This visa is intended for people who are undertaking, or proposing to undertake, an entrepreneurial activity in Australia. Western Australian State Nomination criteria includes:
Applicants must be undertaking, or proposing to undertake, an entrepreneurial activity in Western Australia.
- The applicant’s entrepreneurial activity must relate to an innovative idea that is proposed to lead to the commercialisation of a product or service or the development of an enterprise of business in Western Australia. The idea must be supported by a business plan that outlines the applicant’s plans for the activity and how this will lead to one of the required results.
- The entrepreneurial activity must not relate to residential real estate or labour hire or involve purchasing an existing business or franchise.
There must be a funding agreement (or agreements) in place between the entrepreneur or entrepreneurial entity (a partnership or a body corporate) and a third party funding body (or bodies) for a total of AUD$200,000. The third-party funding body must be of a kind prescribed by the Minister:
- Sources of third party funding are limited to State and Territory governments, Commonwealth agencies, Publicly Funded Research Organisations, and investors registered as a Venture Capital Limited Partnerships (VCLP) or Early Stage Venture Capital Limited Partnerships (ESVCLP). Multiple agreements outlining a combination of funds from these investors are also acceptable.
- Applicants must declare in their application that the visa venture capital funds are not drawn from their own funds or funds related to the applicant’s own money or any associates investing on their behalf.
If the applicant is applying as part of an entrepreneurial entity (a partnership or body corporate), the applicant must have held at least 30 per cent share in the ownership of the entrepreneurial entity when the agreement was entered into. In practice, this means that only three entrepreneurs can apply on the basis of one entrepreneurial activity.
Agreements must specify that at least 10 per cent of the funding to be paid to the entrepreneur or entrepreneurial entity under the agreement must be released within 12 months of the day the entrepreneurial activity commences in Australia.
Applicants must be under 55 years of age and have a competent level of English.
The 188 Business Innovation and Investment – Entrepreneurial Stream visa is a four year provisional visa. Visa holders will become eligible for permanent residence under the 888 Business Innovation and Investment visa once they have met the relevant criteria.
How to apply
Lodge an application for State Nomination with the Business Migration Centre (BMC). A fee of AUD$750 applies to all provisional visa nomination applications lodged with the BMC.
If you are granted State Nomination you can proceed to lodge an Expression of Interest (EOI) through SkillSelect.
Once nominated in SkillSelect by the BMC, you will receive an invitation from Department of Home Affairs to lodge your Business visa application which must be completed within 60 days using Department of Home Affairs electronic lodgement system.