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					                                                                                                           Reforms to the Business Skills Program from 1 July 2012
                                                                Current business skills visas                         New Business Innovation and Investment Program                                                                       Streams in each visa

                                                                                                                                                                                           Venture capital entrepreneur
                                                                                                                                                                                           Applicants must have sourced $1 million in venture capital funding from a member of the Australian Venture
Direct permanent entry




                                                                                                                                                                                           Capital Association Limited (AVCAL) to fund the start up or product commercialisation of a high value business
                                                     Business Talent (subclass 132)                                    Business Talent (subclass 132)                                      idea in Australia.
                                                     A state or territory sponsored permanent visa for high calibre    A state or territory sponsored permanent visa for high calibre
                                                     business owners.                                                  business owners and entrepreneurs.
                                                                                                                                                                                           Significant business history
                                                                                                                       Applicants may be inside or outside Australia at the time of visa
                                                                                                                                                                                           Applicants must:
                                                     Established Business in Australia (subclass 845)                  grant or application and must submit an expression of interest
                                                                                                                       (EOI) in SkillSelect.                                                  •	 be a high calibre business owner who will enter into business in Australia
                                                     Regional Business in Australia (subclass 846)                                                                                            •	 be less than 55 years of age or the nominating jurisdiction must provide their support to waive the
                                                                                                                                                                                                 age requirement
                                                                                                                                                                                              •	 have net business and personal assets $1.5 million ($400 000 must be net business assets)
                                                                                                                                                                                              •	 have a business turnover of $3 million.



                                                                                                                                                                                           Business innovation stream
                                                                                                                                                                                           Applicants must have:
                                                                                                                                                                                              •	 a genuine and realistic commitment to be involved as an owner of a new or existing business in Australia
                                                     Independent visas:
                         Stage 1 provisional visas




                                                                                                                       Business Innovation and Investment visa (subclass 188)                 •	 an overall successful business career
                                                        •	 Business Owner (subclass 160)                                                                                                      •	 net business and personal assets of $800 000
                                                                                                                       A state or territory sponsored provisional visa with no minimum
                                                        •	 Senior Executive (subclass 161)                                                                                                    •	 a business turnover of $500 000.
                                                                                                                       English requirement and is valid for four years.
                                                        •	 Investor (subclass 162)
                                                                                                                       Applicants may be inside or outside Australia at the time of visa   Applicants may be eligible to renew the visa for an additional two years.
                                                     State or territory sponsored visas:                               grant or application and must:
                                                        •	 Business Owner (subclass 163)                                  •	 have a points tested pass mark of 65
                                                                                                                                                                                           Investor stream
                                                        •	 Senior Executive (subclass 164)                                •	 submit an EOI in SkillSelect
                                                                                                                          •	 be less than 55 years of age or the nominating jurisdiction   Applicants must have:
                                                        •	 Investor (subclass 165)
                                                                                                                             must provide their support to waive the age requirement.         •	 at least three years experience of direct involvement in eligible investment
                                                     All visa subclasses valid for up to four years.
                                                                                                                                                                                              •	 made a designated investment of $1.5 million into a state or territory government bond for four years
                                                                                                                                                                                              •	 net business and personal assets of $2.25 million.
    Two stage visas




                                                                                                                                                                                           There is no business turnover requirement.



                                                                                                                                                                                           Business innovation stream
                                                                                                                                                                                           Applicants must have:
                         Stage 2 permanent visas




                                                                                                                                                                                              •	 met requirements for owning and operating a business in Australia while on a provisional visa
                                                                                                                                                                                              •	 a business turnover of $300 000 a year
                                                     Independent visas:
                                                                                                                       Business Innovation and Investment visa (subclass 888)                 •	 two out of three of the following:
                                                         •	 Business Owner (subclass 890)
                                                                                                                       A state or territory nominated permanent visa that is not points           –   business assets of $200 000
                                                         •	 Investor (subclass 891)
                                                                                                                       tested and does not require an EOI in SkillSelect.                         –   net personal and business assets of $600 000
                                                     State or territory sponsored visas:                               Applicants may be inside or outside Australia at the time of visa          –   two full-time employees
                                                         •	 Business Owner (subclass 892)                              grant or application and must have complied with Australian            •	 a genuine and realistic commitment to continue in business in Australia.
                                                                                                                       taxation, workplace and relevant business laws.
                                                         •	 Investor (subclass 893)
                                                                                                                                                                                           Investor stream
                                                                                                                                                                                           Applicants must have:
                                                                                                                                                                                              •	 held a designated investment for four years in the nominating state or territory
                                                                                                                                                                                              •	 a genuine and realistic commitment to continue in business or investment in Australia.
               DIAC 12/01536

				
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posted:7/25/2012
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