Business Visa 188E entrepreneur activity
Business visa 188E a funding agreement of at least AUD200,000 to carry out an entrepreneurial activity in Australia
Business visa (subclass 188) – Entrepreneur stream
This provisional visa lets you carry out entrepreneurial activities in Australia; bring eligible members of your family with you, and apply for a permanent visa 888.
Entrepreneur stream – Business visa 188E
- undertake a complying entrepreneur activity in Australia
- have a funding agreement of at least AUD200,000 to carry out an entrepreneurial activity in Australia
- show us a business plan for your entrepreneurial activity
- have at least competent English
About complying entrepreneur activity
The activity must relate to an innovative idea that is proposed to lead to the commercialization of a product or service in Australia or the development of a business or enterprise in Australia.
Innovative Business Idea
A range of activities is acceptable, including the development or commercialization of a product or service, development of a business venture, or conducting research. All activities must propose to lead to business development or commercialization of a product or service in Australia.
Funding Agreement and Sources of Payment
Where the funding is to be received from multiple sources, the applicant should provide evidence of a legally enforceable funding agreement with each source.
Sources of funding are limited to:
♣ Commonwealth agencies;
♣ State and Territory governments;
♣ Publicly funded research organizations; and
♣ investors registered as a Venture Capital Limited Partnership/s (VCLP) or an Early Stage Venture Capital Limited Partnership/s (ESVCLP).
Listings of VCLPs and ESVCLPs registered with the Department of Industry, Innovation and Science are available at the Australian Government Business website: business.gov.au. You can check the lists below:
Amount of Funding
The total amount of the funding must outline that the amount to be paid to the entrepreneurial entity is at least $200,000.
The funding agreements must indicate that at least 10% of the amount to be paid under the agreement(s) is to be paid to the applicant
All funds provided to the entrepreneur or entrepreneurial entity for the activity to be unencumbered and lawfully acquired
The Ownership Interest Of The Applicant
The applicant’s share in the ownership of the entrepreneurial entity to be at the time each agreement was entered into, at least 30%.
The 30% restriction allows up to three co-founders or partners to be granted entrepreneur visas for any single business venture while ensuring that each entrepreneur has a substantial interest in the business.
Applicants demonstrate their ownership interest by making a declaration that they each hold a minimum of 30% ownership interest in the venture, and by providing supporting evidence in documents.
If an applicant is the sole entrepreneur in the entrepreneurial entity and has 100% ownership interest, but does not have proof of this ownership interest, they are required to provide a statutory declaration to that effect.
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