188E Entrepreneur Visa
The 188E Visa is for entrepreneurs with creative ideas and financial backing. It is a 4-year temporary visa that qualifies you for permanent residence on spending 2 years in Australia and being sponsored by an Australian State or Territory. To be nominated, the applicant must submit an Expression of Interest (EOI) through SkillSelect.
Applicant Requisites:
- The applicant must undertake or propose to undertake entrepreneurship in Australia.
- Should have a minimum funding of AUD 200,000 to implement entrepreneurial activities in the country.
- Must have a business plan for entrepreneurial activities.
- In order to apply, the applicant can be in Australia or even overseas. If the applicant in Australia, it is essential to hold a Substantive Visa or a Bridging A, B or C Visa.
- Competent English
On completing 2 years in Australia and being nominated by a State or Territory Government, this visa can help you qualify for Permanent Residence through the Business Innovation and Investment (Residence) SC 888 Visa.
Entrepreneur Stream Requirements
- Being nominated by a State or Territory Government
- Should be under the age of 55 years, unless the State or Territory that the applicant has been nominated by certifies that granting the visa will result in excellent economic benefit.
- Should have a Funding Agreement of at least AUD 200,000 in place for a business venture in Australia
- Must hold an ownership interest of at least 30% in the venture.
The proposed business venture should either be commercialization of a product or service or the development of a business or an enterprise in Australia.
In order to apply for the Entrepreneur Visa, the applicant must have an agreement of at least $200,000 in funding from the below mentioned sources:
- State or Territory Governments
- Commonwealth agencies
- Research organizations that are funded by the public
- Investors that are registered as Venture Capital Limited Partnership or an Early Stage Venture Capital Limited Partnerships