A permanent visa for people who have sourced venture capital funding from a member of AVCAL to fund the start up or product commercialisation of a high value business idea. You must be nominated by a state or territory government.
To find out if you are eligible, read the Department of Home Affairs' visa criteria for the Business Talent (Permanent) visa (subclass 132).
Victorian nomination eligibility
All applications received between 8 September and 21 September 2020, must address an additional criterion. All business and investment activity must contribute to Victoria's economic recovery or health response to be approved for visa nomination.
Contribution to Victoria's economic recovery or health response
You must address this new criterion using the 'Economic Recovery - Business and Investment Support Form' when you submit your application through the Live in Melbourne website.
Factors that will be taken into consideration include:
- Investment or business activity in Victoria's future industries. These are:
- digital technologies
- advanced manufacturing
- health and life sciences
- new energy and emissions reduction
- circular economy
- targeted industries within priority precincts.
- Business or investment activity which creates or retains employment in Victoria.
- Business or investment activity which is innovative.
Sufficient funds to settle in Victoria
Applicants and their dependents must have sufficient funds to settle in Victoria. Applicants are required to declare that they have sufficient funds for settlement in their Victorian visa nomination application. It is the responsibility of the applicant to research and determine the cost of living in Victoria to ensure their own financial resources are adequate for settlement. See further information on the cost of living in Victoria.
Living in Victoria
You must have a genuine commitment to establish a residence and reside in the State of Victoria as per the visa and nomination conditions.
Applicants seeking Victorian visa nomination will need to hold the rights to an idea, product or technology that requires additional funding in order to advance its commercial potential.
An ‘eligible’ business must:
- be high risk/have high growth potential
- be engaged with a unique, innovative, product or service
- have the potential to make a substantial benefit to the Victorian economy.
The business activity must involve the early phase start-up or commercialisation of an ‘eligible’ business. Investment in property development, land ownership, finance or construction as the predominant activity will not be considered for Victorian visa nomination.
The venture capital investment must have been raised from funds that are not connected with the individual seeking the venture capital funding.
It is expected that applicants:
- have a background in the area where the venture capital funding is sought. This may be evidenced through tertiary qualification, business ownership, and/or patents for invention
- must be the person who has entered into the legally enforceable agreement with the venture capital company to receive venture capital funding
- must have a realistic commitment to maintain a substantial ownership interest in the business and maintain direct and continuous involvement in that business.
All applications must outline the benefit that the business proposal will provide to the Victorian economy and the entrepreneurial skill that the applicant will bring to Victoria.
You must provide the Victorian Government with a detailed business plan prepared by an independent source. As an attachment to the formal business plan, you must detail the economic benefit that will be delivered to the Victorian economy as a result of your proposed activity.
Monitoring Business Talent
All Victorian nominated subclass 132 visa holders are required to meet with a representative of the Victorian Government’s Skilled and Business Migration Program at 6 month intervals throughout the first two (2) years of your visa period. These meetings are designed to facilitate an ongoing business relationship between yourself and the Victorian Government, in addition to providing an opportunity to connect with relevant Victoria Government services and programs relevant to your business sector.
Depending on the progress of the business and any government restrictions due to the pandemic, these meetings will be conducted face-to-face, virtually or through site visit.
Form 1010 Monitoring Finalisation
At the end of your first 24 months on your Business Talent (Permanent) visa (subclass 132) – Venture Capital Entrepreneur stream, you will be required to obtain Victoria’s endorsement of your business activity to-date through the Department of Home Affairs’ Form 1010.
The Victoria Government will require you to respond to a set of written monitoring questions and facilitate a site visit to your Victorian business. This may be conducted electronically, at Victoria’s discretion.
The Victorian Government will require evidence that the primary visa holder owns a ‘significant’ portion of an ‘eligible’ business. Evidence must be provided that they have invested their own time and continuously utilised their own skills by actively participating at a senior level in the day-to-day strategic management of the business. You must also demonstrate that they have complied with Victoria’s visa nomination conditions, signed at the time of nomination.
You must notify the Victorian Government of any changes in your contact details and participate in any surveys that the Victorian Government may initiate.
You need to apply for Victorian visa nomination before you make a formal application for your Department of Home Affairs' visa. Applying for visa nomination from the Victorian Government involves three steps.
Step 1: Submit an expression of interest
Submit an Expression of Interest (EOI) to the Department of Home Affairs through SkillSelect and nominate 'Victoria' as your preferred destination.
Step 2: Submit an online application for Victorian visa nomination
You need to register as a user of this website and then complete your application. You will need to prepare the following documentation for your application and upload it when requested:
- Appointment of an Agent/Representative form (if applicable)
- Evidence of venture capital funding secured (for example, a signed funding agreement)
- Economic Recovery - Business and Investment Support form
All forms are available from the Supporting documentation and forms page.
Step 3: Lodge a formal visa application
If you receive visa nomination from the Victorian Government, an automatic invitation will be sent to you by SkillSelect advising you to lodge a formal visa application with the Department of Home Affairs within 60 days. Nomination can be provided to an individual applicant only once in a 12 month period. Please ensure the application EOI is correct at the time of nomination. Applicants will be unable to use the nomination if an application is not lodged within the 60 period or if there are substantial errors with the application, and will be required to wait 12 months to re-apply.
As part of your application, you will be required to agree and adhere to the following obligations:
- I have read (or have had read to me) the contents of my nomination application and confirm that the information contained in it is true and correct
- I confirm that I meet all of the Department of Home Affairs' visa eligibility criteria for the Business Talent (subclass 132) visa
- I will make contact with the Victorian Government (at the contact points noted on this website) within one month of arrival in Victoria
- I will notify the Victorian Government of any changes in my contact details within the first five years of permanent visa grant and agree to participate in any surveys that the Victorian Government may initiate
- I have sufficient financial resources to support myself and my dependents to settle in Victoria and understand that it is my responsibility to determine the cost of living in Victoria
- I have a genuine commitment to establish a residence and reside in Victoria
- I have a genuine commitment to undertake entrepreneurial activity that provides economic benefit to Victoria.
The Victorian Government
- may share information relating to you, your application and your business/investment activities in Victoria with the Department of Home Affairs
- reserves the right to make direct contact with you in relation to your application and business/ investment activities.
- has no legal authority to deal with visa matters and will not advocate to the Department of Home Affairs or the Administrative Appeals Tribunal on your behalf
- does not endorse any investment made, or any business activity undertaken, by you nor does it accept liability for any financial loss, cost or expense incurred as a result of any business decision, business activities or investments made by any person in any way connected with your application, or otherwise
- Victorian Government visa nomination is not transferable to any other Australian State or Territory.
Without express written consent from the Victorian Government, failure to comply with the above conditions may result in the withdrawal of Victorian Government support for the applicant’s visa.