Different Streams of Business Talent (Permanent) Visa Subclass 132

January 23, 2024    Immigrationlawyers
Different Streams of Business Talent (Permanent) Visa Subclass 132

Many non-native and immigrating entrepreneurs in Australia have had successful and lasting businesses here for years. As a result, many visas are available specifically for business owners and their families, allowing them to become permanent residents of the country and enjoy all the benefits and lifestyle improvements it brings.

This article briefly overviews the Business Talent Permanent Visa Subclass 132 for anyone making the big move.

What is the Business Talent (Permanent) Visa Subclass 132?

This is a type of business visa that applies to long-term business owners, granting them the opportunity to either start a new business or continue expanding their pre-existing business in Australia. This permanent Visa allows the Business Owner Visa Subclass 890 Requirements and family to live in Australia indefinitely.

This range of permissibility under this Visa includes –

  • Living, studying, and working in Australia permanently.
  • having access to Australian healthcare schemes and Medicare.
  • Freely moving in and out of Australia for 5 years.
  • Being able to sponsor certain relatives to visit.
  • Being able to apply for an Australian citizenship.

This Visa is divided into two different streams catering to specific business models with some variations in the eligibility criteria.

Business Talent (Permanent) Subclass 132 Visa Streams

Stream 1: Significant Business History Stream

This stream of the Visa is for pre-existing business owners and allows them to either continue their old business in Australia or start afresh. This also concludes the family members of the owner.

Eligibility Criteria for Significant Business History Stream

  • Having total net assets worth at least AUD 1.5 million or more
  • Having an annual business turnover of at least AUD 3 million.
  • Being nominated by the state or territory government before applying.
  • Owning a significant part of the business where the owner or the owner and their business partner combined have a net value of at least AUD 400,000 as ownership interest.
  • Demonstrating ambition and business acumen through proof of success and promising future plans.

Stream 2: Venture Capital Entrepreneur Stream

This 132 Business Talent Visa stream applies to business owners and talents who have received venture capital from members of the Australian Investment Council (AIC). The investments from AIC serve as proof of the business’s growth potential.

Eligibility Criteria for Venture Capital Entrepreneur Stream –

  • Raising a venture capital of at least AUD 1 million from the AIC for a high-value idea. They must also have an enforceable agreement or contract with the venture capital firm regarding funding.
  • Being nominated by the territory or state government agency.
  • Having ownership interest, business acumen, and direct involvement in daily business management and decision-making of the company.
  • Being functionally proficient in English.

What documents do you need to apply for the Business Talent (Permanent) Visa Subclass 132?

Once you meet the eligibility criteria for either stream of this Visa, it is time to gather and compile the necessary documents and proofs. The following are the main documents needed:

1. Identity proof:

This includes photocopies of current passport, national identity card, and name change certificates, if applicable

2. Business history and asset documents for the Significant Business History stream:

This is a comprehensive and exhaustive business history, including finances, stocks, bonds, ownership, assets, and liabilities.

3. Venture Capital Documents for the Venture Capital Entrepreneur stream:

This includes proof of investment from a company under the AIC and proof of holding a Venture Capital Membership from AIC

4. Business Documents:

This includes audits and reports of the history of the business, including finances, achievements, plans, number of years of ownership, and research in the relevant business field. These must also include proof of ethical conduct and management.

5. Character documents:

These include an Australian police certificate and an overseas police certificate from your home country or any country where you’ve spent at least 12 months in the last 10 years.

6. Proof of English proficiency:

You must meet at least functional proficiency.

7. Documents of partner (if applicable):

These are identity proofs of your partner and your relationship with them

8. Dependants under 18 (if applicable):

These include identity proof and parental responsibility documents.

9. Dependants over 18 (if applicable)

10. Inform about correspondence and immigration assistance.

Final Conclusion –

Business Visa applications are complicated and intimidating to challenge alone. They require numerous documents from various sources- with little room for flaws. To make this process easier and enable swift visa processing, contact our team of the best business visa lawyers in Perth to guide you in making the big move as smooth and stress-free as possible.

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