The Business Talent visa is not an ‘investment’ visa. It is a specialist visa designed for high net worth individuals, under the age of 55, with an outstanding commercial background and who intend to settle in Australia and establish a business, which delivers ‘exceptional’ economic benefit to the state. Elements taken into account when assessing the ‘exceptional’ economic benefit of the business would include:
• 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 particular industry sector involved, and
• the geographic location of the business.
The applicant’s required net capital investment into the State based business would generally be no less than AUD 2,000,000. The total value of the business may therefore be significantly greater. In addition to the AUD 2,000,000 the applicant is required to have a further AUD 500,000 available for family settlement.
The visa holder must own or hold a ‘significant’ portion of an ‘eligible’ business and be able to provide evidence that they have invested their own time and continuously utilized their own skills by actively participating at senior level in the day-to-day strategic management of that business.
There are three steps to applying for a state nominated 132visa:
Step 1. Submit an Expression of Interest through DIBP’s SkillSelect
• Lodge an Expression of Interest (EOI) in SkillSelect
• When completing your EOI, designate ‘Victoria’ as your preferred destination.
Step 2. Apply for state nomination
Step 3. If the application is successful in attracting state nomination
• The applicant will receive an email ‘invitation’ from DIBP to lodge a formal visa application.
• Apply for the 132 visa through DIBP.
State nomination processing
• We will confirm receipt of your application by email and provide a reference number which should be used for any future communication.
• Email acknowledgement of receipt of your application will be sent within three working days.
• Processing time is subject to a number of variables. The processing target is within 12 weeks from the time the formal application is lodged.
• We will contact you if further information or clarification is needed.