The Venture Capital entrepreneur stream (subclass 132B) of the Business Talent visa provides direct permanent entry to Australia for migrant entrepreneurs who have successfully sourced venture capital funding through a Venture Capital member of the Australian Private Equity and Venture Capital Association Limited (AVCAL).
This is a permanent residency visa, allowing the main visa applicant together with a spouse or partner and children to live and work or study in Australia.
Visa holders can enrol in Medicare, and are able to buy property in Australia without the need for approval from the Foreign Investment Review Board (FIRB).
Applicants do not have to be aged under 55 years, and there is no English language requirement to be satisfied to be granted this visa.
There is no requirement to live in Australia before this visa is granted.
To be eligible for this visa:
- Applicants must have received at least AUD1 million in funding from an Australian venture capital firm.
- The funding must be for the start-up, product commercialisation or business development of a promising high-value business idea.
- The venture capital firm must be a member of AVCAL.
- The visa applicant must have entered into a formal agreement with the venture capital firm for the funding.
Importantly, this is a permanent residency visa.
This means that the holder of such a visa is able to remain in Australia indefinitely, and to travel to and from Australia for 5 years following the granting of the visa.
After those 5 years a subclass 132B visa holder will apply for a Resident Return visa if s/he wants to have a facility to travel to Australia from overseas.
Visa applicants must have entered into a legally enforceable agreement with an Australian company to receive venture capital funding of at least AUD1 million for one of the following purposes:
- Early phase start up of a business
- Commercialisation of a product
- The development of a business
- The expansion of a business
Ideally, visa applicants should have appropriate background in the area in which VC funding is sought – this can be evidenced through tertiary qualifications, business ownership, and/or patents for an invention held in other countries.
Visa applicants must also satisfy the Department of Immigration that they genuinely have a realistic commitment to either:
- Establish an eligible business in Australia or
- Participate in an existing eligible business in Australia
- Maintain a substantial ownership interest in that eligible business, and
- Maintain direct and continuous involvement in that business.
Importantly from a visa risk management perspective, Venture Capital Entrepreneur visa holders are not subject to Business Skills post-arrival monitoring.
Sponsorship from a State Government is required when applying for this visa.
In other words the process when applying for a subclass 132B visa is:
- Enter into an agreement with a Venture Capital firm for funding of at least AUD1 million.
- Submit an Expression of Interest for a subclass 132 visa with the Department of Immigration.
- Obtain sponsorship from a State Government in Australia.
- Accept the resulting invitation issued by the Department of Immigration.
- Submit the required documentation to the Department of Immigration.
- Visa granted.
Go Matilda Business Visas is working with approved Venture Capital firms in Australia that can provide funding, and the required Agreement for the purpose of the visa application.
We can also assist with all other stages in the visa application process discussed above.
Please complete the enquiry form on this web page or telephone us if you would like to discuss your situation and require further information.