and Investment (subclass 888) applicants must:

    secure and maintain nomination from a state or territory government;

    for the Business Innovation stream demonstrate that you have had direct and continuous management in your Australian business for the past 2 years; or

    for the Investor stream have held a designated investment continuously for at least 4years; or

    for the Significant Investor stream have held a complying investment continuously for at least 4years.

    Business Talent (subclass 132) applicantsBusiness Talent (subclass 132) applicants must:

    quickly become involved in business in Australia and uphold the requirements of the stream under which you have applied; and

    sign a declaration that you agree to accurately and fully complete form 1010 Survey of Business Skills visa holders. Further information about the survey can be found under Monitoring.

    Significant Business History stream

    If you are in this stream, after entering Australia you must provide valuable input to the Australian economy. You must:

    establish a qualifying business in Australia or participate in an existing qualifying business in Australia;

    maintain substantial ownership;

    maintain direct and continuous involvement in the day-to-day management of the business;

    make decisions that affect the overall direction and performance of the business in a manner that benefits the Australian economy.

    In the business, you must also do at least one of the following:

    develop business links with international markets;

    create or maintain employment in Australia;

    export Australian goods;

    produce goods or services that would otherwise be imported;

    introduce new or improved technology;

    add to commercial activity and competitiveness within sectors of the Australian economy.

  • 12 Business Innovation and Investment

    Venture Capital Entrepreneur stream

    If you are in this stream, you must:

    establish or participate in a business for the start-up, product commercialisation or business development relating to a promising high value business idea in Australia; and

    meet the requirements of your venture capital agreement.

    MonitoringMost Business visa holders are required to complete surveys about their business activities in Australia. The aim of the surveys is to determine the nature and extent of a visa holders activities in Australia and enable a visa holder to report on any difficulties being experienced in getting into businesses. This survey may also be used to determine an applicants eligibility for a renewal of their provisional visa. The survey is done using form 1010 Survey of Business Skills visa holders. This assists in reporting outcomes of the Business visa category.

    Costs and ChargesPayment must accompany your application at the conclusion of the online lodgement process. Credit Card is the only form of accepted payment for Business visa applications.

    Feesmaybesubjecttochangeatanytime.TheVisaApplicationCharge(VAC)maybesubjecttoadjustmenton1Julyeachyear.Thismayincreasethecostofthevisa.

    If you or any members of your family unit included in your application are over 18 years of age and have been assessed as not having functional English language ability, they will be required to pay a second instalment of the VAC.

    The full amount must be paid before the visa can be granted. Persons able to demonstrate functional English ability do not need to pay this charge.

    Medical costsYou and members of your family may be required to complete a medical and chest x-ray examination. The cost of these examinations is to be met by the applicant.

    English proficiency testingTo show functional English, you and members of your family may need to sit an International English Language Testing System (IELTS) test. The cost of English testing is to be met by the applicant.

    Other costsYou should also be prepared to pay other costs associated with your application, such as those required to obtain character clearance from authorities in your country and the cost of certifying documents.

  • 13Business Innovation and Investment

    DependantsYour application may cover a family unit, namely a main applicant and, if applicable, spouse or de-facto partner and dependants.

    Additional charges may apply. Refer to the departments website www.immi.gov.au/fees-charges for further information.

    Dependent childrenTo be considered your dependent child, your child must:

    be under 18 years of age; or

    if aged 18 years or over, have been wholly or substantially dependent on you for a substantial period (at least 12 months) for their basic needs (food, clothing and shelter); or

    if aged 18 years or over, have a total or partial loss of their bodily or mental functions that stops them from earning a living (whether or not they migrate with you).

    If your child (regardless of their age) is married, in a de facto relationship or is engaged to be married, they will not be considered to be a dependent child.

    Custody requirementThe department seeks to ensure that allowing a child to migrate is not in contravention of Australias international obligations in relation to the prevention of child abduction.

    If your application includes a dependent child under 18 years of age and that childs other parent is not migrating with you, or there is any other person who has the legal right to determine where that child can live, you will need to provide the evidence as outlined below.

    For each dependent child aged under 18 years and included in your application, you will need to provide one of the following:

    evidence that the law of your home country permits you to remove the child to Australia. This could include an overseas court order granting you sole custody of the child;

    evidence that the childs other parent is deceased, such as a certified copy of the death certificate; or

    evidence that the grant of the visa would be consistent with any Australian child order in force in relation to the child. Such evidence should be the original or certified copy of the Australian Court order providing you with sole responsibility to decide where the child should live.

    In the case of a step-child, you will need to provide evidence that you were in a partner relationship with the childs natural parent and that you have been awarded one of the following:

    a parenting order in force under the Family Law Act 1975 under which the parent is the person with whom a child is to live, or who is to be responsible for the childs long-term or day-to-day care, welfare and development; or

    guardianshiporcustody,whetherjointlyorotherwise,underaCommonwealth,stateorterritorylawor a law in force in a foreign country.

  • 14 Business Innovation and Investment

    Other dependent relativesOther dependent relatives may also be included in your visa application, but only in some circumstances.

    A person is your dependent relative if they are:

    not your dependent child;

    your parent, brother or sister; step-parent, step-brother or step-sister; grandparent, grandchild, aunt, uncle, niece or nephew, step grandparent, step-grandchild, step-aunt, step-uncle, step-niece or step nephew;

    single (eg. a widowed aunt);

    usually resident in your household;

    wholly or substantially financially reliant on you for their basic needs (food, clothing and shelter);

    reliant on you for a substantial period (at least 12 months); and

    more reliant on you for that support than on any other person or source.

    Purchasing propertyThe Australian Government seeks to channel foreign investment in residential real estate into activity that directly increases the supply of new housing (that is, new developments such as house and land, home units and townhouses) and brings benefits to the local building industry and their suppliers.

    Some restrictions apply to provisional visa holders when purchasing residential real estate. These may affect the purchase of your family home and any intended investments. To purchase real estate you must seek prior approval from the Foreign Investment Review Board. For further information see www.firb.gov.au

  • 15Business Innovation and Investment

    Part 2 Before you can apply

    Expression of Interest (EOI) and your invitation to applyIf you are applying for a Business Innovation and Investment (subclass 188) visa or a Business Talent (subclass132) visa you will be required to lodge an expression of interest (EOI) with the SkillSelect system.

    An EOI is not a visa application, but an indication you would like to be considered for a Business Skills visa.

    Although you dont need to submit any documentation with your EOI, it is a good idea to have your information prepared as you may be required to provide the following information:

    basic personal information;

    work experience;

    study, education and qualifications;

    English language ability;

    business and investment experience.

    State or territory governments will then search for business innovators and investors that they require and are willing to nominate. Once the state or territory governments have made their choice, you will receive an invitation to apply for a Business Innovation and Investment (subclass 188) visa or a Business Talent (subclass 132) visa.

    I have my invitation now what do I do?

    Once you have your invitation, you can follow the instruction to lodge your application online. Applications for a Business Innovation and Investment (subclass 188) visa or a Business Talent (subclass 132) visa will only be accepted as online applications.

  • 16 Business Innovation and Investment

    Part 3 Provisional Business Innovation and Investment

    Business Innovation and Investment (subclass 188) visa

    Business Innovation and Investment (subclass 188) visa

    A state or territory nominated provisional visa with no minimum English requirement and is valid for 4years.

    Applicants must submit an EOI in SkillSelect and may be inside or outside Australia at the time of visa application or grant.

    Business Innovation stream

    Applicants must:

    belessthan55yearsofageorthenominatingjurisdictionmustprovidetheirsupport to waive the age requirement;

    meetthepointstestedpassmark;

    haveagenuineandrealisticcommitmenttobe involved as an owner of a new or existing business in Australia;

    haveanoverallsuccessfulbusinesscareer;

    havenetbusinessandpersonalassetsofAUD800,000;

    havebusinessturnoverofAUD500,000.

    Investor stream

    Applicants must:

    belessthan55yearsofageorthenominatingjurisdictionmustprovidetheirsupport to waive the age requirement;

    meetthepointstestedpassmark;

    haveatleast3yearsexperienceofdirectinvolvement in eligible investment;

    makeadesignatedinvestmentofatleastAUD1,500,000 into a state or territory government bond for 4 years before visa grant; and

    havenetbusinessandpersonalassetsofAUD2,250,000.

    There is no business turnover requirement.

    Significant Investor stream

    ApplicantsmustinvestatleastAUD5,000,000 into complying investment(s) in Australia before visa grant.

    TherearenoupperagelimitsorminimumEnglish requirement.

    Thereisnoneedtosatisfytheinnovationpoints test.

    Applicantsmaybeeligibletorenewthevisaup to 2 times.

    Stage 1 Provisional visas

  • 17Business Innovation and Investment

    EligibilityTo be eligible you need to show that you:

    are nominated by a state or territory government;

    have a demonstrated overall successful business or investment career with no involvement in unacceptable business or investment activities;

    have a functional English language ability (or you may be required to pay a second VAC);

    have sufficient funds to settle in Australia.

    Other requirements depend on whether you apply for the Business Innovation stream, the Investor stream or the Significant Investor stream.

    Business Innovation stream

    You are less than 55 years of age at the time of application or you are proposing to establish or participate in a business that your nominating state or territory has determined to be of exceptional economic benefit to the state or territory.

    For at least 2 of the 4 fiscal years immediately before the application is made, you had an ownership interest in up to 2 main businesses that had an annual turnover of at least AUD500,000.

    Your (or your and your spouse or de facto partners combined) business and personal assets have a net value of at least AUD800,000 which are available for the conduct or establishment of a business in Australia and are lawfully acquired and available for transfer to Australia within 2 years of the grant of your visa.

    You have a realistic commitment to establish or participate in a qualifying business in Australia and maintain a substantial ownership and direct and continuous involvement in the management of that business.

    You have demonstrated that there is a need to be in Australia to conduct or establish the proposed business activity.

    You meet the innovation points test.

    You have made a declaration that you understand your obligations as a holder of a Business Innovation and Investment (Business Innovation stream) visa.

    Business Investor stream

    You are less than 55 years of age at the time of application or you are proposing to establish or participate in a business that your nominating state or territory has determined to be of exceptional economic benefit to the state or territory.

    You have a net value of at least AUD2,250,000 for the 2 fiscal years immediately before you are invited to apply.

    You are able to make a designated investment of AUD1,500,000.

    For at least one of the 5 fiscal years immediately before the application is made:

    you have maintained direct involvement in either managing a qualifying business in which you (or you and your spouse or de facto partner together) had an ownership interest; or

    you have maintained direct involvement in managing your (or your and your spouse or de facto partners combined) eligible investments, the total value of which was at least AUD1,500,000.

    You have a total of at least 3 years experience of direct involvement in managing a qualifying business or eligible investment.

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    You have a realistic commitment to continue to maintain a business or investment activity in Australia after the designated investment has matured.

    You meet the innovation points test.

    You have made a declaration that you understand your obligations as the holder of a Business Innovation and Investment (Investor stream) visa.

    Significant Investor stream

    No age requirement.

    Have AUD5,000,000 to invest into complying investments in Australia.

    You have made a declaration that you understand your obligations as the holder of a Business Innovation and Investment (Significant Investor stream) visa.

    Business Innovation and Investment (extension) visa

    Business Innovation extension streamProvisional visa holders in the Business Innovation stream may be eligible to apply for an extension to their provisional visa for an additional 2 years if extra time is needed to meet the criteria for the permanent visa.

    To be eligible to extend your provisional visa you need to show that you:

    were granted a provisional Business Innovation and Investment visa in the Business Innovation stream;

    have made a genuine attempt to meet the requirements of the permanent Business Innovation and Investment visa in the relevant stream;

    have maintained a genuine commitment to business in Australia;

    can demonstrate a need for a 2 year extension to your provisional visa in order to meet the permanent visa requirements; and

    have secured state or territory government nomination for a further 2 years.

    Significant Investor extension streamProvisional visa holders in the Significant Investor stream may apply for up to 2 extensions to their provisional visa.

    To be eligible to extend your provisional visa you need to show that you:

    were granted a provisional Business Innovation and Investment visa in the Significant Investor stream or the Significant Investor extension stream;

    hold complying investment(s) and have continuously held complying investment(s) for the life of your visa;

    have provided form 1413 Declaration in relation to managed funds for each managed fund in which you are claiming to have made a complying investment, signed by the trustee or the fund manager;

    have made an undertaking, by completing form 1412 Deed of Acknowledgment, Undertaking and Release, that you will not:

    take action of any kind against the Commonwealth or the Minister in a court or other body in relation to any loss of capital relating to the complying investment; or

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    authorise any other person to take action of any kind on your behalf;

    have secured state or territory government nomination for the extension of your visa.

    Making a designated investment for the Investor streamThe designated investments offered by state and territory Treasury Corporations are:

    primary-issue government securities with a maturity of no less than 4 years from the date of purchase;

    limited to investments of AUD1,500,000;

    non-transferable and non-redeemable, that is, the security cannot be sold to another investor or sold back to the issuing authority before maturity. Repayment of principal on maturity is guaranteed by the state/territory government issuing the security.

    Taxation obligationsThe Australian Taxation Office (ATO) has advised that income you earn from your investment in Australia is subjecttotaxunderAustraliantaxationlaw.Forfurtherinformationseewww.ato.gov.au

    When and how to make a designated investmentYou must lodge a designated investment with the Treasury Corporation of the state or territory that is nominating you.

    The actual rate of return on your investment will be set when you deposit your funds in the designated investment. Interest rates change regularly and may differ between state and territory Treasury Corporations.

    Note: You should not make a designated investment until you are advised in writing to do so by the office processing your application. (The letter of advice will also include form 1031 Declaration, Part A, which will have been completed by the officer of the department assessing your application. You should submit form 1031 to the selected agency. You should select only one of the listed agencies.)

    The next step is to complete the investment application form and Part B of form 1031. Both forms should then be sent to the postal address of the relevant Treasury Corporation.

    Your designated investment must be made in time for you to enter Australia before expiry of your health and character clearances. Information on health and character clearances may be obtained from the office processing your application.

    Note: Funds used to finance your designated investment must be personally owned and unencumbered and must have been legally accumulated as a result of your business and/or investment activities.

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    Disclaimer: This information is for general use only. The Australian Government does not endorse specific designated investments and does not accept liability for any loss suffered or taxation liability incurred as a result of making your investment.

    Making a complying investment for the Significant Investor stream

    Complying investments for the Significant Investor visa stream include:

    Commonwealth, state or territory government bonds;

    Australian Securities and Investment Commission (ASIC) regulated managed funds with a mandate for investing in Australia; and

    direct investment into Australian proprietary companies not listed on an Australian Stock Exchange.

    Note: You should not make a complying investment until you are advised in writing to do so by the office processing your application.

    Funds used to finance your complying investment must be personally owned and unencumbered and must have been legally accumulated.

    InvestorThe investor, or the primary visa applicant, can make the complying investment personally, or together with the investors spouse or de facto partner.

    If the complying investment is made through a company, the company must be an ASIC registered company; and the primary visa applicant, or together with the investors spouse or de facto partner, must own and hold all of the issued shares of the company.

    If the complying investment is made through a trust, the trust must be a lawfully established and valid trust; and the primary visa applicant, or together with the investors spouse or de facto partner, are the sole trustees and beneficiaries of the trust.

    Through these investment structures the investor may hold complying investments in any proportion.

    Switching investments As the holder of a Significant Investor visa, you may switch between complying investments as long as the sum withdrawn corresponds with the sum reinvested.

    Visa holders have a maximum period of 30 calendar days from the date the funds are withdrawn to reinvest in other complying investments. Funds reinvested into a complying investment within 30 calendar days are taken to have been held continuously from the original investment date.

    Taxation obligationsThe Australian Taxation Office (ATO) has advised that income you earn from your investment in Australia is subjecttotaxunderAustraliantaxationlaw.Forfurtherinformationseewww.ato.gov.au

    Disclaimer: This information is for general use only. The Australian Government does not endorse specific complying investments and does not accept liability for any loss suffered or taxation liability incurred as a result of making your investment.

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    Part 4 Innovation points test

    Innovation points testIf you are applying for a provisional Business Innovation and Investment (subclass 188) visa under the Business Innovation or the Investor stream, in addition to the criteria relevant to your chosen stream you must also meet the pass mark for the points test. The points test awards points for various elements of humancapital,businessinnovationaswellasobjectivemeasuresofbusinessperformance.

    The pass mark is the minimum required for an invitation to apply for a subclass 188 visa and for its grant. However, there would be no minimum score that prevents you from making an Expression of Interest(EOI) in the SkillSelect system.

    Points will be awarded to applicants for:

    Age Points

    1824 20

    2532 30

    33-39 25

    4044 20

    4554 15

    English language ability Points

    Vocational 5

    Proficient 10

    Qualification Points

    Australian Trade Certificate or higher or a Bachelor Degree recognised by the Minister (in any field of study)

    5

    Bachelor Degree in Business, Science or Technology

    10

    Experience in business Points

    Greater than 4 years business or investment experience

    10

    Greater than 7 years business or investment experience

    15

    Net personal and business assets and business turnover

    Points

    AUD800,000 5

    AUD1,300,000 15

    AUD1,800,000 25

    AUD2,250,000 35

    Turnover Points

    AUD500,000 5

    AUD1,000,000 15

    AUD1,500,000 25

    AUD2,000,000 35

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    Innovation Points

    Registered patents or registered designs 15

    Evidence of trademarks 10

    Evidenceofjointventureagreements 5Evidence of export trade 15

    Evidence of gazelle business 10

    Evidence of the receipt of grants or venture capital funding

    10

    State or territory government Points

    Special endorsement 10

    AgeApplicants are eligible for points on the basis of the main applicants age at the time of invitation.

    Applicants who are aged 55 years or older may be nominated by a state or territory government agency only if their business is of exceptional economic benefit. In this circumstance, the applicant would not be eligible for points under the innovation points test.

    English language abilityApplicants who can demonstrate vocational English are awarded 5 points. To demonstrate vocational English, applicants must have an IELTS test score of at least 5 for each of the 4 test components of speaking, reading, writing and listening.

    Applicants who can demonstrate proficient English are eligible to be awarded 10 points. An applicant with proficient English must have an IELTS test score of at least 7 for each of the 4 test components of speaking, reading, writing and listening.

    QualificationsApplicants are awarded 5 points if, at the time of invitation, they have met the requirements for a trade qualification, diploma or bachelor degree by an Australian educational institution. Bachelor degrees from an educational institution are also acceptable if the Minister is satisfied the award is comparable to an Australian qualification.

    Applicants are awarded 10 points if, at the time of invitation, they have met the requirements for the award of a bachelor degree in business, science or technology by an Australian educational institution. Bachelor degrees from an educational institution are also acceptable if the Minister is satisfied the award is comparable to an Australian qualification.

    Experience in business or investmentApplicants are awarded points if they have a demonstrated history of business or investment experience for a specified amount of time.

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    Points are awarded for years of business or investment experience gained in the years immediately before the time of invitation. The experience must be relevant to the visa stream. An applicant for the business innovation stream can only claim points for business experience, and an applicant for the investor stream can only claim points for investment experience.

    Business Innovation stream you can only claim points for your business experience.

    You must have held one or more main businesses for not less than 4 years in the 5 years, or 7 years in the 8 years, immediately before you are invited to apply.

    Investor stream you can only claim points for investment experience.

    You must have held eligible investments which had a value of not less than AUD100,000 for not less than 4 years or not less than 7 years, immediately before you are invited to apply.

    Significant Investor stream Significant Investor visa applicants do not need to satisfy the innovation points test.

    Net personal and business assets Net business and personal assets are mandatory threshold criteria that all applicants must meet. Business innovation stream applicants must have net business and personal assets of AUD800,000, and investor stream applicants must have net business and personal assets of AUD2,250,000.

    Points are awarded for meeting the minimum thresholds, and higher points will be awarded for greater levels of assets.

    Business turnoverBusiness innovation stream applicants must meet the business turnover requirement of AUD500,000. There is no business turnover requirement of investor stream applicants.

    Points are awarded for applicants in either stream where they have an ownership interest in one or more main businesses that have a specified amount of business turnover in at least 2 of the 4 fiscal years immediately before the time of invitation.

    InnovationThis component of the points test gives points for the following attributes. Applicants may be awarded points for more than one item under the innovation category of the points test, but points are awarded only once in relation to each item.

    Registered patents or registered designs

    A registered patent is a set of exclusive rights granted by a state government to an inventor or their assignee in relation to an invention, which may be a product or a process, for a certain limited period, in exchange for public disclosure of the invention.

    A registered design is concerned with the appearance of products if they are new and distinctive. For example, the features of shape or configuration which have been incorporated in the product or the features of pattern or ornamentation applied to a product.

    Points are awarded when the applicant has had one or more patents or designs registered at least one year before time of invitation. The patents or designs must have been used in the day-to-day activities of the main business.

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    Registered trademarks

    A trademark can be a letter, number, word, phrase, sound, smell, shape, logo, picture, aspect of packaging or any combination of these, used to distinguish goods and services of one business from those of another.

    Points are awarded to an applicant with one or more registered trademarks registered at least one year before the applicant was invited to apply for a visa. The trademarks must have been used in the day-to-day activities of the main business.

    Joint venture agreements

    Ajointventureisacommercialundertakingthathasbeenenteredintoby2ormorepartiesforthepurpose of a particular activity.

    Points are awarded when at least one of the main businesses in which the applicant has held an ownership interest and participated at a senior level in the day-to-day management of the business hasoperatedinaformaljointventureagreementforatleastoneyearbeforetheapplicantwasinvited to apply for a visa.

    Export trade

    Points are awarded when the applicant has had an ownership interest in one or more main businesses that derive not less than 50 per cent of their annual turnover from export trade for at least 2 of the 4 fiscal years immediately before the applicant was invited to apply for a visa.

    Gazelle businesses

    Gazelle businesses are newly established businesses experiencing rapid growth during a short period of time.

    Points are awarded when an applicants main business has been registered for no more than 5years at the time of visa invitation, and the average annualised growth in turnover has been greater than 20per cent each year for 3 continuous fiscal years. The business must also have 10 or more full time employees for at least one fiscal year in the same consecutive 3 year period claimed for growth in turnover.

    Receipt of grants or venture capital funding for an innovative business idea

    A government grant is monetary assistance that was provided by a government or a government agency, whether local or national, of the applicants home country, upon specified conditions.

    Points are awarded when the applicant has received a grant of at least AUD10,000 from a government body in the applicants home country less than 4 years immediately before the applicant was invited to apply for a visa. The grant must have been awarded for the purposes of early-phase start-up of a business, product commercialisation, business development or business expansion.

    Points may also be awarded when the applicant has received venture capital funding of at least AUD100,000 less than 4 years immediately before time of invitation. The venture capital funding must have been awarded for the purposes of early-phase start-up of a business, product commercialisation, business development or business expansion.

    Special endorsement

    In a limited number of cases, a nominating state or territory government may determine that the business proposed by an applicant is of unique and important benefit to the state or territory. In these circumstances, an applicant can be awarded 10 points.

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    Part 5 Permanent Business Innovation and Investment

    Business Innovation and Investment (subclass 888) visa

    Business Innovation and Investment (subclass 888) visa

    A state or territory nominated permanent visa that is not points tested and does not require an EOI in SkillSelect.

    Applicants may be inside or outside Australia at the time of visa application or grant and must have complied with Australian taxation, workplace and relevant business laws.

    Business Innovation stream

    Applicants must:

    havemettherequirementforowningandoperating a business in Australia while on the provisional visa;

    havesatisfied2outofthe3followingcriteria:

    own at least AUD200,000 net personal assets in the main business(es);

    have a net value of personal and business assets of AUD600,000;

    have 2 full-time employees;

    haveanannualbusinessturnoverofAUD300,000;

    haveagenuineandrealisticcommitmenttocontinue in business in Australia;

    haveheldtheprovisionalvisainAustraliaforat least 1 year in the last 2 years.

    Investor stream

    Applicants must:

    havecontinuouslyheldatleastAUD1,500,000 designated investment for 4 years in the nominating state or territory;

    haveagenuineandrealisticcommitmenttocontinue in business investment in Australia;

    haveheldtheprovisionalvisainAustraliaforat least 2 years in the last 4 years.

    Significant Investor stream

    Applicants must:

    havecontinuouslyheldaminimumofAUD5,000,000 complying investment(s) for at least 4 years;

    havebeeninAustraliaforacumulativeperiod of 40 days for each year or part year while holding the provisional visa.

    Stage 2 Permanent visas

  • 26 Business Innovation and Investment

    EligibilityTo be eligible you need to show that you:

    are nominated by an Australian state or territory;

    are the primary holder of a provisional Business Innovation and Investment (subclass 188) visa;

    have met all the requirements of your visa, in the stream in which you first applied;

    have not been involved in any unacceptable business or investment activities;

    have a satisfactory record of complying with Australian laws, including those relating to taxation, superannuation, workplace relations and other laws relevant to your business and investment activity.

    Other requirements depend on whether you apply for the Business Innovation stream, the Investor stream or the Significant Investor stream.

    Business Innovation stream

    You have had, and continue to have, an ownership interest and direct and continuous management, in at least one actively operating main business in Australia during the 2 years immediately before you apply.

    The business or businesses you own in Australia have not been nominated as a main business by another applicant for a Business Innovation and Investment (subclass 888) visa or Business Skills (Class DF) visa where that applicant owned the business immediately before you.

    For each business, an Australian Business Number (ABN) has been obtained and all Business Activity Statements required by the Australian Tax Office are included in the application.

    For each main business, a financial statement, prepared in accordance with the international or Australian accounting standards and covering the 12 month period immediately before application, is included in your application.

    You must meet at least 2 out of the 3 following criteria:

    throughout the 12 months period immediately before application, the net value of your (or your spouse or de facto partners or combined) assets in the main business(es) in Australia is at least AUD200,000; and/or

    you (or your spouse or de facto partner or combined) have total personal and business assets of AUD600,000; and/or

    your main business(es), throughout the 12 month period immediately before you apply, have employed at least the equivalent of 2 full-time employees who are:

    o Australian citizens; or

    o Australian permanent residents; or

    o New Zealand passport holders; and

    o not your family members.

    In the 12 months period immediately before application, your main business(es), had a total annual turnover of at least AUD300,000.

    You have resided in Australia for at least one year out of the last 2 years.

    You have complied with Australian laws while on your provisional visa.

    Note: The state and territory governments can waive specific criteria where they deem exceptional circumstances apply.

  • 27Business Innovation and Investment

    Investor stream

    You (or your spouse or de factor partner, or combined) have made a minimum of AUD1,500,000 designated investment and have held it continuously for 4 years in the nominating state or territory.

    You have resided in Australia for at least 2 years in the last 4 years immediately before the application is made.

    You have a genuine and realistic commitment to continue to maintain a business or investment activity in Australia.

    Significant Investor stream

    You (or you and your spouse or de facto partner together) have made a minimum of AUD5,000,000 complying investment and have held it continuously for at least 4 years.

    You have provided a completed form 1413 for each complying investment made in a managed fund.

    In the case you choose to invest any part of your complying investment as a direct investment into an Australian proprietary company:

    the company must not be on an Australian stock exchange; and

    if you invest in the company for more than 2 years while holding the provisional visa, then the company must operate a qualifying business for at least 2 years; or

    if you invest in the company for less than 2 years while holding the provisional visa, then the company must operate a qualifying business for that whole period.

    In the case you choose to invest any part of your complying investment into establishing a new business, you must show that you have made a genuine attempt to operate and maintain a qualifying business.

    You have been in Australia for a cumulative period of 40 days for each year or part year while holding the provisional visa.

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    Business Talent (subclass 132) visa

    Business Talent (subclass 132) visa

    A state or territory nominated permanent visa for affluent business owners and entrepreneurs.

    Applicants must submit an expression of interest (EOI) in SkillSelect and may be inside or outside Australia at the time of visa application or grant.

    Venture Capital Entrepreneur stream

    Applicants must:

    havesourcedAUD1,000,000inventurecapital funding from a member of the Australian Venture Capital Association Limited (AVCAL) to fund the start up or product commercialisation of a high value business idea in Australia.

    Significant Business History stream

    Applicants must:

    belessthan55yearsofageorthenominatingjurisdictionmustprovidetheirsupport to waive the age requirement;

    behighcalibreandaffluentbusinessownerswho will enter into business in Australia;

    havenetbusinessandpersonalassetsof AUD1,500,000 including at least AUD400,000 being net business assets;

    haveanannualbusinessturnoverofAUD3,000,000 for at least 2 of the last 4 fiscal years.

    Direct Permanent Entry

  • 29Business Innovation and Investment

    EligibilityTo be eligible you need to show that you are nominated by an Australian state or territory.

    Other requirements depend on whether you apply for the Significant Business History stream or the Venture Capital Entrepreneur stream.

    Significant Business History stream

    You are less than 55 years of age at the time of application or you are proposing to establish or participate in a business that your nominating state or territory has determined to be of exceptional economic benefit to the state or territory.

    You can demonstrate an overall successful business career with no involvement in unacceptable business activities.

    For at least 2 of the last 4 fiscal years immediately before the application is made, you (or you and your spouse or de facto partner together) had net assets in a qualifying business, in which you had an ownership interest, of at least AUD400,000.

    For at least 2 of the last 4 fiscal years immediately before the application is made your main business or main businesses together, had an annual turnover of at least AUD3,000,000.

    For each of these main businesses, financial statements covering the 2 year period/s immediately before applying, have been prepared in accordance with international or Australian accounting standards and included in the application.

    Your (or your and your spouse or de facto partners combined) business and personal assets have a net value of at least AUD1,500,000, which are lawfully acquired and available for transfer and capable of being transferred to Australia within 2 years after the grant of a Business Talent (subclass132) visa.

    You have a realistic commitment to establish or participate in a qualifying business in Australia and maintain a substantial ownership and direct and continuous involvement in the management of that business.

    You make a declaration acknowledging your obligations as the holder of a Business Talent visa.

    Venture Capital stream

    You have sourced venture capital funding from a venture capital firm of at least AUD1,000,000 to fund the start up phase, product commercialisation, business development or expansion of your high potential, high value business idea.

    The venture capital firm must be a member of the Australian Private Equity and Venture Capital Association of Australia (AVCAL) and hold a venture capital category of membership.

    Neither you or your spouse or de facto partner have a history of involvement in business activities or practices that are of a nature that is not generally acceptable in Australia.

    You have a realistic commitment to establish or participate in a qualifying business in Australia and maintain a substantial ownership and direct and continuous involvement in the management of that business.

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    Part 6 Preparing your application and supporting documents

    Applying for a Business visa is a detailed process. You will be required to provide documents to support your claims and prove your business or investment history.

    Below is a detailed summary of the documents you may be required to provide. It is in your best interest to be prepared with the required documents at the time of application as this will assist you in providing accurate information to the department.

    Personal documents Certified copies of passports/identity documents.

    Certified passport photographs.

    Certified copies of marriage certificate.

    Evidence of custody/court order (if applicable).

    Certified copies of divorce certificate (if applicable).

    Certified copies of deed poll/name change certificates (if applicable).

    Evidence of financial dependency for dependants over 18 years (if applicable).

    Certified copies of identity documents/police clearances of dependants (if applicable).

    Certified copies of birth certificates/Family Books (if applicable).

    Certified copies of adoption papers (if applicable).

    Certified copies of military discharge papers (if applicable).

    Character documents.

    Business documents Business details (name of business, period of involvement, percentage of ownership).

    Statementsoutliningyourmajormanagementresponsibilitiesforthetimeframerequiredofthesubclass. You should include types of employees and discuss your day to day involvement in managing the main business.

    Curriculum Vitae (CV) including an overview of your business career.

    Evidence of assets (bank statements, share certificates, real estate valuations and other valuations).

    Statements outlining your intended business and/or investment activities, a description of the nature ofresearchorstudyinrelevantsectorsinAustraliaandadescriptionofthemajorbusinessactivitiesof the business in Australia in which you have an interest and the period of ownership.

    Statements outlining the management of your investments and their performance (Investor stream only).

    A contract in force with an Australian Venture Capital firm showing you are a recipient of capital funding to commence or expand business in Australia (Venture Capital Entrepreneur stream only).

    Your nomination with a state or territory government (for Extension and Permanent Business Innovation and Investment (subclass 888) visa (applications).

    Evidence of business operating at a loss (if applicable).

    Evidence of insolvency, receivership, liquidation (if applicable).

    Evidence of bankruptcy (if applicable).

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    Financial documents Evidence of loans advanced to the business.

    Certified (and, if required, translated) copies of financial statements and other documents on which you calculated your business turnover.

    Tax returns/notices.

    Statement of Assets and Liabilities (SALP).

    List of assets to be used for the designated investment (Investor stream only).

    Business Activity Statements (BAS) within the last 2 years.

    Evidence of the total net assets capable of being transferred to Australia within 2 years.

    Points test evidence Functional English language ability (IELTS or OET).

    Qualifications.

    Patents or Registered Designs.

    Trademarks.

    Jointventureagreements.

    Export trade.

    Gazelle business.

    Receipts of grants for business.

    For further details refer to Part 4 Innovation points test.

  • 32 Business Innovation and Investment

    Part 7 English language ability

    Functional English language abilityIf you are applying for a Business Innovation and Investment (subclass 188), Business Innovation and Investor (subclass 888) or a Business Talent (subclass 132) visa you are required to satisfy the department that you have functional English language ability.

    You have functional English language ability if you:

    can read or write English texts about familiar topics;

    write English well enough to communicate ideas or information for a variety of purposes but make some errors;

    understand spoken English about familiar topics;

    can speak everyday English well enough to handle communication adequately, despite some errors.

    You can show the department evidence of your functional English language if you have:

    a current passport from the United Kingdom, Canada, New Zealand, the United States of America or the Republic of Ireland;

    an IELTS score of at least 4.5 on each of the 4 components of the test (speaking, reading, writing, listening) or equivalent standard on a specified test;

    successfully completed one year of studies in Australia at a diploma level or higher qualification level full time where all the instruction of the course was in English;

    a degree, higher degree, diploma or trade certificate that required at least 2 years full time study or training and all the instruction of the course was in English;

    completed your primary education and at least 3 years of your secondary education where all of the instruction was in English;

    have completed at least 5 years of secondary education where all the instruction was in English.

    Second Visa Application Charge (VAC)If you or any dependants on your application, 18 years or over, are assessed as not having functional English language ability the second VAC must be paid.

  • 33Business Innovation and Investment

    Part 8 Health and character

    Health requirementsYou and all members of your family unit must undergo health examinations, including all children under the age of 18 years as well as dependants who may not live with you and who are not migrating. If you or any of your dependent relatives do not meet health requirements, you may not be granted a visa.

    Usually a medical examination, chest x-ray and possibly some laboratory or specialist tests are required. This can be a lengthy process and costs will be your responsibility. Medical test results are generally valid for one year. Occasionally, assessment of visa applications may be delayed beyond 12 months. If this is the case, you will be required to undergo further health examinations at your own expense.

    If you are pregnant, you may choose not to be x-rayed until after the birth of your baby. This may delay the finalisation of your application. Alternatively, you could use a lead shielded x-ray. This would be at your own risk and is not recommended by the Australian Government.

    Health conditions that may lead to your application being refused include:

    tuberculosis;

    other conditions where you are assessed by Australian authorities as requiring treatment, support or assistance that are considered to be in short supply, or that have a high cost.

    A positive HIV or other test result will not necessarily lead to a visa being refused. However, your result(s) may be disclosed to the relevant Commonwealth and state or territory health agencies in Australia.

    Timing and location of medical examinationsIf you are applying outside Australia If you are applying in Australia

    In some cases, you will be able to undertake health examinations before you lodge your visa application. This will enable you to lodge a complete application, which will help to speed up processing of your application. This service is not available in all countries so you should check with the Australian mission at which you will be lodging your application.

    The relevant Australian mission will provide you with medical examination forms and directions to listed doctors approved by Australian authorities.

    If possible, you should visit Medibank Health Solutions for your medical examinations before you lodge your visa application. If you live in a regional area, contact a Medibank Health Solutions office to find out details of an approved doctor. For more information on Medibank Health Solutions, go to www.medibankhealth.com.au

    Your local office of the department will provide you with forms and further instructions.

    Doctors will charge you fees in accordance with their usual practice and may recommend you undertake other treatment or specialist consultations. You are not obliged to undertake treatment at a listed doctors direction. However, when it is advised that it is necessary, you will be required to complete the further actions before processing of your visa application can proceed.

    Note: The doctor who examines you does not decide whether you meet the health requirements for the visa. Results are sent to the Australian authorities who then make the decision.

    You can obtain further information about the medical assessment process from Fact sheet 22 The Health Requirement, which is available from the departments website www.immi.gov.au/media/fact-sheets/ or from offices of the department or Australian missions.

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    Character requirementsTo enter Australia, all partner category visa applicants must be of good character. If you or any of your dependent relatives do not satisfy the character requirements, you may not be granted a partner category visa.

    Character testTo be of good character, you must satisfy the character test. You will not satisfy this testif:

    you have a substantial criminal record;

    you have an association with a person or group that is suspected to have been or is involved in criminal conduct; or

    due to your past and present criminal and/or general conduct, there is significant risk that, if you were to enter or remain in Australia, you:

    would engage in criminal conduct;

    harass another person in Australia;

    vilify a segment of the Australian community;

    incite discord in the Australian community; or

    become involved in activities that are disruptive or bring harm to the Australian community or a segment of that community.

    For further information on the character requirements, see Fact sheet 79 The Character Requirement, which is available from the departments website www.immi.gov.au/media/fact-sheets/, from your nearest office of the department or Australian mission.

    Police checks

    As part of having to satisfy the character test, you must provide police checks. Such evidence will be considered in determining whether or not you can meet the character requirements. Police checks are required for yourself and each of your dependants (whether migrating or not) who are aged 16 years or over.

    You should obtain a police check for each country in which you or your dependants have resided during the last 10 years where:

    the period of residence was 12 months or longer (in total); and

    the person was aged 16 years or over at the time of residence.

    You must provide the department with originals of police checks. These will generally not be returned to you, so you should make copies for your own records.

    In undertaking character test assessment, the department may contact you and your dependants seeking additional personal information.

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    When to supply police checks

    If you are applying outside Australia If you are applying in Australia

    You may need to provide this information when you apply. You will be advised by the office at which you will be lodging your application when police checks are required. That office will also provide you with forms and instructions as appropriate.

    You should provide this information with your application.

    Note: If you are required to provide an Australian police check (also known as an Australian penal clearance certificate), you must complete the National Police Check application form that is available from the Australian Federal Police (AFP) website www.afp.gov.au

    You should use Code 33 at Question 1 on the form and include details of any, and all, names you have been known by. If an AFP certificate is provided based on incorrect information, the department may request another certificate. Fingerprints are not required for National Police Checks.

    Police checks are valid only for 12 months from the date of issue.

    More information on police checks, including overseas police checks, is available from the departments website www.immi.gov.au/allforms/character-requirements/

    Travel and residence details

    You and each person included in your application must provide details of all countries outside Australia that have been visited during the past 10 years.

    For any applicant aged 16 years or over, details are also required for all countries where there was a period of residence, in total, of 12 months or longer.

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    Part 9 About visa applications

    You must have a visa to travel to and stay in AustraliaIt is important that you read this information. It may affect whether you are granted a visa or have your visa cancelled.

    You should read all information and instructions about the class of visa you want. If you do not think you can qualify for the visa, you may wish to reconsider whether to apply because any visa charge paid will not be refunded if you are unsuccessful.

    Where to get informationIn Australia, you can get information about visas, charges and forms at offices of the department or you can call 131 881 (for the cost of a local call) or you can go to www.immi.gov.au

    If you are outside Australia you should go to www.immi.gov.au

    Family membersFor most visas, family members (spouse or de facto partner, dependent children or dependent relatives) who apply at the same time can apply on the same form and pay one charge.

    A child who is born after an application is made (but before it is decided) will be automatically included in the parents application, once the department is notified of the details of the newborn child. In some circumstances, a spouse or de facto partner can be added to an application.

    Limitations on applicationsIf you are in Australia, you may be prevented from making further applications if, for example:

    you do not hold a substantive visa (which is any other visa other than a bridging visa, a criminal justicevisaoranenforcementvisa)andhavehadavisacancelledorrefusedsinceyoulastarrivedinAustralia;

    your last visa was granted on the condition that you would not be granted a substantive visa while you remain in Australia;

    you hold a sponsored visitor visa;

    you are in immigration detention.

    In these cases, the department can provide you with information about which visas, if any, you can apply for.

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    Communicating with the departmentCommunication via email is the preferred option, and the provision of a direct email address (for the main applicant) can assist with quicker and more effective communication.

    You may authorise another person to receive all communications, both written and electronic, about your application with the department. You will be taken to have received any documents sent to that person as if they had been sent to you.

    To do this you will need to fill out the appropriate section of the electronic lodgement form when you apply.

    Options for receiving written communicationsYou may authorise another person to receive all communications, both written and electronic, about your application with the department. You will be taken to have received any documents sent to that person as if they had been sent to you.

    To do this you will need to complete:

    the section on the application form with the heading Options for receiving written communications; and

    form 956 Advice by a migration agent/exempt person of providing immigration assistance if appointing a migration agent/exempt person to be the authorised recipient; or

    form 956A Appointment or withdrawal of an authorised recipient if appointing an authorised recipient that is not a migration agent/exempt person.

    For an explanation of what a migration agent or exempt person or authorised recipient can do please read the sections below.

    Authorised recipient informationAn authorised recipient is someone you appoint to receive written communications about your application with the department.

    All written communication about your application will be sent to your authorised recipient, unless you indicate that you wish to have health and/or character information sent directly to you. The department will communicate with the most recently appointed authorised recipient as you may only appoint one authorised recipient at any time for a particular application.

    Migration agent informationA migration agent is someone who can:

    advise you on the visa that may best suit you;

    tell you the documents you need to submit with your application;

    help you fill in the application and submit it; and

    communicate with the department on your behalf.

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    If you appoint a migration agent, the department will assume that your migration agent will be your authorised recipient, unless you indicate otherwise.

    Your migration agent will be the person with whom the department will discuss your application and from whom it will seek further information when required.

    Exempt agents informationThe following people do not have to be a registered migration agent in order to provide immigration assistance, but they must not charge a fee for their service:

    a close family member (spouse, de facto partner, child, parent, brother or sister);

    a sponsor or nominator for this visa application;

    a member of parliament or their staff;

    an official whose duties include providing immigration assistance (eg. a Legal Aid provider);

    a member of a diplomatic mission, consular post or international organisation.

    Withdrawal of applicationsYou can withdraw your application by advising the department in writing at any time before a decision is made. Any charges that you paid at the time of application are usually not refunded.

    You must correctly identify yourselfIf you communicate with the department about your application you must:

    include your name (as in your application);

    include your date of birth;

    include the department client number if it has been given to you, or if you do not have a client number, the department file number, or the application receipt number.

    Let the department know if you change your address or circumstances

    If any of your circumstances change, such that any answer in your application or information given to the department is no longer correct, you must inform the department in writing as soon as possible.

    If you change your residential address for more than 14 days while your application is being processed you must tell the department your new address and how long you will be there. The department will send communication about your application to the latest address for correspondence you have provided.

    Communication about your application can be sent to another person that you have authorised, but you will be taken to have received the communication that the department sends to that person. The department must be informed (in writing) of any address change for either you or your authorised person.

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    Extra information about your applicationAdditional information can be provided (in writing) at any time, until a decision is made on your application. All relevant information is taken into account.

    If you are invited to give additional information or comment on information, you will be given a date by which to do so. After that date, the department can continue processing your application. You cannot delay a decision by saying that you may or will give more information later.

    InterviewsIf you are invited to attend an interview you must attend on the date and time agreed with the department. If you do not, the department can process your application and make a decision on the basis of the information it already has.

    lnvitation to commentIf another person gives the department information that could result in you being refused a visa, the department will generally give you an opportunity to comment on the information. You will need to comment by a set d