Glossary of Terms

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:

1. cannot be the applicant or a member of the family unit of the applicant during that period
2. has to be an Australian citizen, an Australian permanent resident or the holder of a valid New Zealand passport during that period.

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.

• introduction of new/improved technology
• job creation/retention
• expanding exports of value added goods and services
• introduction of new skills
• increasing competitiveness
• import replacement
• the industry sector involved
• the geographic location of the business.

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.

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.

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.

• digital technologies
• advanced manufacturing
• health and life sciences
• agri-food
• new energy and emissions reduction
• circular economy
• priority precincts.

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:

• the export value of Victorian goods and services
• Victorian jobs created or retained, including flow-on effects to other Victorian suppliers
• the local economic benefits of the business
• assistance to Victorian businesses in exporting their products or addressing market gaps
• expansion of export markets.

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:

1. cannot be the applicant or a member of the family unit of the applicant during that period
2. has to be an Australian citizen, an Australian permanent resident or the holder of a valid New Zealand passport during that period.

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.

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

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.

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.

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.

"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.

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.

If an investment in a venture capital fund is realised before the visa ceases to have effect, the amount realised from
the investment must be reinvested into eligible Victorian VCLP fund/s.

If, before the 188 visa ceases/expires, the investment is reimbursed as a result of a VCPE fund losing or letting lapse its conditional registration under the Venture Capital Act 2002,
the amount reimbursed must be reinvested in another eligible Victorian venture capital fund or funds.

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.

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 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.

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:

• Victorian investment is included in the chosen investments, or
• the managed fund provider maintains an office in Victoria.

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.

• The nature of the innovation, whether it increases efficiencies, creates a dynamic product or improves existing services.
• The potential economic contribution to be made to Victoria by the innovation, as well as any social or environmental benefits.
• Whether the innovation addresses a significant need in an industry sector in Victoria.
• Whether the innovation is likely to lead to employment opportunities for Victorians.
• Whether a patent, design or trademark has been registered for the innovation.

• the third-party funding body has Victorian operations, or
• the entrepreneurial activity will be undertaken 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.