Visa applicants must meet certain criteria prescribed to the appropriate visa subclass. The criteria prescribed to a visa application will include either ‘at time of lodgement’ requirements, ‘at time of decision’ requirements or a combination of both. Visa applications may be refused if an applicant does not demonstrate that they meet the criteria at the correct time. All visa subclasses include the requirement to satisfy certain health, character and public interest criteria.
Permanent residents are required to spend at least two years in five in Australia, or demonstrate significant ties to Australia, in order to maintain their residence status.
The Australian visa application process is very structured and based on laws, regulations, policy and legislative instruments. Application processing timeframes differ significantly by visa type. The Department of Immigration has a priority processing tier, under which visa applications which yield the greatest benefit to the country (skilled visas) will be assessed quicker than those with little benefit (family visas).
The Business Innovation and Investment Program includes six of the following visa streams:
There are six main streams under this program:
- Business Innovation Stream — individuals must pass a points test, have a successful business career with a business turnover of at least AUD 500,000 and net assets of AUD 800,000. They must obtain and maintain substantial ownership and management of an Australian business
- Investor Stream — individuals must pass a points test, have three years’ investment experience, commit AUD 1.5 million into an Australian state or territory bond for four years and have net assets of AUD 2.25 million
- Significant Investor Stream — individuals must commit at least AUD 5 million into a complying Australian investment for at least four years
- Entrepreneur Stream — individuals must have signed a formal agreement to receive AUD 200,000 in venture capital funding from an Australian company, for the commercialization and/or development of a high-value business idea or product
The above temporary visas offer a direct pathway to permanent residence after four years, subject to meeting certain residence and investment/business turnover requirements.
- Business Talent (Significant Business History Stream) — this visa is for successful business people who own or part-own a business with a turnover of at least AUD 3 million per year. Individuals must pass a points test, have a successful business career, and have net assets of AUD 1.5 million. They must make a substantial contribution to a new or established business in Australia and take an active role in managing the business
- Business Talent (Venture Capital Entrepreneur Stream) — individuals must have sourced AUD 1 million in venture capital funding to fund the start-up or product commercialization of a high-value business idea in Australia and must establish (or participate in) that business
The above two streams offer direct permanent residence and applicants must quickly become involved in the relevant business.