Current as at December 2020
Visa type:
- Business Talent (Permanent) visa (subclass 132) - Significant Business History Stream
- Business Innovation and Investment (Provisional) visa (subclass 188) - Business Innovation Stream
- Business Innovation and Investment (Provisional) visa (subclass 188) – Business Investor Stream
- Business Innovation and Investment (Provisional) visa (subclass 188) – Significant Investor Stream
- Business Innovation and Investment (Provisional) visa (subclass 188) – Entrepreneur Stream
Business Talent (Permanent) visa (subclass 132) - Significant Business History Stream
| Term | Meaning |
|---|---|
| Eligible Business Activity | The business type and scope approved by Victoria in a 132 visa holder’s visa Nomination Application. |
| Eligible Full Time Employee |
A full-time equivalent (FTE) is a single employee who works no less than 30 hours per week, over a period of 12 months, permitting up to 2 months of vacation (paid or unpaid). The Victorian Government will accept part time employees who work no less than 20 hours per week, over a 12-month period permitting up to 2 months of vacation (paid or unpaid) as half an FTE. Casual employment cannot be used to fulfill this requirement. Each employee whose employment is used to work out that total number of hours:
|
| Establish a Residence and Reside in Victoria for no less than 6 months |
The visa holder is required to purchase or rent a residential home to facilitate their residence in Victoria. Bond receipt documents and a formal lease will be required to evidence rental of a residence, formal title deed will be required to evidence property purchase. The Victorian Government will
also require Passenger Movement Records and utility bills for the period of residence. Staying with friends outside of a formal lease arrangement during this time cannot be counted toward the 6-month period, as it does not demonstrate a financial commitment to continue living in Victoria. It is also not able to be sufficiently evidenced. For border towns only (those that share a border with SA or NSW) these can be accepted at the discretion of the Victorian Government. This 6-month residence period does not need to be consecutive and may be made up of multiple stays during the 24 months following visa activation. The visa holder is not permitted to reside in any other state other than Victoria, during the 24 months following visa application. |
| Exceptional Economic Benefit |
The primary visa holder must undertake business activity that will provide an exceptional economic benefit to Victoria. Factors taken into account when assessing this exceptional economic benefit include, but are not limited to:
If the business proposal undertaken by the subclass 132-visa holder has been approved by the Skilled and Business Migration Program in the Nomination Application, the proposed business activity can be considered to have met this requirement. |
| Form 1010 |
At least 24 months following the first arrival of a 132 Business Talent Visa holder to Australia (visa activation), the Department of Home Affairs will initiate a monitoring period. The monitoring evaluates whether the visa holder has fulfilled their visa obligations. The Victorian Government is notified by email that the monitoring period has begun. At this time, the Department of Home Affairs requires that the nominating state endorse (sign and stamp) the Form 1010 within 60 days of the request for monitoring. The Victorian Government will also send its own survey at this time to the agent most recently associated with the visa nomination application, acting on behalf of the visa holder. The visa holder’s responses, evidence provided, and site visit– will assist the Victorian Government in assessment of the visa holder’s continued eligibility, and endorsement of the Form 1010. |
| Site Visit |
Prior to the Victorian Government making an assessment on endorsement of the Form 1010 – a site visit of the business and meeting with the visa holders is required. During this visit representatives from the Victorian Government will seek to ensure that the visa holder has undertaken the business activity
as outlined in their original nomination application, as approved by the Victorian Government. This meeting also facilitates an ongoing relationship with members of the Victorian Government. Victoria may refuse to endorse the Form 1010 if the state is not satisfied that the migrant has fulfilled their Nomination Conditions. The Department of Home Affairs may cancel the subclass 132 visa if the visa holder does not receive Victorian Government endorsement. |
| Victorian Business | A Victorian business must have its main premises located in a Victorian postcode. A main premise is defined as the location where the majority of staff are located. This refers to the business undertaken in Victoria, while an individual holds a Victorian nominated visa. |
| Victoria's Strategic Sectors |
Victoria's Strategic Sectors are:
|
| Visa Activation | This refers to the date of first entry to Australia on the Victorian Nominated 132 visa. |
Business Innovation and Investment (Provisional) visa (subclass 188) - Business Innovation Stream
| Term | Meaning |
|---|---|
| Economic benefit |
With regard to a non-export business, any business operating primarily at a Victorian address will be considered of economic benefit. Applicants proposing to engage in export or Ecommerce activity, must demonstrate how the proposed activity will provide a direct contribution to the Victorian economy, such as through:
|
| Eligible Full time Employee |
A full-time equivalent (FTE) is a single employee who works no less than 30 hours per week, over a period of 12 months, permitting up to 2 months of vacation (paid or unpaid). The Victorian Government will accept part time employees who work no less than 20 hours per week, over a 12-month period permitting up to 2 months of vacation (paid or unpaid) as half an FTE. Casual employment cannot be used to fulfill this requirement. Each employee whose employment is used to work out that total number of hours:
Subclass 188 visa holders will be required to show payroll tax or superannuation documentation evidencing their employee numbers when applying to Victoria for nomination of their subclass 888 visa permanent visa subclass. |
| Establish a Residence in Victoria |
The visa holder is required to purchase or rent a residential home to facilitate their residence in Victoria. Bond receipt documents and a formal lease will be required to evidence rental of a residence, formal title deed will be required to evidence property purchase. Victoria will also require Passenger
Movement Records and utility bills for the period of residence. Primary visa holders or their spouse are required to meet the Department of Home Affairs’ residency requirements for this visa subclass. Staying with friends outside of a formal lease arrangement during this time is not accepted by Victoria, as it does not demonstrate a financial commitment to continue living in Victoria. It is also not able to be sufficiently evidenced. For border towns only (those that share a border with SA or NSW) these can be accepted at the discretion of the Victorian Government. The visa holder is not permitted to reside in any other state other than Victoria while holding the 188 visa subclass nominated by Victoria |
| Export Activity | Businesses that report at least $2,000 (in current prices) of export sales in BAS are considered as having undertaken export activity. This is consistent with the Australian Bureau of Statistics (ABS) definition of an exporter. |
| Master of Business Administration | A qualification which states “Master of Business Administration” in the award certificate, and at least 1 year of full-time equivalent study has been completed as part of this qualification. An eligible degree can have been completed at any time. |
| Parallel Exporting/Grey Market Exporting |
This exporting type refers to the practice of products being sold in/to overseas markets without the express consent of the trademark owner. This type of exporting is not permitted and is not eligible for Victorian nomination. The exclusion of this type of exporting ensures that Victorian nominated business migrants export with the permission of the product manufacturer or trademark holder. This ensures that the business migrant is not competing against the trademark owner in the same market for the same clientele. This also encourages the migrant to interact with brand owners and identify areas they could collaborate for growth into new markets. |
| Process Innovation | A new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software. |
| Product Innovation | A good or service that is new or significantly improved. This includes significant improvements in technical specifications, components and materials, software in the product, user friendliness or other functional characteristics. |
| STEMM Qualification |
Any completed degree (no less than 3 years full time/6 semesters full time) that includes; Science, Technology, Engineering, Maths or Medical Science in the degree or award name. Social sciences and humanities qualifications are excluded. An eligible degree can have been completed at any time, in any
nation and in any language. To evidence qualifications, the relevant award certificate and complete transcript is required, in addition to the qualification being listed in the applicant’s relevant EOI at time of nomination. |
| Victorian Business/s | A Victorian business must have its main premises located in a Victorian postcode. The main premises is defined as the location where the majority of staff are located. |
| Victorian Business Turnover | Turnover of the eligible business/es is calculated including GST and on a rolling 12 months basis. The Victorian Government uses the same definition of annual turnover as the Department of Home Affairs. |
| Work Experience in a Strategic Industry | An eligible applicant must evidence no less than 3 years in a senior role in a business directly involved in one of the Victorian Strategic Sectors. This experience must not have been obtained outside of the last 10 years. A senior role is defined as having strategic and financial oversight of the company or business. This may include a board member, CEO, CFO or CPO for example. The eligible role/s must be listed in the Expression of Interest (EOI) at time of nomination and a signed Position Description and Contract must be provided to support the applicant’s claims made in the application. |
Business Innovation and Investment (Provisional) visa (subclass 188) – Business Investor Stream
| Term | Meaning |
|---|---|
| Designated Investment | "designated investment" means an investment in a security specified by the Minister under regulation 5.19A. The specified security for Victorian nominated visa holders is bonds issued by the Treasury Corporation of Victoria. |
| Eligible Additional Investment |
The applicant must make an additional investment of at least AUD $500,000 in Victoria during the provisional visa period. The investment must be held for no less than 24 consecutive months immediately preceding the Business Innovation and Investment (Permanent) visa (subclass 888) Investor Stream nomination
application. This investment must be directed into a Victorian based Early Stage Venture Capital Limited Partnership (ESVCLP), Venture Capital Limited Partnership (VCLP) or a Fund of Funds (AFOF). The fund must be unconditionally registered with the Department of Industry, Science, Energy
and Resources and comply with the existing Significant Investor Visa (SIV) Venture Capital investment framework. This includes eligible Private Equity funds.
Investments made prior to Victorian visa nomination cannot be used to meet this criterion. Loans secured in Australia are not able to be used to make this investment. |
| Eligible Victorian Venture Capital funds |
A Venture Capital fund that is registered with the Australian Securities and Investments Commission (ASIC). VC funds are considered “Victorian” in relation to this stream if they have an operating business address in Victoria (not a home office – must be a reasonable commercial address that is fit for purpose) and have a dedicated employee resource located in Victoria. |
| Establish a Residence in Victoria |
The visa holder is required to purchase or rent a residential home to facilitate their residence in Victoria. Bond receipt documents and a formal lease will be required to evidence rental of a residence, formal title deed will be required to evidence property purchase. Victoria will also require Passenger
Movement Records and utility bills for the period of residence. Primary visa holders or their spouse are required to meet the Department of Home Affairs residency requirements for this visa subclass, with regard to the number of days spent in Australia. Staying with friends outside of a formal lease arrangement during this time is not accepted by Victoria, as it does not demonstrate a financial commitment to continue living in Victoria. It is also not able to be sufficiently evidenced. For border towns only (those that share a border with SA or NSW) these can be accepted at the discretion of the Victorian Government. The visa holder is not permitted to reside in any other state other than Victoria while holding the subclass 188 visa nominated by Victoria. |
| Venture Capital | Venture Capital is finance given to startups in exchange for equity and the potential return on investment that this provides. Each venture capital fund has different metrics and criteria for award of capital. Startups usually have to submit a pitch-deck/company summary as the initial part of an application. The amount of funding awarded varies depending upon the fund and the ‘series’ of funding. Series ‘A’ refers to the startup’s first round of funding, followed by Series ‘B’ and so forth. Typically, funding amounts get larger with the series, as startups grow and require more capital to develop their operations. Some venture capital funds are run by government or corporates, that set up funds as investment bodies and as a pipeline to meet their business objectives. Venture Capital investments are long term investments, generally a minimum of 5-6 years in duration. Source: KPMG, 2017. |
| Venture Capital Funds | Venture capital and growth private equity funds which invest in start-ups and small private companies. |
Business Innovation and Investment (Provisional) visa (subclass 188) – Significant Investor Stream
| Term | Meaning |
|---|---|
| Complying Significant Investments – Contribution to the Victorian Economy |
To qualify for Victorian Government visa nomination, you must show that your complying investments will make a contribution to the Victorian economy. All complying investments made by Victorian Government nominated Significant Investor Stream visa holders must either ensure the:
|
| Establish a Residence in Victoria |
The visa holder is required to purchase or rent a residential home to facilitate their residence in Victoria. Bond receipt documents and a formal lease will be required to evidence rental of a residence, formal title deed will be required to evidence property purchase. Victoria will also require Passenger
Movement Records and utility bills for the period of residence. Primary visa holders or their spouse are required to meet the Department of Home Affairs residency requirements for this visa subclass, with regard to the number of days spent in Australia. Staying with friends outside of a formal lease arrangement during this time is not accepted by Victoria, as it does not demonstrate a financial commitment to continue living in Victoria. It is also not able to be sufficiently evidenced. For border towns only (those that share a border with SA or NSW) these can be accepted at the discretion of the Victorian Government. The visa holder is not permitted to reside in any other state other than Victoria while holding the subclass 188 visa nominated by Victoria. |
Business Innovation and Investment (Provisional) visa (subclass 188) – Entrepreneur Stream
| Term | Meaning |
|---|---|
| Economic benefit to Victoria |
Applicants must show how their proposed entrepreneurial activity will benefit Victoria. This is evaluated on a case by case basis. Factors taken into account include, but are not limited to:
|
| Establish a Residence in Victoria |
The visa holder is required to purchase or rent a residential home to facilitate their residence in Victoria. Bond receipt documents and a formal lease will be required to evidence rental of a residence, formal title deed will be required to evidence property purchase. Victoria will also require Passenger
Movement Records and utility bills for the period of residence. Primary visa holders or their spouse are required to meet the Department of Home Affairs residency requirements for this visa subclass, with regard to the number of days spent in Australia. Staying with friends outside of a formal lease arrangement during this time is not accepted by Victoria, as it does not demonstrate a financial commitment to continue living in Victoria. It is also not able to be sufficiently evidenced. For border towns only (those that share a border with SA or NSW) these can be accepted at the discretion of the Victorian Government. The visa holder is not permitted to reside in any other state other than Victoria while holding the subclass 188 visa nominated by Victoria. |